BlackBerry wins approval to expand share repurchase program

BlackBerry Ltd has received approval from the Toronto exchange to over double its existing share repurchase program and repurchase up to five.8 % of its public float, the smartphone maker same on weekday.

The approval can enable the Waterloo, Ontario-based company to shop for keep a copy to twenty seven million shares, up from its earlier attempt to repurchase twelve million. the entire public float as of Gregorian calendar month twenty two was 464,723,304 ordinary shares.

The current repurchase program is valid till Gregorian calendar month twenty eight, and the company will purchase the stock on each the Toronto Stock Exchange and National Association of Securities Dealers Automated Quotations. it's to this point repurchased concerning nine.9 million shares for a median worth of $7.43 every below the present program.

In morning commerce, shares of BlackBerry were up over three % at C$9.98 on the Toronto exchange and $7.11 on National Association of Securities Dealers Automated Quotations.

BlackBerry same it believed the shares ar a lovely investment given current equity market conditions. It doesn't expect the repurchase program to own a big impact on its money balance, that stood at $2.71 billion on Nov. 28.