Shares of Parkland Corp. experienced a surge of up to 4% in their most significant intraday gain since April, following the company's announcement that it plans to initiate a buyback of up to 10% of its public float.
This move translates to the repurchase of approximately 13,814,717 shares.
Based on the closing price as of November 26, the proposed buyback is estimated to be valued at around C$475 million, or $338 million.
The buyback program, known as a normal course issuer bid, is scheduled to commence on December 1 and will continue until the maximum number of shares are bought or until November 30, 2025, whichever comes first.
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