In the post YLO Discloses August Preferred Share BuyBacks, I noted:
As pointed out by Assiduous Reader radamesb, it appears that the company has reached – and even gone beyond! – its NCIB limit for the two retractibles; it looks like any further purchases of YLO.PR.A and YLO.PR.B will have to be done by public tender (such as was done for the NA high-coupon FixedResets, but – heh-heh – with a lower price).
Assiduous Reader radamesb suggested in the comments (edited to reflect correction):
Cangator pointed out to me in an email that using
May 13June 13 as the start date for Series 1 & 2 comes out to exactly the right amount of Series A shares, and leaves room for Series B if the cancellation of 490,904 shares on May 14 is counted towards the previous year’s buyback (since the original purchases were made before May 13). It seems that while they calculated the volume based on the same dates, that they were permitted to finish the previous year’s buyback before starting the new one, leaving different end dates as well.
I sent an eMail to YLO’s Investor Relations Department:
I have calculated totals for your shares purchased in the past few months, as disclosed on SEDI.
I calculate a total of 1,232,948 YLO.PR.A since May 13, compared to your NCIB annual maximum of 1,127,882.
Similarly, I calculate 771,888 YLO.PR.B since May 13, compared to the NCIB maximum of 684,028.
Can you explain these discrepencies?
The IR department has now responded:
Thank you for your interest in Yellow Media Inc.
Please note that the amount of Series 1 & 2 preferred shares purchased through the NCIB from May 13, 2011 to June 10, 2011 followed the NCIB approved by the TSX on June 8, 2010.
The amount of Series 1 & 2 preferred shares purchased through the NCIB since June 13, 2011 followed the NCIB approved by the TSX on May 11, 2011.
[…] were no insider trading reports for YLO today, but I did learn that overlapping NCIBs are allowed which seems a little strange to me. The TMX reported no insider buying of YLO issues […]