04:23 PM EST, 11/15/2024 (MT Newswires) -- Orca Energy Group (ORC-B.V) said Friday afternoon it plans to begin a normal course issuer bid to buy back and cancel its class B subordinate voting shares through the TSX Venture Exchange and other Canadian trading systems.

The company said it plans to buy up to 500,000 class B shares, or about 2.77% of the total outstanding shares as of Wednesday. The bid will start on Monday, and continue until either the maximum number of shares is purchased or Nov. 17, 2025, unless Orca ends it earlier.

Holders of class A common voting shares can convert them to class B shares at a 1:1 ratio and participate in the buyback, the company added.

"Orca has implemented the bid as it is of the view that at times the trading price of the class B shares of the corporation on the Exchange does not fully reflect the underlying value of the corporation's business," the company said.