Namaste NCIB approved by TSXV
In Let’s Toke Business June 29, 2018, we reported on Namaste’s (TSXV: N) plan to repurchase and cancel up to 25.3 million of its shares.
This is called a normal course issuer bid (NCIB) and it has now been approved by the TSXV with Canaccord Genuity acting for the company (see Namaste receives approval for its NCIB).
In the wild and woolly days of the speculative junior resource exploration companies, a scheme that was sometimes used by management to stimulate some buying interest in their shares was to announce an NCIB and never buy any shares.
An NCIB does not require any or all of the shares be purchased. Assuming Namaste is sincere in announcing this bid, this one year plan should see 6.3 million shares purchased and retired every three months over the next twelve months. We will monitor the results in each quarterly report for the next year.