SUBSEQUENT EVENTS

3 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Cash Dividends

As part of our quarterly, non-cumulative cash dividend program, we declared, on November 4, 2020, a dividend of $0.2008 per Common Share. The record date for this dividend is December 4, 2020 and the payment date is December 22, 2020. Future declarations of dividends and the establishment of future record and payment dates are subject to the final determination and discretion of our Board.

Revolver Repayment

Following the end of the quarter, in October 2020 we repaid the $600 million drawn under the Revolver using cash on hand. There are currently no amounts outstanding under the Revolver.

Share Repurchase Plan

Subsequent to the end of the quarter, we announced on November 5, 2020 authorization of a share repurchase plan pursuant to which we may purchase in open market transactions, from time to time over the 12 month period commencing November 12, 2020, up to an aggregate of $350 million of our common shares on the NASDAQ Global Select Market, the Toronto Stock Exchange and/or other exchanges and alternative trading systems in Canada and/or the United States, if eligible, subject to applicable law and stock exchange rules (the “Repurchase Plan”). The price that we will pay for common shares in open market transactions will be the market price at the time of purchase or such other price as may be permitted by applicable law or stock exchange rules.

The Repurchase Plan will be effected in accordance with Rule 10b-18 under the U.S. Securities Exchange Act of 1934. Purchases made under the Repurchase Plan will be subject to a limit of 13,618,774 shares (representing 5% of the Company’s issued and outstanding common shares as of November 4, 2020). All common shares purchased by us pursuant to the Repurchase Plan will be cancelled.