Canadian Banc Corp. (TSX:BK:CA) said on Thursday that it intends to make a normal course issuer bid to purchase its preferred shares and class A shares, commencing from May 29.
The Toronto Stock Exchange has accepted the company's notice of intention.
Canadian Banc proposes to purchase up to 2.23M preferred shares and 2.20M class A shares, representing 10% of the public float of the preferred and class A shares.
The company has said it will not purchase more than 445.8K preferred shares and more than 441.6K class A shares on any given day.