TransCanada’s common share purchases

TransCanada Corporation (TransCanada) has announced that it intends to purchase for cancellation, on or before 31 October 2016, up to 6 610 000 of its common shares pursuant to private agreements between TransCanada and an arm's-length third-party seller.

Common share purchases

Purchases will be made in accordance with an issuer bid exemption order issued by the Ontario Securities Commission (OSC), dated 4 December 2015, and pursuant to the order, may be made in several transactions prior to 31 October 2016. The price that TransCanada will pay for its common shares purchased by way of private agreements will be at a discount to the prevailing market price of TransCanada common shares on the Toronto Stock Exchange at the time of purchase. Information regarding each purchase, including the number of Common Shares purchased and aggregate price paid, will be available on the System for Electronic Document Analysis and Retrieval (SEDAR).

The bid

Purchases made by TransCanada will be counted towards TransCanada's normal course issuer bid announced on 19 November 2015 for up to 21 270 257 of TransCanada common shares, and will not exceed, in aggregate, one third of the maximum number of common shares that TransCanada may purchase under the bid, being 7 090 085 of common shares.

The actual number of TransCanada common shares that will be repurchased under the bid, by way of any private agreements or otherwise, and the timing of any such purchases, will be determined by TransCanada.

Edited from source by Stephanie Roker

Read the article online at: https://www.worldpipelines.com/business-news/10122015/transcanadas-common-share-purchases/