Melcor Developments (MODVF, Financial) has received approval from the Toronto Stock Exchange to implement a new stock repurchase initiative. This program, known as a normal course issuer bid, allows Melcor to buy back up to 1,511,087 of its common shares, reflecting around 5% of its total stock, over a period starting June 10, 2025, and concluding on June 9, 2026. The company plans to repurchase these shares at prevailing market prices. Each day, Melcor is limited to purchasing a maximum of 1,466 shares under this plan, which aligns with the TSX's rules.
Previously, Melcor acquired 344,248 shares for cancellation at an average price of $12.5877 each, using the facilities of the TSX, CHI-X Canada, and MATCH Now, as of May 31, 2025. At that time, Melcor had 30,221,745 shares in circulation, and the average daily trading volume for the preceding six months was 5,867 shares.
