Core Viewpoint - Trisura Group Ltd. has announced its intention to renew its Normal Course Issuer Bid (NCIB) to repurchase up to 1,427,012 common shares, representing approximately 3% of its issued and outstanding shares, to offset dilution from equity incentive programs and return capital to shareholders [1][2][4]. Group 1: NCIB Details - The NCIB will commence on December 9, 2025, and end on December 8, 2026, allowing Trisura to purchase shares at market prices or other permitted prices [2][5]. - Trisura Group had previously received approval to purchase up to 1,433,371 common shares under its previous NCIB, which expires on December 5, 2025 [3]. - The company has not repurchased any common shares in the last twelve months [3]. Group 2: Share Purchase Plan - An automatic share purchase plan is intended to be established around December 9, 2025, allowing for share purchases during internal trading black-out periods [6]. - All shares acquired under the NCIB will be cancelled or purchased by a non-independent trustee as per Trisura's escrowed stock plan [5]. Group 3: Company Overview - Trisura Group Ltd. operates as a specialty insurance provider in various business lines, including Surety, Warranty, Corporate Insurance, and Fronting, primarily in Canada and the United States [7].

Core Viewpoint - BRP Inc. has received approval from the Toronto Stock Exchange for the renewal of its normal course issuer bid (NCIB) to repurchase up to 3,131,256 subordinate voting shares over a twelve-month period, which represents approximately 10% of its public float as of December 2, 2025 [1][6]. Group 1: NCIB Details - The NCIB will be executed through the TSX or other eligible Canadian trading systems, adhering to their regulations, and will involve open market transactions and other permitted means [2]. - BRP is allowed to purchase a maximum of 44,267 subordinate voting shares daily, which is 25% of the average daily trading volume of 177,071 shares over the last six months [3]. - The purchase price for shares will be the market price at the time of acquisition, plus brokerage fees, with potential discounts for certain types of purchases [4]. Group 2: Automatic Share Purchase Plan - BRP has established an automatic share purchase plan (APP) with a designated broker to facilitate share purchases during regulatory restrictions or blackout periods, effective January 24, 2026 [5]. - The APP allows BRP to instruct the broker to make purchases based on pre-established parameters before entering a blackout period, ensuring compliance with TSX rules and applicable securities laws [5]. Group 3: Previous NCIB Performance - Under the previous NCIB that expires on December 9, 2025, BRP did not purchase any subordinate voting shares as of December 2, 2025, despite being allowed to buy a total of 3,331,852 shares [6]. Group 4: Strategic Rationale - The Board of Directors believes that repurchasing subordinate voting shares could be a beneficial use of available cash to enhance shareholder value [7]. Group 5: Company Overview - BRP Inc. is a global leader in powersports products, with annual sales of CA$7.8 billion and a workforce of approximately 16,500 as of January 31, 2025 [8].

Core Viewpoint - International Petroleum Corporation (IPC) has received approval from the Toronto Stock Exchange (TSX) to renew its normal course issuer bid (NCIB), allowing it to repurchase up to 6,468,077 common shares over a twelve-month period, which represents approximately 5.8% of its outstanding shares as of November 30, 2025 [1]. Group 1: NCIB Details - The NCIB allows IPC to purchase shares on the TSX and/or Nasdaq Stockholm, with a maximum daily purchase limit of 25% of the average daily trading volume for the respective exchanges [2]. - IPC's daily purchases on the TSX are capped at 24,839 shares, based on an average daily trading volume of 99,360 shares over the past six months [2]. - An automatic share purchase plan (ASPP) has been established to facilitate share repurchases during regulatory restrictions and blackout periods, with all purchases under the ASPP counted towards the NCIB total [3]. Group 2: Purchase Mechanics - Shares will be purchased at the prevailing market price and in compliance with applicable securities laws, with no maximum monetary amount allocated for the NCIB at this time [4]. - The actual number of shares purchased and the timing will be determined by IPC, subject to regulatory limits [4]. - Any shares repurchased under the NCIB will be cancelled [4]. Group 3: Purpose and Previous NCIB - The primary purpose of the NCIB is to reduce the outstanding share capital, which IPC believes is an effective use of capital and beneficial for shareholders [5]. - IPC's previous NCIB, which allowed for the purchase of up to 7,465,356 shares, was completed by September 30, 2025, at a weighted average price of CAD 20.10 per share [6]. Group 4: Company Overview - IPC is an international oil and gas exploration and production company with assets in Canada, Malaysia, and France, positioning it for both organic and inorganic growth [7].

