Core Viewpoint - GFL Environmental Inc. has announced its intention to commence a normal course issuer bid (NCIB) for subordinate voting shares, with a maximum repurchase of 28,046,256 shares over a 12-month period starting March 3, 2025 [1][2][3] Group 1: NCIB Details - The NCIB will be conducted through the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE), allowing for repurchases through various trading systems [1] - GFL has 381,570,455 subordinate voting shares outstanding as of February 18, 2025, and the repurchase represents 10% of the public float [2] - All repurchased shares will be cancelled, and purchases may include open market transactions and privately negotiated transactions [3][5] Group 2: Financial Context - GFL plans to allocate up to $2.25 billion from the sale of its Environmental Services businesses to fund the share repurchase [3] - The company expects to use the majority of these proceeds for purchasing shares held by sponsor shareholders, with the remainder for open market purchases [3] Group 3: Regulatory Considerations - GFL has received exemptive relief from the Ontario Securities Commission, allowing it to purchase up to 10% of its public float through U.S. trading platforms without the usual 5% limit [4] - The company may also acquire shares through privately negotiated transactions at a discount to the market price, subject to regulatory exemptions [5] Group 4: Historical Context - In the previous NCIB period from May 12, 2023, to May 11, 2024, GFL was authorized to repurchase 17,867,120 subordinate voting shares, but no shares were repurchased during that time [6] Group 5: Company Overview - GFL is the fourth largest diversified environmental services company in North America, providing solid waste management, liquid waste management, and soil remediation services [7] - The company employs over 20,000 individuals across its operations [7]
GFL Environmental Inc. Announces Commencement of Share Repurchase Program