04:41 PM EDT, 08/21/2024 (MT Newswires) -- FirstService ( FSV ) , trading near 52 week highs, said Wednesday afternoon that the Toronto Stock Exchange has approved its plan to buy back some of its common shares through a normal course issuer bid.

The company said it plans to buy back up to 1.6 million of its common shares over a year, from August 26 to August 25, 2025. This amount represents 4% of the "public float" of common shares as of August 12.

The company will buy these shares via the TSX, other Canadian trading systems, or NASDAQ. Daily purchases will be limited to 18,027 shares, excluding larger block purchases, and all bought shares under the NCIB will be canceled, FirstService ( FSV ) added.

FirstService ( FSV ) had about 45 million common shares outstanding, with around 39.9 million available to the public as of August 12. The company's previous NCIB ends on August 25.

A statement said: "FirstService ( FSV ) may purchase its common shares, from time to time, if it believes that the market price of its common shares is attractive and that the purchase would be an appropriate use of corporate funds and in the best interests of FirstService ( FSV ). FirstService ( FSV ) may also purchase its common shares in order to mitigate the dilutive effect of stock options issued under its stock option plan.