Today, North American Construction Group Ltd. (NYSE:NOA), a leader in heavy construction and mining services, announced it has initiated an Automatic Share Purchase Plan (ASPP).
The company, which has a history in oil and gas field services, stated the plan is in accordance with guidelines that allow for the repurchase of shares at times when it ordinarily would not be active in the market due to its own internal trading blackout periods.
The ASPP is intended to provide an added mechanism for the company to pursue its share repurchase program with the aim of enhancing shareholder value. The plan will be administered by an independent broker and will operate under preset parameters established by North American Construction Group Ltd.
This move comes as part of the company's broader strategy to manage its capital efficiently. The ASPP allows for the purchase of shares at times when the company might otherwise be prevented from doing so, ensuring that repurchases can be made systematically and without direct influence from the company during blackout periods.
The announcement was made in a filing with the U.S. Securities and Exchange Commission (SEC) and is set to take place immediately, as per the report dated today, January 7, 2025.
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