TSX Symbol: CIX
TORONTO, June 13, 2017 /CNW/ - CI Financial Corp. ("CI")
announced today that The Toronto Stock Exchange has accepted its
Notice of Intention to Make a Normal Course Issuer Bid.
CI intends to purchase up to 12,500,000 of its common shares by
way of a normal course issuer bid through the facilities of The
Toronto Stock Exchange and alternative Canadian trading
systems. Common shares may be purchased by CI or purchased by
a trustee to satisfy obligations under equity-based compensation
plans for CI. All common shares purchased by CI (but not
those purchased by such a trustee) will be cancelled. The
12,500,000 common shares represent 4.98% of the total public float
for CI. As of June 12 2017,
there are 260,740,656 issued and outstanding common shares of
CI.
It is expected that the purchases under the normal course issuer
bid may commence on June 18, 2017 and
will terminate on June 17, 2018, or
on such earlier date as CI completes its purchases or provides
notice of termination. Purchases will be effected through the
facilities of The Toronto Stock Exchange at prevailing market
prices, or such other means as may be permitted by The Toronto
Stock Exchange. CI is permitted to purchase up to 112,903 common
shares daily, being twenty-five percent of the average daily
trading volume of the common shares for the six months ended as of
May 31, 2017 (451,614).
CI believes that the market price of the common shares may, at
certain times throughout the duration of the normal course issuer
bid, be undervalued based on CI's financial performance and
prospects and accordingly the directors are of the opinion that the
purchase of common shares is an appropriate use of funds in order
to increase shareholder value.
Under its current normal course issuer bid, CI purchased
11,600,050 of its common shares at a weighted average price of
$26.42 per common share between
June 18, 2016 and June 12, 2017.
CI Financial Corp. (TSX: CIX) is an independent, Canadian-owned
wealth management company. CI offers a broad range of
investment products and services, including an industry-leading
selection of investment funds. CI is on the Web at
www.ci.com/cix.
SOURCE CI Financial Corp.