Item 2. Unregistered Sales of Equity Securities
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
On July 22, 2025, our Board of Directors approved, subject to receipt of regulatory approvals, the annual renewal of our NCIB to purchase up to 12,855,691 of our common shares during the period of August 12, 2025 to August 11, 2026 or until such earlier time as the NCIB is completed or terminated at our option. The renewal followed the conclusion of our NCIB that expired August 11, 2025. We received TSX approval for our annual renewal of the NCIB on August 8, 2025. Under the NCIB, we may make share repurchases only in the open market, including on the TSX, the NYSE, the NYSE Texas, and/or alternative Canadian trading systems, at the prevailing market price at the time of the transaction. The timing and amounts of any repurchases pursuant to the NCIB will depend on many factors, including our capital structure, the market price of the common shares, any buyback taxes applicable and overall market conditions. All common shares purchased under the NCIB shall be immediately cancelled following their repurchase. As of September 30, 2025, we have repurchased 2.4 million of our common shares pursuant to the NCIB in effect during that period at an aggregate cost of $442.2 million, or an average price of $184.75 per share. The table below reflects repurchases we made during the three months ended September 30, 2025 (in thousands of U.S. dollars, except share and per share amounts):
Total Number of
Maximum Number
Shares Purchased
of Shares that
Total Number
Average
as Part of Publicly
May Yet Be
of Shares
Price Paid
Announced
Purchased Under
Period
Purchased
Per Share (1)
Program
the Program
7/1/25 - 7/31/25
1,297,239
$
185.18
1,297,239
11,602,642
8/1/25 - 8/31/25
524,352
$
187.41
524,352
12,331,339
9/1/25 - 9/30/25
569,660
$
181.33
569,660
11,761,679
2,391,251
$
184.75
2,391,251
(1) This amount represents the weighted average price paid per common share. This price includes a per share commission and buyback taxes paid for all repurchases.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.