TSX Companies that bought back shares during the last week

Here’s a quick list of companies that reported purchasing their own stock on the open market last week:

TSX Company Buybacks - March 30, 2020 to April 3, 2020

NameTicker
5N PlusVNP
Aecon GroupARE
Alamos GoldAGI
Alimentation Couche-TardATD.A/B
Atlantic PowerATP
Badger DaylightingBAD
BMTC GroupGBT
Brookfield Asset ManagementBAM.A
BSR REITHOM.UN
CAECAE
Canacol EnergyCNE
Canada Pacific RailwayCP
Canadian Western BankCWB
Capital PowerCPX
CGIGIB.A
CIBT Education GroupMBA
ClarkeCKI
CRH Medical CorpCRH
Crown Capital PartnersCRWN
Dream Hard Asset AlternativesDRA.UN
Dream Office REITD.UN
Dream UnlimitedDRM
EcoSynthetixECO
Enterprise GroupE
Evertz TechnologiesET
Exco TechnologiesXTC
Finning InternationalFTT
GamehostGH
Gear EnergyGXE
Grainte REITGRT.UN
iA FinancialIAG
Input CapitalINP
InvesqueIVQ
LogistecLBT.A/B
Manulife FinancialMFC
Maxim PowerMXG
MBN CorpMBN
Melcor DevelopmentsMRD
MetroMRU
Middlefield Can-Global REITRCO.UN
Mullen GroupMTL
NorbordOSB
North American Construction GroupNOA
NorthWest Healthcare Properties REITNWH.UN
NutrienNTR
Pivot TechnologyPTG
Points InternationalPTS
PrairieSky RoyaltyPSK
QuebecorQBR.A/B
Real MattersREAL
Royal Bank of CanadaRY
StantecSTN
TFI InternationalTFII
Toromont IndustriesTIH
Tree Island SteelTSL
Vecima NetworksVCM
Western Energy ServicesWRG
10 Comments
Inline Feedbacks
View all comments

Thank you for this info you are doing great work in these trying times
a lot of portfolios have been decimated and need to be rebuilt

Thanks again
Gord

Excellent article on your Q1 2020 Performance. I found your comments on buying protective puts interesting. Are you aware of an easy way to buy protection using credit default swaps for Canadian investors similar to Ackman turning 27 million to 2.7 billion?

You could have made a fortune around the beginning of the year by buying such products (eg on cruise ship debt, etc.) but clearly right now you’re not going to get a good price on anything since implied volatility levels are very high (historically).

Agreed. The 100 to 1 return earned by Ackman is pretty unbelievable. Puts don’t provide such a high return. Do you know how to purchase CDS products ie. through a brokerage?

He bought five years of credit protection at $27 million per month (actually at $81 million per quarter) but only kept the positions on for one month. So the protection that was worth 60*$27 = $1.62 billion in February (ignoring present value) was worth $2.6 billion in March.

Credit spreads got much bigger very quickly.

Thanks for the headsup

Things are changing fast:
“CAE Inc. is temporarily laying off about a quarter of its staff, cutting salaries and suspending its dividend and share repurchase plan in response to the COVID-19 pandemic.”

CDSs are beyond the domain of retail brokerages, at least right now. I don’t think they will ever be in the domain for legal reasons (option and future contracts, for example are standardized through clearing houses, while CDSs are done institution-to-institution). But who knows, when we live in a world where you can have bitcoin futures trade on exchanges…

Hi Sacha, looking at some of the thinly trded stocks on your list. Are you aware of the TSX percentage requirement to maintain a free float of at least XX% before a going private is required by law?

At one point wasn’t Temple Hotels mostly owned by Morguard before they were finally taken private?

https://www.tsx.com/resource/en/421 – those are the initial requirements. Subsequent ones I believe are governed by MI 61-101, I think the most restrictive rule is the one where a 20% owner can only buy 2.5% within a 3 month period otherwise they will have to place a takeover bid (I’m very roughly paraphrasing this).

I think Armoyan owned a chunk of Temple when Morguard made the offer…. Don’t think they were forced to buyout the remaining.

I know on the London stock exchange a company is subject to a requirement to maintain a free float of at least 15%…

Does not appear to be black or white on the TSX?

wpdiscuz   wpDiscuz