The average daily trading volume of the Class A Subordinate Voting Shares was 1,384, and the ADTV of the Class B Common Shares was 13 on the TSX for the period November 1, 2023 to April 30, 2023. Accordingly, under the policies of the TSX, the Company is entitled to purchase, during any one trading day, up to 1,000 Class A Subordinate Voting Shares and up to 1,000 Class B Common Shares. The Company is entitled to purchase a larger amount of Class A Subordinate Voting Shares and Class B Common Shares per calendar week, subject to the maximum number that may be acquired under the normal course issuer bid, if the transaction meets the block purchase exception under the TSX rules.
The Directors and Senior Management of the Company are of the opinion that from time to time the purchase of its shares at the prevailing market price would be a worthwhile investment and in the best interests of the Company and its shareholders. The Company acquired 1,198,800 of its Class A Subordinate Voting Shares at a weighted average price of $8.80 per share and none of its Class B Common Shares pursuant to its Normal Course Issuer Bid ending May 24, 2023.