CES Energy Solutions Corp. has announced that the Toronto Stock Exchange (TSX) has approved the renewal of its normal course issuer bid (NCIB) to repurchase common shares. The new programme will begin on July 22 and allows the company to repurchase up to 18,911,524 shares, representing 10% of its current public float.
The previous NCIB will end on July 18 following the repurchase of 19,198,719 common shares on Canadian markets. These shares were bought at a volume-weighted average price of approximately CAD7.46 ($5.45) per share, according to data provided by CES Energy Solutions Corp. The new programme spans twelve months and will expire on July 21, 2026, or earlier if the maximum authorised number of shares is reached.
An approved capital management tool
As of July 9, the company had 220,107,663 common shares issued, with 189,115,243 publicly traded. CES’s board of directors considers that the market price does not always reflect the company’s intrinsic value and continues to favour share repurchases as a capital allocation strategy to enhance shareholder value.
In line with TSX rules, CES may repurchase up to 146,864 common shares per day, which represents 25% of the average daily trading volume for the six months ended June 30, 2025. The company is also authorised to make one block purchase per calendar week in excess of this daily limit.
Framework provided by an automatic purchase plan
The repurchase programme will be supported by an automatic securities purchase plan (ASPP), allowing the company to execute buybacks even during blackout periods or other internal restrictions. This mechanism, governed by pre-set parameters, ensures regulatory compliance while supporting the continuity of the programme.
Shares repurchased under the NCIB will be cancelled, thereby reducing the total number of shares outstanding. This measure forms part of CES Energy Solutions Corp.’s financial strategy to maintain flexibility without resorting to dilutive actions.
