(RTTNews) - Genesis Land Development Corp. (GDC.TO), Tuesday announced that it has received approval from the Toronto Stock Exchange to renew its normal course issuer bid for another year, starting December 18, 2025.
As part of the program, the company plans to buy back around 2.83 million common shares, which is about five percent of its total stock, at prices up to $3.75 per share, with a maximum of $10.6 million overall.
The management thinks that the stock is currently undervalued compared to Genesis's assets and future potential, so they see this buyback as a smart investment. Any shares bought back will be canceled, which should be a plus for the shareholders who remain.
GDC.TO is currently trading at CAD 3.14, up CAD 0.02 or 0.64 percent on the Toronto Stock Exchange.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
