Nutrien Ltd. on Feb. 27 announced that the Toronto Stock Exchange (TSX) has accepted Nutrien’s notice to commence a normal course issuer bid (NCIB) to purchase outstanding common shares representing up to five percent of its issued and outstanding common shares (GM Feb. 23, p. 1).
Under the NCIB, purchases of common shares may be made through the facilities of the TSX, the New York Stock Exchange, and/or alternative trading systems in Canada and the US, or as otherwise permitted under applicable securities laws.
As of Feb. 16, 2024, Nutrien had 494,563,180 common shares outstanding and, therefore, is permitted to repurchase up to 24,728,159 of its outstanding common shares pursuant to the NCIB. Common shares purchased under the NCIB will be cancelled.
Purchases of common shares may commence on March 1, 2024, and will expire on the earlier of Feb. 28, 2025, the date on which the company has acquired the maximum number of common shares allowable under the NCIB, or otherwise decides not to make any further repurchases under the NCIB.
Nutrien’s prior NCIB for the purchase of up to 24,962,194 common shares expired on Feb. 29, 2024. As of Feb. 16, 2024, Nutrien repurchased an aggregate of 5,375,397 common shares at a weighted-average price of $69.76 per share, for an aggregate of $374,998,896 under the prior NCIB. Purchases were made on the open market.