Core Viewpoint - Stack Capital Group Inc. has announced its intention to initiate a normal course issuer bid (NCIB) for its common shares, believing its share price is undervalued compared to its Book Value per Share of $14.26 [1][2]. Group 1: NCIB Details - The NCIB will allow Stack Capital to purchase up to 1,095,780 common shares, representing 10% of the public float as of November 24, 2025, over a 12-month period from December 3, 2025, to December 2, 2026 [2][3]. - The average daily trading volume from May 1, 2025, to October 31, 2025, was 18,222 common shares, with daily purchases under the NCIB limited to 4,555 common shares, excluding block purchases [2][3]. - All shares purchased under the NCIB will be cancelled [2][3]. Group 2: Automatic Share Purchase Plan (ASPP) - Stack Capital has established an automatic share purchase plan (ASPP) with a designated broker to facilitate share purchases during regulatory restrictions or blackout periods [4]. - The ASPP will become effective on December 3, 2025, coinciding with the start of the NCIB, and all purchases made under the ASPP will count towards the total shares purchased under the NCIB [4]. Group 3: Previous NCIB Performance - Under a previous NCIB, Stack Capital purchased 142,653 common shares at a weighted average price of $11.4394 per share, with the previous NCIB period running from November 18, 2024, to November 17, 2025 [5]. Group 4: Company Overview - Stack Capital is an investment holding company focused on investing in equity, debt, and other securities of growth-to-late-stage private businesses, providing shareholders with exposure to a diversified private investment portfolio [6].

Core Viewpoint - Pet Valu Holdings Ltd. has announced the acceptance of its notice to renew its normal course issuer bid (NCIB), allowing the company to repurchase up to 3,449,181 common shares, approximately 5% of its outstanding shares [1][2]. Group 1: NCIB Details - The NCIB allows Pet Valu to purchase up to 34,220 common shares on any trading day, representing 25% of the average daily trading volume of 136,880 shares over the past six months [2]. - The repurchase period for the NCIB will commence on December 2, 2025, and will continue until the earliest of December 1, 2026, the date the maximum number of shares is acquired, or the date of termination notice to the TSX [2][3]. - Purchases will be conducted in accordance with TSX rules, at market prices or other permitted prices, through open market transactions or other means allowed by securities regulatory authorities [3]. Group 2: Automatic Share Purchase Plan - Pet Valu has entered into an automatic share purchase plan with a designated broker, allowing the broker to purchase shares during trading blackout periods, subject to price limitations and TSX rules [4]. - The company can instruct the broker for specific purchases and can suspend or terminate the plan, ensuring compliance with insider trading policies [4]. Group 3: Shareholder Value - The NCIB is expected to provide the company with additional flexibility to manage capital and enhance shareholder value [5]. Group 4: Previous NCIB Performance - Under the previous NCIB, which started on December 2, 2024, and ends on December 1, 2025, Pet Valu received approval to purchase up to 3,572,004 common shares and has repurchased 1,503,373 shares at an average price of approximately $26.54 per share [6]. Group 5: Company Overview - Pet Valu is Canada's leading retailer of pet food and supplies, operating over 800 locations and offering more than 10,000 products, including exclusive and award-winning brands [7].

Core Viewpoint - Flow Capital Corp. intends to initiate a normal course issuer bid (NCIB) to repurchase up to 2,115,988 common shares, representing approximately 10% of the public float, to enhance shareholder value [1][3]. Group 1: NCIB Details - The NCIB will commence on December 2, 2025, and will end upon the earliest of purchasing the specified shares, termination notice, or December 1, 2026 [2]. - The company has engaged Ventum Financial Corp. as the broker for the NCIB, with purchases made from existing working capital at market prices plus brokerage fees [4]. - An automatic purchase plan (APP) has been established with the broker to guide the timing and parameters of share purchases under the NCIB [5]. Group 2: Company Insights - The company believes that the market price of its common shares does not always reflect its underlying value and prospects, making share repurchase a suitable use of financial resources [3]. - In the previous NCIB that started on December 2, 2024, the company purchased 1,226,500 common shares at an average price of $0.7372 per share, totaling $904,160 [6]. - Flow Capital Corp. is a provider of flexible growth and alternative capital solutions, focusing on supporting high-growth companies in the US, UK, and Canada since its inception in 2018 [8].

Core Viewpoint - Flow Capital Corp. intends to initiate a normal course issuer bid (NCIB) to repurchase up to 2,115,988 common shares, representing approximately 10% of the public float, subject to TSXV approval [1][3]. Group 1: NCIB Details - The NCIB will commence on December 2, 2025, and will end upon the earliest of purchasing the specified shares, termination notice, or December 1, 2026 [2]. - The company believes that the market price of its common shares may not reflect its underlying value, making share repurchase a suitable use of financial resources to enhance shareholder value [3]. Group 2: Execution and Management - Ventum Financial Corp. has been engaged as the broker for the NCIB, with purchases made from existing working capital at market prices plus brokerage fees [4]. - An automatic purchase plan (APP) has been established with the broker to guide purchases under the NCIB, allowing the broker to determine timing based on set parameters [5]. Group 3: Previous NCIB Performance - Under the previous NCIB that started on December 2, 2024, the company purchased 1,226,500 common shares at an average price of $0.7372 per share, totaling an aggregate purchase price of $904,160 [6]. Group 4: Company Overview - Flow Capital Corp. is a publicly listed provider of flexible growth and alternative capital solutions, focusing on supporting high-growth companies in the US, UK, and Canada since its inception in 2018 [8].

