WINNIPEG, MB, Dec. 19,
2024 /CNW/ - IGM Financial Inc. (IGM or the
Corporation) (TSX: IGM) today announced receipt of regulatory
approval respecting its intention to renew its Normal Course Issuer
Bid (NCIB) and Automatic Securities Purchase Plan (ASPP) through
the facilities of the Toronto Stock Exchange. The term of the NCIB
will commence December 23, 2024, and
continue until December 22, 2025,
when the bid expires, or such earlier date as the Corporation
completes its purchases pursuant to the notice of intention filed
with the TSX.
The Corporation may purchase for cancellation, by means of open
market transactions through the facilities of the TSX and/or
alternative Canadian trading systems up to 5,000,000 common shares,
representing approximately 2.1 percent of the 238,038,544 common
shares outstanding on December 9,
2024.
The average daily trading volume for the six months ending
November 30, 2024 was 250,384 common
shares. Consequently, daily repurchases on the TSX under the NCIB
will be limited to 62,596 common shares, other than block purchase
exceptions. Purchases will be at the prevailing market price at the
time of acquisition. Any common shares purchased pursuant to the
NCIB will be cancelled.
The ASPP provides standard instructions regarding how IGM
Financial's common shares are to be purchased under its Normal
Course Issuer Bid during certain pre-determined trading blackout
periods, subject to pre-established parameters. Outside of these
pre-determined trading blackout periods, purchases under the
Corporation's Normal Course Issuer Bid will be completed based upon
management's discretion.
The ASPP constitutes an "automatic plan" for purposes of
applicable Canadian securities legislation and has been reviewed by
the TSX. Should the ASPP be materially varied, suspended, or
terminated prior to the expiry date, IGM Financial will issue a
press release advising of such variation, suspension or termination
as the case may be.
Under its prior NCIB, the Corporation received approval from the
TSX to purchase up to 3,000,000 common shares for the period of
December 21, 2023 to December 20, 2024. The Corporation had, as of
December 9, 2024 repurchased and
cancelled 2,622,000 common shares at an average price of
$38.3611 per share.
The Corporation's Board of Directors has authorized the renewal
of the NCIB and ASPP. The program will be used to acquire common
shares to mitigate the dilutive effect of stock options issued
under the Corporation's stock option plan and for other capital
management purposes.
ABOUT IGM FINANCIAL INC.
IGM Financial Inc. ("IGM",
TSX: IGM) is a leading Canadian diversified wealth and asset
management organization with approximately $273 billion in total assets under management and
advisement as of November 30, 2024.
The company is committed to bettering the lives of Canadians by
better planning and managing their money. To achieve this, IGM
provides a broad range of financial planning and investment
management services to help more than two million Canadians meet
their financial goals. IGM's activities are carried out principally
through IG Wealth Management and Mackenzie Investments and are
complimented by strategic positions in wealth managers Rockefeller
Capital Management and Wealthsimple and asset managers ChinaAMC and
Northleaf Capital. These strengthen IGM's capabilities, reach and
diversification. IGM is a member of the Power Corporation group of
companies. For more information, visit igmfinancial.com
FORWARD-LOOKING STATEMENTS
Certain statements in this
Release, other than statements of historical fact, are
forward-looking statements based on certain assumptions and reflect
IGM Financial Inc.'s (IGM Financial, IGM or the Company) and, where
applicable, its subsidiaries' and strategic investments', current
expectations. Forward-looking statements are provided to assist the
reader in understanding the Company's, and its subsidiaries and
strategic investments, financial position and results of operations
as at and for the periods ended on certain dates and to present
information about management's current expectations and plans
relating to the future. Readers are cautioned that such statements
may not be appropriate for other purposes. These statements may
include, without limitation, statements regarding the operations,
business, financial condition, expected financial results,
performance, prospects, opportunities, priorities, targets, goals,
ongoing objectives, strategies and outlook of the Company, and its
subsidiaries and strategic investments, as well as the
outlook for North American and international economies, for the
current fiscal year and subsequent periods. Forward-looking
statements include statements that are predictive in nature, depend
upon or refer to future events or conditions, or include words such
as "expects", "anticipates", "plans", "believes", "estimates",
"seeks", "intends", "targets", "projects", "forecasts" or negative
versions thereof and other similar expressions, or future or
conditional verbs such as "may", "will", "should", "would" and
"could".
This information is based upon certain material factors or
assumptions that were applied in drawing a conclusion or making a
forecast or projection as reflected in the forward-looking
statements, including the perception of historical trends, current
conditions and expected future developments, as well as other
factors that are believed to be appropriate in the circumstances.
While the Company considers these assumptions to be reasonable
based on information currently available to management, they may
prove to be incorrect.
By its nature, this information is subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved.
A variety of material factors, many of which are beyond the
Company's and its subsidiaries' and strategic investments' control,
affect the operations, performance and results of the Company and
its subsidiaries and strategic investments, and their businesses,
and could cause actual results to differ materially from current
expectations of estimated or anticipated events or results. These
factors include, but are not limited to: the impact or
unanticipated impact of general economic, political and market
factors in North America and
internationally, interest and foreign exchange rates, global equity
and capital markets, management of market liquidity and funding
risks, changes in accounting policies and methods used to report
financial condition (including uncertainties associated with
critical accounting assumptions and estimates), the effect of
applying future accounting changes, operational and reputational
risks, business competition, technological change, changes in
government regulations and legislation, changes in tax laws,
unexpected judicial or regulatory proceedings, catastrophic events,
outbreaks of disease or pandemics (such as COVID-19), the Company's
ability to complete strategic transactions, integrate acquisitions
and implement other growth strategies, and the Company's and its
subsidiaries' and strategic investments' success in anticipating
and managing the foregoing factors.
The reader is cautioned that the foregoing list is not
exhaustive of the factors that may affect any of the Company's
forward-looking statements. The reader is also cautioned to
consider these and other factors, uncertainties and potential
events carefully and not place undue reliance on forward-looking
statements.
Other than as specifically required by applicable Canadian law,
the Company undertakes no obligation to update any forward-looking
statements to reflect events or circumstances after the date on
which such statements are made, or to reflect the occurrence of
unanticipated events, whether as a result of new information,
future events or results, or otherwise.
Additional information about the risks and uncertainties of the
Company's business and material factors or assumptions on which
information contained in forward-looking statements is based is
provided in its disclosure materials filed with the securities
regulatory authorities in Canada,
available at www.sedarplus.ca.
SOURCE IGM Financial Inc.
