Algoma Central Corporation announced today that the Toronto Stock Exchange (TSX) has approved its plan to renew a normal course issuer bid (NCIB), allowing the marine transportation company to repurchase its own shares over the next year. The NCIB will run from March 23, 2026, to March 22, 2027, and permits the purchase of up to 2,028,391 common shares, representing approximately 5% of the 40,567,816 shares outstanding as of March 9, 2026.
According to a statement released by Algoma, the Board of Directors believes that the current market price of its shares may not fully reflect the company’s inherent value. Repurchasing shares, the company said, may be an appropriate use of funds.
The company indicated that purchases will be made through the TSX and/or alternative Canadian trading systems, subject to market conditions and prevailing prices. Daily purchases on the TSX are limited to 2,057 shares, or approximately 25% of the average daily trading volume of 8,230 shares over the past six calendar months.
Algoma is also implementing a new automatic share purchase plan (ASPP) with a designated broker. This plan will allow for share repurchases during periods when the company would normally be restricted from trading due to regulatory restrictions or internal trading black-out periods. Under the ASPP, the broker will have discretion to make purchases based on parameters set by Algoma, in compliance with TSX rules.
The ASPP will begin during the company’s first quarter 2026 blackout period, starting March 31, 2026, and will continue until the maximum annual purchase limit under the NCIB is reached, Algoma terminates the plan, or the NCIB expires.
A previous NCIB, which commenced on March 21, 2025, and expires on March 20, 2026, authorized the repurchase of the same number of shares – 2,028,391. As of March 9, 2026, Algoma had not purchased any shares under the previous NCIB and retains the option to do so before its expiration.
Algoma cautioned that there is no guarantee any share purchases will be completed under the renewed NCIB.
Algoma Central Corporation provides marine transportation services, operating dry and liquid bulk carriers on the Great Lakes-St. Lawrence Region and internationally. The company’s leadership includes President and Chief Executive Officer Gregg A. Ruhl and Chief Financial Officer Christopher Lazarz.
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