BlackBerry raises ceiling on 2015-16 stock buybacks

WATERLOO, Ont. -- BlackBerry Ltd. (TSX:BB) has more than doubled the amount of stock it can repurchase from the public market by mid-2016.

See Full Article

The Waterloo, Ont.-based company said Friday that it has already repurchased 9.9 million common shares since June 29, 2015 -- about 2.1 per cent of the public float -- at an average weighted price of US$7.43 per share.

It has also received approval from the Toronto Stock Exchange and Nasdaq to raise the ceiling on its 2015-16 share buyback program to 27 million common shares, up from 12 million shares.

The new ceiling represents 5.8 per cent of the BlackBerry shares in public markets.

Share buyback programs, formally called normal course issuer bids, give companies the opportunity -- but not the obligation -- to repurchase and cancel shares.

Companies often describe such buybacks as a way to return cash to shareholders. Share buybacks also tend to support earnings per share because profits are divided among fewer shares.

Based on the average price paid for stock repurchases to Jan. 29, BlackBerry paid about US$73.7 million. At the end of the company's fiscal third quarter on Nov. 28, it had US$1.46 billion in cash.



Advertisements

Latest Economic News

  • Behold the KEYone: Last BlackBerry-designed phone with a physical keyboard

    Economic CTV News
    TORONTO - Fans of BlackBerry's classic physical keyboard will have reason to celebrate when the last product designed in part by the former smartphone leader becomes available in April. The Waterloo, Ont.-based firm played a role in developing the KEYone, named for the return of the QWERTY keyboard that other smartphone designers have mostly long retired. Source
  • Manulife revealed as bank FINTRAC fined $1.15M for anti-money laundering failures

    Economic CBC News
    The head of Canada's top financial crime watchdog is second-guessing his decision last year to withhold the name of a Canadian bank — which CBC Investigates has identified — fined $1.15 million for violating the federal anti-money laundering and terrorist financing act. Source
  • Manulife revealed as bank fined $1.15M for violating anti-money laundering reporting rules

    Economic CBC News
    The head of Canada's top financial crime watchdog is second-guessing his decision last year to withhold the name of a Canadian bank — which CBC Investigates has identified — fined $1.15 million for violating the federal anti-money laundering and terrorist financing act. Source
  • Billionaire Wilbur Ross heads toward confirmation as U.S. Commerce secretary

    Economic CTV News
    WASHINGTON -- Billionaire investor Wilbur Ross is headed toward confirmation as Commerce secretary in U.S. President Donald Trump's administration. The Senate is set to vote on Ross' nomination Monday evening. Ross easily cleared the Senate Commerce Committee and a procedural vote by the full Senate. Source
  • Warren Buffett's investment advice: 'stick with low-cost index funds'

    Economic CBC News
    Billionaire Warren Buffett, whose stock picks over several decades have enriched generations of Berkshire Hathaway Inc. shareholders, delivered a black eye to the investment industry on Saturday, urging ordinary investors to buy plain-vanilla index funds. "When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients," Buffett said in his annual letter to shareholders. Source
  • Pipeline giant TransCanada plans to sell more U.S. holdings to TC Pipelines

    Economic CTV News
    CALGARY -- TransCanada Corp. (TSX:TRP) is negotiating the sale of a 49.3 per cent interest in the Iroquois natural gas transmission system that connects its main Canadian pipeline system to markets in the U.S. Northeast, including New York City. Source
  • Valeant Pharmaceuticals adds 250 sales staff for Salix drug business

    Economic CTV News
    LAVAL, Que. -- Valeant Pharmaceuticals (TSX:VRX) said Monday it has grown the sales force at its Salix drug business by about 250 people over the past three months. The company, based in Laval, Que. Source
  • Attorneys: 5 automakers knew Takata air bags were dangerous

    Economic CTV News
    DETROIT -- Attorneys for people suing air bag maker Takata and five automakers say the car companies knew that the company's products were dangerous yet continued to use them for years because they were inexpensive. Source
  • Takata expected to plead guilty to $1B fine in airbag scandal

    Economic CBC News
    Japanese auto parts maker Takata Corp. is expected to plead guilty Monday to a criminal charge and agree to a $1 billion US penalty for concealing a deadly air bag inflator problem. The company is scheduled to be in U.S. Source
  • Bill Morneau to announce drywall tariff changes targeting Fort McMurray fire victims

    Economic CBC News
    Families forced to rebuild their homes after wildfires devastated Fort McMurray, Alta. last spring will be compensated for having to pay duties on drywall coming into Canada from the United States Federal Finance Minister Bill Morneau was expected to make the announcement Monday. Source