Pollard Banknote says that its share price does not accurately reflect the company’s prospects
Pollard Banknote has secured approval from the Toronto Stock Exchange to launch a one-year share buyback program.
The buyback program launches on Thursday June 25 and authorises Pollard Banknote to repurchase up to 966,677 of its common shares, which represents approximately 10 per cent of its public float.
Shares in Pollard Banknote have gained 6.74 per cent over the past month but are down by more than 21 per cent over the past year.
The company said that it is launching the repurchase program because the market price of its shares does not always reflect the underlying value of its business and prospects.
“Management believes that, at such times, the purchase of common shares for cancellation would be in the best interests of the company’s shareholders and an appropriate use of capital,” said Pollard.
Shares in Pollard Banknote Ltd. (TSX:PBH) gained 2.23 per cent to close at CA$17.41 per share in Toronto Tuesday.