Guardian Capital Group Limited Renews Normal Course Issuer Bid
November 18 2021 - 7:00AM
Guardian Capital Group Limited (“Guardian”) (TSX:GCG) (TSX:GCG.A)
announced today that it has received approval from the Toronto
Stock Exchange (“TSX”) for its Normal Course Issuer Bid, pursuant
to which it intends to purchase, during the period from November
23, 2021 to November 22, 2022, up to 137,469 or 5% of its
outstanding Common Shares, entitled to one vote per share, and up
to 1,706,357 or 10% of its public float of Non-Voting Class A
Shares (“Class A Shares”) as at November 9, 2021. Shares may also
be purchased by the trustee (the “Trustee”) for Guardian’s employee
profit sharing plan. In each case, these shares will be purchased
at market prices, on the TSX and alternative Canadian trading
systems. All shares purchased by Guardian (but not those purchased
by the Trustee) will be cancelled. Guardian intends to purchase the
shares because it believes that, from time to time, the shares may
become undervalued at prevailing market prices, based on Guardian’s
earnings and prospects and accordingly, Guardian is of the opinion
that the purchase of shares is an appropriate use of corporate
funds to increase shareholder value.
Pursuant to its current Normal Course Issuer
Bid, under which Guardian sought and received approval from the TSX
to purchase up to 144,746 Common Shares and 1,715,270 Class A
Shares for the period from November 23, 2020 to November 22, 2021,
Guardian and the Trustee have purchased, as of November 9, 2021, 0
Common Shares and 914,991 Class A Shares at an average purchase
price of $31.19 per Class A Share. All of these shares were
purchased on the TSX and alternative Canadian trading
systems.
As of November 9, 2021, there were 2,749,379
Common Shares and 24,215,096 Class A Shares issued and outstanding
and the public float of the Class A Shares was 17,063,576 shares.
The average daily trading volume for Guardian’s shares on the TSX
during the period from May 1, 2021 to October 31, 2021, excluding
purchases made by Guardian under its Normal Course Issuer Bid and
by the Trustee during the same period, was as follows: 1,202 Common
Shares; and 6,010 Class A Shares. Except as otherwise permitted by
the TSX, daily purchases under the bid will be limited to 1,000
Common Shares and 1,502 Class A Shares, other than block purchase
exceptions.
About Guardian Capital Group
Limited
Guardian is a diversified, global financial
services company operating in two main business segments: Asset
Management and Wealth Management. As at September 30, 2021,
Guardian had C$53 billion of assets under management and C$30
billion of assets under administration. Guardian provides extensive
institutional and private wealth financial solutions to clients
through its subsidiaries, while offering comprehensive wealth
management services to financial advisors in its national mutual
fund dealer, securities dealer and insurance distribution network.
It also maintains and manages a proprietary investment portfolio
with a fair market value of C$689 million as at September 30, 2021.
Founded in 1962, Guardian’s reputation for steady growth, long-term
relationships and its core values of trustworthiness, integrity and
stability have been key to its success over six decades. Its Common
and Class A Shares are listed on the TSX as GCG and GCG.A,
respectively. To learn more about Guardian, visit
www.guardiancapital.com.
For further information, please contact:
C. Verner
Christensen |
or |
George
Mavroudis |
(416) 947-4093 |
|
(416) 364-8341 |
Caution Concerning Forward-Looking
Statements
Guardian may, from time to time, make
“forward-looking statements” in press releases, annual and
quarterly reports, and in other documents prepared for shareholders
or filed with securities regulators. These statements,
characterized by such words as “goal”, “outlook”, “intends”,
“expects”, “plan”, “prospects”, “are confident”, “believe” and
“anticipate”, are intended to reflect Guardian’s objectives, plans,
expectations, estimates, beliefs and intentions.
By their nature, forward-looking statements
involve risks and uncertainties. There is a risk that the
expectations reflected in such forward-looking statements will not
be achieved. Undue reliance should not be placed on these
statements, as a number of factors could cause actual results to
differ materially from Guardian’s objectives, plans, expectations
and estimates reflected in the forward-looking statements. Factors
which could cause actual results to differ from expectations
include, among other things, the economic and global financial
impact of the COVID-19 pandemic, general economic and market
conditions, including interest rates, business competition, changes
in government regulations or in tax laws, and other factors.
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