Colliers Announces Normal Course Issuer Bid; Commencing July 20, 2023 To July 19, 2024, Purchase Through The Facilities Of The TSX Or The Nasdaq Stock Market Up To 4M Subordinate Voting Shares In Total
Portfolio Pulse from Benzinga Newsdesk
Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) has announced its intention to make a normal course issuer bid (NCIB) to purchase up to 4 million subordinate voting shares, approximately 10% of the public float, between July 20, 2023, and July 19, 2024. The purchases will be made through the TSX, alternative Canadian Trading Systems, or The NASDAQ Stock Market. The price will be the market price at the time of acquisition. All shares purchased will be cancelled.
July 17, 2023 | 8:34 pm
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Colliers' announcement of its intention to purchase up to 4M subordinate voting shares could potentially lead to a short-term increase in its stock price due to the anticipated demand. However, the cancellation of these shares could also lead to a decrease in the number of shares available for trading, which could impact the stock's liquidity.
The announcement of a share buyback usually leads to an increase in the stock price as it indicates that the company believes its stock is undervalued. Additionally, it reduces the number of shares available for trading, which could increase the stock price due to scarcity. However, this could also decrease the stock's liquidity, which could potentially make it more difficult for investors to buy or sell shares.
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