The company increased its repurchase program size and daily limit, signaling confidence in its stock valuation.
Blue Ant Media (BAMI:CA) announced an expansion of its normal course issuer bid to 1.81 million subordinate voting shares, up from 1.09 million. The change takes effect August 25 and raises the daily repurchase cap to 7,582 shares from 1,000.
As of July 31, Blue Ant had repurchased 108,300 shares under the existing program. The move follows a pattern of companies increasing buybacks amid perceived undervaluation or excess cash reserves.
No immediate market reaction was disclosed in the announcement.