Core Insights - Thunderbird Entertainment Group reported its first quarter fiscal 2026 results, showing a revenue of $36.8 million, a decrease of 19% from $45.7 million in the prior year quarter, primarily due to production delays [4][10] - The company experienced a net loss of $500,000 compared to a net income of $1.6 million in the prior year period, attributed to the absence of IP project deliveries in the current quarter [4][10] - Adjusted EBITDA was $1.4 million, down from $4.1 million in the prior year, with margins decreasing from 8.9% to 3.9% [4][10] Production and Projects - Thunderbird is managing 26 programs in various stages of production, an increase from 25 in the previous quarter, with 76% of expected production revenue already greenlit [3][10] - The company is working on multiple high-profile projects, including several IP-driven titles expected to contribute significant revenue in future quarters [3][10] - Notable productions include "Super Team Canada," "The Day You Begin," and "Marvel's Iron Man and his Awesome Friends," among others [10] Financial Outlook - The company anticipates full-year revenue growth in the mid- to high-single digits year over year, along with an increase in Adjusted EBITDA and margins consistent with the prior year [4][10] - Thunderbird's cash flow and balance sheet remain healthy, positioning the company well for future value generation for shareholders [3][4] Corporate Developments - Thunderbird announced a proposed acquisition by Blue Ant Media Corporation, which is expected to enhance financial and operational scale, pending customary approvals [4][10] - The company has initiated a Normal Course Issuer Bid, repurchasing 250,000 common shares for a total consideration of $0.5 million at an average price of $1.77 per share [4][6]

Core Viewpoint - The North West Company Inc. has announced its intention to initiate a normal course issuer bid (NCIB) to repurchase up to 4,752,020 of its common voting shares and variable voting shares, representing approximately 10% of its public float as of November 13, 2025, with the aim of utilizing available resources in the best interests of the Company [1][2]. Summary by Sections NCIB Details - The Company may acquire a maximum of 4,752,020 Shares for cancellation over the next 12 months, based on its public float as of November 13, 2025, which includes 47,736,757 issued and outstanding Shares [2]. - Purchases will be conducted through the TSX or Canadian alternative trading systems at market price, with a daily maximum purchase limit of 35,865 Shares, which is approximately 25% of the average daily trading volume over the last six months [3]. Automatic Securities Purchase Plan - An automatic securities purchase plan has been established to facilitate share purchases during regulatory restrictions or blackout periods, allowing the Company to request its broker to make purchases within specified parameters [4]. - The automatic securities purchase plan will be effective starting November 25, 2025, and the Company retains the right to suspend or discontinue the NCIB at any time [4][5]. Historical Context - The current NCIB follows the previous 2025 NCIB, which allowed the repurchase of up to 4,765,289 Shares, during which the Company repurchased and canceled 197,899 Shares at an average price of $47.63 per Share [6]. Company Profile - The North West Company Inc. is a leading retailer of food and everyday products, operating 229 stores under various trading names and generating annualized sales of approximately CDN$2.6 billion [12].

Core Viewpoint - Boardwalk Real Estate Investment Trust has received approval to renew its normal course issuer bid for an additional year, allowing it to repurchase up to 4,018,000 trust units, which represents approximately 10% of its public float [1][2]. Summary by Sections Normal Course Issuer Bid (NCIB) - The NCIB permits the purchase of up to 4,018,000 units over a twelve-month period starting November 24, 2025, and expiring no later than November 23, 2026 [2]. - As of November 9, 2025, there are 49,021,713 units issued and outstanding, with a daily purchase limit of 24,822 units based on the average daily trading volume [2]. Purchase Mechanism - Boardwalk intends to enter into an automatic purchase plan with TD Securities Inc. to facilitate unit purchases during regulatory restrictions or blackout periods [3]. - All units repurchased under the NCIB will be cancelled [2]. Previous NCIB Performance - Under the previous NCIB, Boardwalk purchased 775,079 units from November 22, 2024, to November 21, 2025 [4]. Management's Perspective - Management believes that proceeds from non-core asset sales can be effectively used for unit repurchases, viewing the current unit price as below its underlying value due to strong fundamentals and a positive outlook for affordable housing [5]. - The company is focused on enhancing stakeholder value and continuously evaluates capital allocation opportunities [5]. Corporate Profile - Boardwalk REIT operates over 200 communities with more than 34,000 residential units, totaling over 30 million net rentable square feet [12]. - The company aims to provide exceptional service and product quality, leading to high retention rates and strong operating results, which contribute to higher free cash flow and investment returns [12].