04:24 PM EDT, 06/17/2024 (MT Newswires) -- Sienna Senior Living Inc. ( LWSCF ) after trade Monday said that the Toronto Stock Exchange has approved the notice of intention to renew a normal course issuer bid for a portion of its common shares. Sienna in a statement added the NCIB will be made in accordance with the requirements of the TSX and Sienna's board of directors believes that buying back a portion of its outstanding shares "may from time to time be an appropriate use of available resources and in the best interests of Sienna and its shareholders".

Pursuant to the notice, Sienna intends to acquire up to a maximum of 3,649,974 of its shares, or approximately 5% of its issued and outstanding 72,999,493 shares as of June 12, 2024 for cancellation over the next 12 months. Purchases under the NCIB will be made through the facilities of the TSX and/or alternative Canadian trading systems and in accordance with applicable regulatory requirements at a price per share equal to the market price at the time of acquisition. The number of shares that can be purchased pursuant to the NCIB is subject to a current daily maximum of 61,857 shares (which is equal to 25% of 247,430, being the average daily trading volume during the last six months), subject to Sienna's ability to make one block purchase of shares per calendar week that exceeds such limits.

All shares purchased under the NCIB will be cancelled upon their purchase. Sienna intends to fund the purchases out of its available resources. Sienna may begin to purchase shares on June 20, 2024 and the NCIB will terminate on June 19, 2025, or such earlier time as Sienna completes its purchases pursuant to the NCIB or provides notice of termination.

No Shares were purchased pursuant to Sienna's previous normal course issuer bid that commenced on June 20, 2023 and ended on June 19, 2024. Sienna was permitted to acquire up to 3,648,358 Share

Sienna closed Monday down $0.20 or 1.4% at $14.08.