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https://i-invdn-com.investing.com/news/LYNXMPEDAD000_M.jpgThe latest NCIB allows InPlay to acquire up to 6,637,064 common shares, representing 10% of its public float as of October 31, 2023. The company is authorized to make these purchases through the TSX and other Canadian trading platforms until the NCIB expires on November 13, 2024.
This buyback initiative follows the completion of InPlay’s previous NCIB on October 16, 2023. During that period, the company successfully bought and canceled 190,400 common shares at an average cost of $2.84 each.
InPlay’s commitment to enhancing shareholder value is further underscored by its base dividend of $0.015 per share each month. The company’s strategy includes a focus on production growth per share, aiming to deliver robust returns to its investors.
The daily purchase limit for the new NCIB is set at 43,809 shares, which is roughly 25% of the average daily trading volume. However, InPlay may also execute one block purchase per week that exceeds this daily threshold.
As InPlay embarks on this new phase of share buybacks under the renewed NCIB, it reflects a prudent approach to navigating the unpredictable energy sector while maintaining its dedication to shareholder returns.
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