Enerflex (EFXT) said late Wednesday that its board approved a normal course issuer bid to repurchase common shares for cancellation.
The company said it plans to apply to the Toronto Stock Exchange for approval to buy back up to 5% of its public float over the next twelve months.
The repurchase will occur through the Toronto Stock Exchange, alternative Canadian trading systems, or the New York Stock Exchange, subject to TSX approval, it added.
Enerflex said the buyback is an effective use of cash and in the best interests of shareholders, as the current market price does not reflect the shares' underlying value.
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