The media firm funds the C$15.4M repurchase with cash as its largest shareholder sells 2.3M shares via block trade.
Stingray Group Inc. will repurchase 1 million shares from CDP Investissements at C$15.40 per share, totaling C$15.4M. The transaction will be funded using existing cash reserves and the shares will be canceled upon acquisition.
The buyback follows a prior announcement of a normal course issuer bid, with no recent share repurchases reported. La Caisse de dépôt et placement du Québec, Stingray’s largest shareholder, will concurrently sell 2.3 million shares through an underwritten block sale.
No immediate market reaction was disclosed in the release.