Shaw gets OK for buyback

Cabler intends to acquire, cancel non-voting shares

TORONTO — Shaw Communications has received approval from the Toronto Stock Exchange to buy back up to 10% of its public float of non-voting shares over the next year.

The Calgary-based cabler intends to acquire and cancel as many as 5.8 million Class B Non-Voting shares between Thursday and Jan. 12 of next year. “It’s because they believe the market price is cheap,” said Ben Dube, analyst with Canaccord Capital in Montreal. Buying and canceling the stock reduces the number of shares outstanding and increases their value, hopefully also improving their share price.

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