Yellow Pages Limited Announces Plan for $25 million Share Buyback and $2 million Pension Plan Voluntary Contribution

• The Board approved a $25 million share repurchase program targeting 2,037,489 common shares at $12.27 per share (VWAP of the five trading days prior to April 7 2026).
• A voluntary cash contribution of $2 million will be made to the defined‑benefit pension plan before June 19 2026, reducing the wind‑up deficit to $6 million.
• The repurchase requires a 66⅔ % shareholder vote at a special meeting (expected June 11 2026) and court approval; shareholders holding >80 % have already pledged support.

• Share buyback: At $12.27 the price is below today’s market level ($12.84). The program will likely provide modest price support but the market has already priced in a similar magnitude of repurchase given recent share‑price appreciation and prior dividend payouts. No new capital is being raised; cash on hand (C$64 million per Q4 2025 release) comfortably covers the $25 million outlay.
• Pension contribution: The $2 million cash infusion reduces a known liability but does not materially affect earnings or cash flow in the near term; it merely improves balance‑sheet optics.
• Approval risk: The only conditionality is shareholder and court approval, both of which appear highly probable given >80 % pre‑commitments.

Overall, the announcements are positive but largely incremental—consistent with a “routine” material improvement rather than a market‑moving catalyst.

Yellow Pages Limited publishes Canada’s leading printed and digital telephone directory, monetizing through advertising sales (print & online). The core “flagship” is the nationwide YellowPages.ca platform, complemented by traditional print directories distributed to households.