BCE announces renewal of Normal Course Issuer Bid for Preferred Shares

Core Viewpoint - BCE Inc. has announced its intention to renew its normal course issuer bid (NCIB) to repurchase up to 10% of the public float of its outstanding First Preferred Shares listed on the Toronto Stock Exchange, with the NCIB period running from November 11, 2024, to November 10, 2025 [2][8]. Group 1: NCIB Details - The NCIB allows BCE to purchase Preferred Shares at the prevailing market price plus brokerage fees, with all acquired shares to be cancelled [2]. - The actual number of shares repurchased and the timing will be at BCE's discretion, adhering to TSX limitations [3]. - The NCIB will utilize discretionary transactions and an automatic securities purchase plan (ASPP) for share repurchases [4]. Group 2: Share Repurchase Authorization - BCE is authorized to repurchase shares of each series of Preferred Shares, with specific limits on the maximum number of shares that can be purchased daily [5][7]. - As of October 31, 2024, BCE's current NCIB has seen the purchase of various series of Preferred Shares, with significant volumes and average prices paid [9]. Group 3: Rationale for NCIB - BCE believes that the Preferred Shares may trade below their intrinsic value at times, making the repurchase an appropriate use of available funds [8].