When Canaccord Financial Inc. announced a buyback program last June, it was in no rush. Instead, Canaccord waited until the stock was below $9. Between Nov. 11 and Jan. 3, the company repurchased 650,000 shares at an $8.08 average. In a sign of confidence, since the buyback started officers or directors bought a net 1,052,956 shares in the public market. The most recent buy was on Feb. 10 when director Michael Walker bought 2,000 shares at $9.03. Subsequently, an officer and director sold 11,590 shares after exercising 28,389 rights.
Ted Dixon is CEO of INK Research, which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com. Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.
Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.