Biox gets stock exchange nod for share buy backs

Aug 29, 2013 - Canadian biodiesel maker Biox Corp (CVE:BX) said Thursday it has received approval by the Toronto Stock Exchange to repurchase up to 10% of its shares in the “public float” over a one-year period.

Biox explained that the price range of its stock was not always adequately reflecting their value so that it may buy back as many as 3.09 million shares under a normal course issuer bid. The approved period is September 3, 2013 to September 2, 2014. All repurchased shares will be cancelled.

As part of the plan, Biox is to launch an automatic stock purchase plan with a broker in order to buy shares during certain pre-determined blackout periods. Shares will also be bought back at the discretion of the firm’s senior management. Transaction will happen at market prices.

On August 28, Biox had 45.75 million shares outstanding.

Earlier this month, the company posted a net loss of CAD 2.1 million (USD 2m/EUR 1.5m) for its third fiscal quarter through June, cutting its deficit from CAD 3.2 million a year earlier. Biox’s revenues jumped by 90% to CAD 19.3 million after a 56% rise in litres of biodiesel sold coupled with higher revenues per litre.

(CAD 1 = USD 0.952/EUR 0.719)

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