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Badger Infrastructure Solutions Ltd. (TSX:BDGI), a leading provider of non-destructive excavating services in North America, has announced its intention to initiate a normal course issuer bid (NCIB) for the repurchase and cancellation of up to 861,836 common shares. The Toronto Stock Exchange (TSX) has accepted Badger’s notice of intention, which outlines the company’s plan to repurchase shares between August 26, 2024, and August 25, 2025, or until the maximum number of shares is acquired or the company opts to terminate the bid.
Strategic Move to Enhance Shareholder Value
Badger's management believes that the market price of its common shares may, at times, not fully reflect the underlying value of the company’s business. By repurchasing and canceling these shares, Badger aims to enhance long-term shareholder returns. The maximum number of shares that may be purchased under the NCIB represents approximately 2.5% of the 34.47 million shares issued and outstanding as of August 12, 2024.
Details of the Share Buyback Program
Under the NCIB, Badger is permitted to purchase up to 15,502 common shares on any given trading day, which is equivalent to 25% of the average daily trading volume on the TSX over the past six months. This average trading volume was 62,008 shares. However, Badger may exceed this daily limit under the “block” purchase exemptions provided by the TSX’s Company Manual.
The repurchased shares will be bought through the facilities of the TSX and any alternative trading systems in Canada, at prevailing market prices. Badger’s broker will handle the transactions on the company’s behalf, ensuring that all purchases are conducted in compliance with applicable securities laws.
About Badger Infrastructure Solutions Ltd.
Badger Infrastructure Solutions Ltd. is the largest provider of non-destructive excavating services in North America, serving contractors and facility owners across various infrastructure sectors and commercial construction projects. The company's services are essential in areas with high concentrations of underground utilities such as power, communication, water, gas, and sewer lines, where the risks associated with traditional excavation methods are high. Badger’s non-destructive excavation technology offers a safer alternative, minimizing economic and safety risks for its customers.
