Buyback Announcements and News

11/20/2024

Insider transaction: Deckers Outdoor CEO Caroti Stefano discloses sale of 15.0K XXX shares - Form 4 ($176.36, 0.00)

• Stefano beneficially owns 273.5K shares of common stock following the transaction.

11/20/2024

Insider transaction: Lincoln Educational Services CFO Brian Meyers discloses sale of 60K shares - Form 4 ($15.38, 0.00)

• Meyers beneficially owns 173K shares of common stock following the transaction.

11/20/2024

Insider transaction: TSS Inc COO Karl Marrott discloses sale of 46.2K shares - Form 4 ($7.53, 0.00)

• Marrott beneficially owns 166.1K shares of common stock following the transaction.

11/20/2024

Manulife Financial announces C$5.4B reinsurance transaction, including C$2.4B of long-term care, with RGA (C$45.03, 0.00)

• Manulife Financial Corporation announced that it has entered into a $5.4B reinsurance agreement with Reinsurance Group of America, including $2.4B of long-term care reserves.
• Key highlights of the transaction:
  • Reinsuring $2.4B of LTC reserves to RGA on a full risk transfer basis
  • Inclusive of our previous LTC reinsurance transaction, upon closing we will have cumulatively reduced LTC reserves by 18% and LTC morbidity sensitivity by 17%
  • Transacted LTC block is younger, with a greater proportion of active life reserves than our previous transaction
  • Modest (4%) LTC cede further validates our reserves and assumptions
  • Transaction also includes a legacy block of U.S. structured settlements with $3.0B of reserves
  • Accretive to core ROE, and an attractive core earnings multiple of 11.4 times; neutral impact to core EPS
  • Close to 1.0x book value; expect to release $0.8B of capital, which we intend to fully return to shareholders
  • Expect to dispose $1.5B of alternative long-duration assets
• Transaction Summary
  • We will reinsure a combined $5.4B of reserves across two blocks of legacy business to RGA. The blocks include portions of U.S. LTC and U.S. structured settlements.
    • The LTC block represents $2.4B, or 6% of Manulife's total LTC reserves as of 30-Sep-24.
    • The transaction is priced at close to 1.0 times book value, reflecting a modest negative ceding commission on LTC, and a nominal ceding commission on the structured settlements block.
  • RGA is a highly experienced global reinsurer with multiple existing reinsurance arrangements with Manulife. The transaction includes significant structural protections, including over-collateralized trusts to hold investment assets. The reinsurance represents a 75% quota share on both ceded blocks.
  • In connection with the transaction, we expect to dispose $1.5B of ALDA. Manulife will continue to administer all reinsured policies for a seamless customer service experience.
    • The transaction is expected to close in early 2025, subject to customary closing conditions.
• Transacting on a younger LTC block further validates LTC reserves and assumptions
  • The transaction will reduce LTC reserves by $2.4B, or 6%, and is expected to reduce the underlying LTC reserve sensitivity to changes in morbidity assumptions by 7%.
    • The transaction represents a full risk transfer on a younger LTC block, which has similar characteristics to our retained LTC blocks, with a greater proportion of active life reserves than the ceded block in our previous LTC reinsurance transaction.
  • Including our previous LTC reinsurance transaction, which closed in February 2024, we will have cumulatively reduced LTC reserves and morbidity sensitivity by 18% and 17%, respectively, upon closing.
  • The modest negative ceding commission on the LTC block of 4% of IFRS reserves further validates our LTC reserves and assumptions.
• Unlocks Value for Shareholders
  • The transaction is expected to release $0.8B of capital, which we intend to fully return to shareholders through common share buybacks post-closing.
  • We are committed to repurchasing for cancellation the full 90M common shares allowed under our current NCIB program, which expires in February 2025.
  • Further buybacks beyond the 90M shares common shares allowed under our current NCIB program will require a new NCIB program.
  • The transaction is priced at close to 1.0 times book value and is expected to result in an annual reduction to core earnings and net income attributed to shareholders of $70M and $50M, respectively.
  • With a capital release of $0.8B, the transaction represents a deal multiple of 11.4 times core earnings.
  • The transaction is expected to be accretive to core ROE, and have a neutral impact on core EPS, after the impact of expected share buybacks.
• Editor's Note: This comment was revised to specify in the headline that the transaction figures are in Canadian currency

11/20/2024

Insider transaction: Runway Growth Finance President and CEO David Spreng discloses purchase of 20.7K shares - Form 4 ($10.20, 0.00)

• Shares were purchased through Runway Growth LLC which may be deemed to be beneficially owned by Spreng by virtue of his ownership interest in Runway Growth Capital LLC and his position of CEO thereof.
• Spreng beneficially owns 69.5K shares of common stock directly, as well as 232K share indirectly, through Runway Growth LLC and by 401(k) plan, following the transaction.

11/20/2024

Insider transaction: Spok Holdings COO Michael Wallace discloses sale of 12.0K shares - Form 4 ($15.96, 0.00)

• Wallace beneficially owns 37.5K shares of common stock following the transaction.

