| Agrium Receives Issuer Bid Exemption for Share Buyback | |
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Agrium Inc. AGU declared that the Ontario Securities Commission has granted it an issuer bid exemption order dated Aug 21, 2015. This would enable the company to make private agreement purchases of its common shares from a third-party seller under the company's existing Normal Course Issuer Bid ("NCIB"). Also, all shares purchased following the order will be cancelled.
Per the NCIB, while making any purchase of common shares through the Toronto Stock Exchange (“TSX”), the New York Stock Exchange (“NYSE”) or any other trading platforms, Agrium will pay the market price at the time of purchase. However, in accordance with the order, any private purchase of common shares by Agrium under the NCIB will be made at a discounted price.
The transaction will further reduce the number of common shares that Agrium is allowed to buy under the bid. Also, the company is entitled to one transaction per week. According to the terms of the bid, Agrium can buy back a total of 1,140,000 common shares up to Nov 30, 2015.
The bid further states that the maximum common shares that Agrium may buy back via all private agreements following the bid cannot surpass 2,395,288 during the currency of Agrium's NCIB, being one-third of 7,185,866 – the total number of common shares which may be purchased under the NCIB.
Agrium had earlier received an issuer bid exemption order from the Ontario Securities Commission dated Jun 12, 2015 that entitled the company to buy back up to 1,175,000 of its common shares, including all private agreements, from a third-party seller. Agrium has bought all 1,175,000 common shares under this order, to date.
Agrium currently carries a Zacks Rank #3 (Hold).
Better-ranked companies in the basic materials sector include CVR Partners, LP UAN, Rentech Nitrogen Partners, L.P. RNF and Innospec Inc. IOSP, all sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AGRIUM INC (AGU): Free Stock Analysis Report RENTECH NITROGN (RNF): Free Stock Analysis Report CVR PARTNERS LP (UAN): Free Stock Analysis Report INNOSPEC INC (IOSP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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Agrium Inc.
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CODE : AGU.TO |
ISIN : CA0089161081 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Agrium Inc. is a producing company based in Canada. Agrium Inc. is listed in Canada and in United States of America. Its market capitalisation is CA$ 20.0 billions as of today (US$ 15.9 billions, € 13.3 billions). Its stock quote reached its lowest recent point on December 29, 2000 at CA$ 10.00, and its highest recent level on December 29, 2017 at CA$ 144.58. Agrium Inc. has 138 175 400 shares outstanding. |