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BCE announces renewal of Normal Course Issuer Bid for Preferred Shares

By The Northwire Desk — AI Analysis Nov 06, 2025 · 06:35 BCE · 31.61 BCE INC.

BCE · Price

BCE Inc. announced the renewal of its Normal Course Issuer Bid (“NCIB”) to repurchase up to 10% of the public float of each series of its First Preferred Shares, extending the program from 11 Nov 2025 to 10 Nov 2026.
The bid will be executed at prevailing market prices (or at a discount when using issuer‑bid exemption orders) and all repurchased shares will be cancelled.
BCE disclosed detailed maximum purchase limits per series and provided historical purchase activity for the prior NCIB period (Nov 2024 – Oct 2025).

Program Scope: Up to 10% of public float for each of the listed Preferred Share series (R, S, T, Y, Z, AA, AB, AC, AD, AE, AF, AG, AH, AI, AJ, AK, AL, AM, AN, AQ).
NCIB Period: 11 Nov 2025 – 10 Nov 2026 (or earlier if purchase targets are met).
Purchase Price: Prevailing market price at time of acquisition; purchases under an issuer‑bid exemption order will be at a discount to market. Brokerage fees payable by BCE (except for exempt purchases).
Maximum Shares per Series: Detailed in table – e.g., Series R: 711,590 shares total (1,549 daily max); Series AK: 1,939,114 shares total (4,468 daily max).
Daily Purchase Limits: Greater of 25% of average daily trading volume or 1,000 shares per day (exempt block purchases not subject to this limit).
Historical Purchases (Nov 2024 – Oct 2025):
Series R – 504,300 shares @ $18.85 avg. price (max 762,020).
Series S – 131,790 shares @ $16.75 (max 201,386).
Series T – 130,600 shares @ $17.96 (max 519,303).
… (full list provided in release) …
Automatic Securities Purchase Plan (ASPP): BCE will enter into an ASPP with a designated broker at the start of the NCIB to facilitate purchases during periods when BCE is otherwise restricted from trading.
Rationale: BCE believes Preferred Shares may occasionally trade below intrinsic value; repurchasing them is viewed as an appropriate use of available funds.

(No direct CEO/President quotes were included in the release.)

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