11/20/2024

NewLake Capital Partners enters into equity distribution agreement with Lucid Capital Markets as additional sales agent, extends share repurchase program - 8-K ($18.92, 0.00)

• On 20-Nov-24, NewLake Capital Partners entered into an Equity Distribution agreement by and among (i) the company, (ii) NLCP Operating Partnership LP, a Delaware limited partnership and (iii) Lucid Capital Markets, LLC. Under the terms of the Lucid Equity Distribution agreement, the company may offer and sell shares of common stock, having an aggregate offering price of up to $50.0M from time to time through Lucid.
  • The Lucid Equity Distribution agreement has substantially similar terms and conditions as the Equity Distribution agreement the company and the Operating Partnership entered into with Compass Point Research & Trading, LLC on 10-Jun-24.
  • As of the date of this supplement, we have not issued any shares of common stock through the equity distribution agreements, leaving a remaining aggregate offering amount of $50.0M available for sale under the equity distribution agreements.
• On 20-Nov-24, the company's board authorized extending the duration of the company's existing share repurchase program to conclude on 31-Dec-26.

11/20/2024

374Water CEO Chris Gannon discloses buying 120K shares and accompanying warrants ($1.01, +0.01)

• Gannon beneficially owns 120K shares and 180K warrants following the transaction.

11/20/2024

StreetAccount Summary - Weekly Dividend & Repurchase Announcements by Canadian Companies

• StreetAccount is summarizing changes to dividends and repurchases announced by Canadian companies over the past week (from 13-Nov through 19-Nov). We tracked 6 new or increased dividends, 1 special dividends, and 0 dividend decreases, suspensions, and/or evaluations, as well as 14 newly announced, renewed, or increased repurchases/NCIBs, and 0 decreases/suspensions/evaluations of NCIBs
• Dividend Increases/Cuts/Suspensions/Evaluations:
  • 13-Nov -- Atrium Mortgage Investment increases annual dividend rate by 3.3% to C$0.93 from C$0.90 (AI.CN)
  • 13-Nov -- Element Fleet Management increased divided 8% to C$0.52 from C$0.48 annually (EFN.CN)
  • 13-Nov -- ADENTRA quarterly dividend increased to C$0.15/share from C$0.14/share (ADEN.CN)
  • 14-Nov -- Enerflex increases quarterly dividend by 50.0% to C$0.0375 from C$0.025 (EFX.CN)
  • 15-Nov -- Morguard North American Residential REIT confirms November distribution increased to $0.06333 per unit (MRG.UT.CN)
  • 18-Nov -- InterRent REIT increases quarterly dividend by 5.1% to C$0.0331 from C$0.0315 (IIP.UT.CN)
  • 19-Nov -- DREAM Unlimited announces special dividend of $1.00 per Class A Subordinate Voting Share (DRM.CN)
• Repurchases Newly Authorized/Suspended/Under Review:
  • 13-Nov -- Cerrado Gold files notice to implement normal course issuer bid for up to 5.2M common shares (CERT.CN)
  • 13-Nov -- Triple Flag receives approval for Normal Course Issuer Bid renewal (TFPM.CN)
  • 14-Nov -- Mako Mining announces NCIB accepted by TSX Venture Exchange to purchase up to 4.0M common shares (MKO.CN)
  • 14-Nov -- SNDL board renews share buyback program upon 20-Nov expiry of current program (SNDL)
  • 15-Nov --Saputo announces TSX approval of NCIB for up to ~8.5M common shares (SAP.CN)
  • 15-Nov -- Orca Energy Group announces NCIB for up to 500,000 Class B Shares (ORC.B.CN)
  • 18-Nov -- Goodfellow receives TSX approval to renew NCIB for up to ~493K shares (10% of public float) (GDL.CN)
  • 18-Nov -- Element announces renewal of Normal Course Issuer Bid (EFN.CN)
  • 18-Nov -- Teck Resources receives regulatory approval to renew NCIB for up to 40M Class B shares (TECK.B.CN)
  • 19-Nov -- Torex Gold receives TSX approval for normal course issuer bid for up to 7.1M shares (TXG.CN)
  • 19-Nov -- Choice Properties Real Estate Investment Trust announces Normal Course Issuer Bid (CHP.UT.CN)
  • 19-Nov -- The North West Company Inc. announces renewal of its Normal Course Issuer Bid (NWC.CN)
  • 19-Nov -- Canada Goose announces renewal of normal course issuer bid for up to 4.6M subordinate voting shares (GOOS.CN)
  • 19-Nov -- Atlas Engineered Products announces intention to undertake a NCIB for up to 5.9M shares (AEP.CN)

11/20/2024

ZoomInfo Technologies CEO Henry Schuck discloses buying 492.5K shares (yesterday post-close) ($9.90, 0.00)

• Schuck beneficially owns 12.3M shares directly and 6M shares indirectly following the transaction.