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TORONTO - Polaris (NYSE:PII) Renewable Energy Inc. (TSX:PIF) announced Thursday that the Toronto Stock Exchange has accepted its notice to renew its normal course issuer bid (NCIB), allowing the company to repurchase up to 2,029,745 common shares.
The renewed program represents approximately 10% of the company’s public float as of August 13, 2025, though the board has initially limited repurchases to 176,125 shares. The NCIB will run from August 25, 2025, through August 24, 2026.
Under the program, Polaris may purchase up to 7,303 shares on the TSX during any trading day, representing about 25% of its average daily trading volume over the past six months. All shares purchased will be cancelled.
In its current NCIB that expires August 22, 2025, Polaris has repurchased 85,400 shares at a weighted average price of $12.02 per share through the TSX and alternative Canadian trading systems.
The company has entered into an automatic share purchase plan with a designated broker to allow for purchases during predetermined blackout periods, effective August 25, 2025.
Polaris Renewable Energy operates renewable energy projects in Latin America and the Caribbean, including a geothermal plant, four hydroelectric plants, three solar projects, and an onshore wind park with a combined capacity of approximately 182 MW.
The company stated in its press release that its board believes the share repurchase program "represents an appropriate and desirable use of its available free cash to increase shareholder value."
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