Enerflex Ltd. (EFXT) has received Toronto Stock Exchange - TSX approval to initiate a normal course issuer bid - NCIB, allowing the company to repurchase up to 6,159,695 common shares—approximately 5% of its public float as of March 18, 2025. The program will run from April 1, 2025, to March 31, 2026.
Enerflex sees the buyback as an effective use of cash, believing its shares are undervalued and that market conditions present a strategic repurchase opportunity. Shares will be acquired through TSX, NYSE, or other permitted trading platforms, at market prices at the time of purchase. All repurchased shares will be canceled.
The company has also established an automatic share purchase plan - ASPP with its broker, ensuring trades continue even during blackout periods. The ASPP will remain active until the NCIB expires, the maximum shares are repurchased, or Enerflex terminates it. Any significant changes to the plan will be disclosed through a news release.
EFXT is currently trading at $7.67 or 0.39% higher on the NYSE.
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