06:12 AM EDT, 03/11/2024 (MT Newswires) -- ATCO Ltd. (ACO-X.TO, ACO-Y.TO) over the weekend said it has obtained approval from the Toronto Stock Exchange for a normal course issuer bid for certain of its outstanding Class I non-voting shares.

The purchase of Class I shares will minimize any dilution resulting from the exercise of stock options. About 99.7 million Class I shares were issued and outstanding on Feb. 29.

Under the terms of the notice and the rules of the exchange, the company may buy nearly 2 million Class I shares during the period starting on March 13, 2024, and ending on March 12, 2025, or when ATCO completes its purchases or terminates the NCIB at its option.

In connection with the NCIB, the company will also enter into an automatic securities purchase plan with a designated broker by the commencement date of the NCIB.