TFI International Inc., a leading transportation and logistics company in North America, has announced the approval of the renewal of its normal course issuer bid (NCIB) by the Toronto Stock Exchange (TSX). Under the renewed NCIB, TFI International is authorized to repurchase a maximum of 7,918,102 common shares, which represents 10% of the company’s public float as of October 21, 2024. The repurchases can be made through the TSX, the New York Stock Exchange, and other trading systems in Canada and the United States over the period from November 2, 2024, to November 1, 2025. TFI International currently has 84,634,851 common shares issued and outstanding.
In the existing NCIB, which came into effect on November 2, 2023, and expires on November 1, 2024, TFI International was authorized to repurchase up to 7,161,046 shares. As of October 21, 2024, the company has repurchased 1,035,140 common shares, which were subsequently cancelled. The average purchase price per share was CAD $163.0739.
Any shares repurchased under the renewed NCIB will be done at market price, and the actual number and timing of repurchases will be determined by TFI International. The company will adhere to the rules and policies of the TSX and the U.S. Securities Exchange Act of 1934 during the repurchase process. The TSX allows TFI International to purchase a maximum of 48,861 shares daily through its facilities, subject to certain conditions.
The Board of Directors of TFI International considers share repurchases through the NCIB to be a strategic use of the company’s financial resources, aimed at protecting and enhancing shareholder value when opportunities arise. To facilitate purchases during blackout periods, TFI International has established an automatic share purchase plan with RBC Dominion Securities Inc.
TFI International Inc. operates in the transportation and logistics industry across the U.S., Canada, and Mexico, with a focus on strategic acquisitions and managing a network of wholly-owned subsidiaries. The company’s services include Less-Than-Truckload, Truckload, and Logistics segments. TFI International is listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol TFII.
For more information, visit www.tfiintl.com or contact Alain Bédard, Chairman, President, and CEO of TFI International Inc., at (647) 729-4079 or [email protected].
Source: TFI International Inc.