{"id":16276,"date":"2011-09-07T15:41:44","date_gmt":"2011-09-07T19:41:44","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=16276"},"modified":"2011-09-07T15:41:44","modified_gmt":"2011-09-07T19:41:44","slug":"ylo-clarifies-ncib-limits-on-ylo-pr-a-ylo-pr-b","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=16276","title":{"rendered":"YLO Clarifies NCIB Limits on YLO.PR.A &amp; YLO.PR.B"},"content":{"rendered":"<p>In the post <a href=\"http:\/\/www.prefblog.com\/?p=16221\">YLO Discloses August Preferred Share BuyBacks<\/a>, I noted:<\/p>\n<blockquote><p>As pointed out by Assiduous Reader radamesb, it appears that the company has reached \u2013 and even gone beyond! \u2013 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 \u2013 heh-heh \u2013 with a lower price).<\/p><\/blockquote>\n<p>Assiduous Reader <i>radamesb<\/i> suggested in the comments (edited to reflect correction):<\/p>\n<blockquote><p>Cangator pointed out to me in an email that using <s>May 13<\/s> <u>June 13<\/u> as the start date for Series 1 &#038; 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\u2019s 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\u2019s buyback before starting the new one, leaving different end dates as well.<\/p><\/blockquote>\n<p>I sent an eMail to YLO&#8217;s Investor Relations Department:<\/p>\n<blockquote><p>I have calculated totals for your shares purchased in the past few months, as disclosed on SEDI.<\/p>\n<p>I calculate a total of 1,232,948 YLO.PR.A since May 13, compared to your NCIB annual maximum of 1,127,882.<\/p>\n<p>Similarly, I calculate 771,888 YLO.PR.B since May 13, compared to the NCIB maximum of 684,028.<\/p>\n<p>Can you explain these discrepencies?<\/p><\/blockquote>\n<p>The IR department has now responded:<\/p>\n<blockquote><p>Thank you for your interest in Yellow Media Inc.<\/p>\n<p>Please note that the amount of Series 1 &#038; 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.<\/p>\n<p>The amount of Series 1 &#038; 2 preferred shares purchased through the NCIB since June 13, 2011 followed the NCIB approved by the TSX on May 11, 2011.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>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 \u2013 and even gone beyond! \u2013 its NCIB limit for &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-16276","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/16276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16276"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/16276\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}