Melcor Developments Ltd. (TSX: MRD) announced that the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid. The Alberta-based real estate development company may purchase up to 1,499,317 common shares for cancellation during the twelve-month period from June 10, 2026 to June 9, 2027.

The buyback represents approximately 5% of Melcor's issued and outstanding common shares. The company faces a daily repurchase restriction of 2,030 shares and will pay market price at the time of acquisition for any purchased shares.

Under its previous normal course issuer bid through May 31, 2026, Melcor purchased 308,014 common shares for cancellation at a weighted average price of $15.76 per share. The previous program had approved 1,511,087 shares for repurchase. As of May 31, 2026, Melcor had 29,986,351 common shares outstanding with an average daily trading volume of 8,120 shares over the six-month period ending that date.

The company stated it believes its shares sometimes trade at prices that do not reflect their value relative to Melcor's business and prospects. Melcor indicated the purchases may benefit remaining shareholders by increasing their equity interest in the company.

Melcor has entered into an automatic repurchase plan agreement with a broker to facilitate share purchases during regulatory restrictions or self-imposed trading blackout periods. The broker will make purchasing decisions during these periods based on parameters established by Melcor prior to the restricted periods.

The company develops and manages mixed-use residential communities, business and industrial parks, office buildings, retail centers and golf courses across Alberta, Saskatchewan, British Columbia, Arizona and Colorado. Melcor manages 4.15 million square feet in commercial real estate assets and 443 residential rental units.