Parkland Corp to Buy Back 10% of Shares, Stock Rises 4%

Parkland Corp. shares experienced their largest intraday gain since April, rising by up to 4% following the announcement that the company plans to repurchase up to 10% of its publicly traded shares. This move translates to approximately 13,814,717 shares being repurchased. Based on the closing price on November 26, the proposed buyback is estimated to be worth approximately CAD 475 million or USD 338 million. The repurchase program, known as a normal course issuer bid, is set to commence on December 1 and will continue until the maximum number of shares have been purchased or until November 30, 2025, whichever occurs first.