CI Financial Corp. (“CI”) (TSX: CIX, NYSE:
CIXX) announced today that the Toronto Stock Exchange (“TSX”) has
accepted its Notice of Intention to make a Normal Course Issuer Bid
and Automatic Securities Purchase Plan (“ASPP”).
CI intends to purchase up to 18,194,790 of its common shares by
way of a Normal Course Issuer Bid, through the facilities of the
TSX and alternative Canadian trading systems. Common shares may be
purchased by CI or purchased by a trustee, to satisfy obligations
under equity-based compensation or employee share purchase plans
for CI. All common shares purchased by CI (but not those purchased
by such a trustee or non-independent broker) will be cancelled. The
18,194,790 common shares represent 10% of the total public float
for CI (181,947,901). As of June 10, 2021, there were 203,999,396
issued and outstanding common shares of CI.
It is expected that the purchases under the Normal Course Issuer
Bid may commence on June 18, 2021 and will terminate on June 17,
2022, or on such earlier date as CI completes its purchases or
provides notice of termination. Purchases will be effected through
the facilities of the TSX at prevailing market prices, or such
other means as may be permitted by the Ontario Securities
Commission or Canadian Securities Administrators, and through
alternative Canadian trading systems. CI is permitted to purchase
up to 267,694 common shares daily, being 25% of the average daily
trading volume of the common shares for the six months ended as of
May 31, 2021 (1,070,778).
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 Board of 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 obtained approval
to purchase up to 19,676,318 of its common shares, of which CI and
the trustee purchased 19,114,591 common shares at a weighted
average price of $18.55 per common share between June 18, 2020 and
June 10, 2021, through the facilities of the TSX and alternative
Canadian trading systems.
CI has entered into an ASPP with National Bank Financial Inc.
(“NBF”) to allow for the purchase of common shares under the NCIB
at times when CI would ordinarily not be permitted to purchase its
common shares due to regulatory restrictions or self-imposed
blackout periods.
Pursuant to the ASPP, prior to entering into a blackout period,
CI may, but is not required to, instruct NBF to make purchases
under the NCIB in accordance with the terms of the ASPP. Such
purchases will be determined by NBF in its sole discretion based on
parameters established by CI prior to the blackout period in
accordance with the rules of the TSX, applicable securities laws
and the terms of the ASPP. The ASPP has been pre-cleared by the TSX
and will be implemented effective June 18, 2021.
Outside of the pre-determined blackout periods, common shares
may be purchased under the NCIB based on the discretion of CI's
management, in compliance with TSX rules and applicable securities
laws. All repurchases made under the ASPP will be included in
computing the number of common shares purchased under the NCIB.
About CI Financial
CI Financial Corp. is an independent company offering global
asset management and wealth management advisory services. CI’s
primary asset management businesses are CI Global Asset Management
(CI Investments Inc.) and GSFM Pty Ltd., and it operates in
Canadian wealth management through CI Assante Wealth Management
(Assante Wealth Management (Canada) Ltd.), CI Private Counsel LP,
Aligned Capital Partners Inc., CI Direct Investing (WealthBar
Financial Services Inc.), and CI Investment Services Inc.
CI’s U.S. wealth management businesses consist of Barrett Asset
Management, LLC, BDF LLC, Bowling Portfolio Management LLC,
Brightworth, LLC, The Cabana Group, LLC, Congress Wealth
Management, LLC, Doyle Wealth Management, LLC, One Capital
Management, LLC, The Roosevelt Investment Group, LLC, RGT Wealth
Advisors, LLC, Segall, Bryant & Hamill, LLC, Stavis & Cohen
Private Wealth, LLC and Surevest LLC.
CI is listed on the Toronto Stock Exchange under CIX and on the
New York Stock Exchange under CIXX. Further information is
available at www.cifinancial.com.
This press release contains forward-looking statements
concerning anticipated future events, results, circumstances,
performance or expectations with respect to CI Financial Corp.
(“CI”) and its products and services, including its business
operations, strategy and financial performance and condition.
Forward-looking statements are typically identified by words such
as “believe”, “expect”, “foresee”, “forecast”, “anticipate”,
“intend”, “estimate”, “goal”, “plan” and “project” and similar
references to future periods, or conditional verbs such as “will”,
“may”, “should”, “could” or “would”. These statements are not
historical facts but instead represent management beliefs regarding
future events, many of which by their nature are inherently
uncertain and beyond management’s control. Although management
believes that the expectations reflected in such forward-looking
statements are based on reasonable assumptions, such statements
involve risks and uncertainties. The material factors and
assumptions applied in reaching the conclusions contained in these
forward-looking statements include that the investment fund
industry will remain stable and that interest rates will remain
relatively stable. Factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market conditions, including interest and
foreign exchange rates, global financial markets, changes in
government regulations or in tax laws, industry competition,
technological developments and other factors described or discussed
in CI’s disclosure materials filed with applicable securities
regulatory authorities from time to time. The foregoing list is not
exhaustive and the reader is cautioned to consider these and other
factors carefully and not to place undue reliance on forward-
looking statements. Other than as specifically required by
applicable law, CI undertakes no obligation to update or alter any
forward-looking statement after the date on which it is made,
whether to reflect new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210616005256/en/
Investor Relations Jason Weyeneth, CFA Vice-President,
Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com
Media Relations Canada Murray Oxby Vice-President,
Communications 416-681-3254 moxby@ci.com United States Trevor
Davis, Gregory FCA for CI Financial 610-415-1145
cifinancial@gregoryfca.com
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