Research Reports

Key takeaways

TSX approved NCIB for up to 4,300,000 Subordinate Voting Shares (10% of public float of 43,850,289 as of May 12, 2026).

Purchases allowed on TSX, alternative systems, or Nasdaq; Nasdaq limited to 5% of outstanding shares.

Daily TSX purchases limited to 22,078 shares (25% of average daily volume of 88,313).

All repurchased shares will be cancelled.

Previous NCIB for 4.3M shares expired May 8, 2026 with zero purchases.

ASPP with BMO Nesbitt Burns Inc. effective May 15, 2026 for blackout period purchases.

Full analysis

Colliers' renewed NCIB signals management's view that current share prices may undervalue the company, providing a mechanism to return capital to shareholders through repurchases up to 10% of public float. The program replaces a prior NCIB that expired without activity, maintaining repurchase capacity amid 49.8 million outstanding subordinate voting shares. Limitations ensure compliance, including daily volume caps on TSX and aggregate Nasdaq restrictions. The ASPP facilitates purchases during blackout periods, enhancing execution flexibility without insider trading risks. Investors benefit from potential accretion to earnings per share if repurchases occur at attractive prices, aligning with Colliers' commitment to shareholder value.

CIGI · Colliers International Group Inc.

Summary

Key takeaways

Full analysis