Silvercorp renews authorization to buy back approximately 4% of its shares

Silvercorp ($SVM) Metals renewed its normal-course issuer bid, authorizing purchases of up to 8,848,585 common shares, approximately 4% of its outstanding stock. The program is scheduled to run for one year, with purchases made at prevailing market prices through permitted trading venues. All shares acquired under the program will be canceled.

The company said the authorization provides flexibility when management considers the shares undervalued relative to its assets. That is the board’s assessment, not an independent valuation conclusion. Purchases remain discretionary and can be discontinued, and Silvercorp made no repurchases under the preceding authorization. The renewed ceiling therefore should not be read as a commitment to spend a fixed amount or as evidence that an immediate reduction in the share count has occurred.

Sources:

• Silvercorp — renewed issuer bid, CNW release reprint