TORONTO, Feb. 2, 2017 /CNW/ - AGF Management Limited
("AGF") announced today that the Toronto Stock Exchange ("TSX") has
approved AGF's notice of intention to renew its normal course
issuer bid in respect of its Class B Non-Voting Shares (AGF.b).
As at January 23, 2017, there were
79,529,4981 Class B Non-Voting Shares issued and
outstanding and the public float consisted of 48,991,683 Class B
Non-Voting Shares.
Under the announced normal course issuer bid, AGF is permitted
to purchase up to 4,899,168 Class B Non-Voting Shares, representing
approximately 10% of the public float for such shares as of
January 23, 2017. Purchases under the
normal course issuer bid may commence on February 6, 2017 and continue until February 5, 2018, when the bid expires. AGF may
rely on an automatic purchase plan during the normal course issuer
bid. The automatic purchase plan allows for purchases by AGF
of its Class B Non-Voting Shares during certain pre-determined
black-out periods, subject to certain parameters. Outside of these
pre-determined black-out periods, shares will be purchased in
accordance with management's discretion.
Under the announced normal course issuer bid, purchases may be
made through the facilities of TSX, alternative Canadian trading
systems /other published markets, or as otherwise permitted by the
TSX. The average daily trading volume ("ADTV") of the Class B
Non-Voting Shares (for the six month period ended January 31, 2017) on the TSX was
170,803. Under the rules of the TSX, AGF is entitled to
repurchase during the same trading day on the TSX up to 25% of the
ADTV of its Class B Non-Voting Shares, being 42,700 except
where reliance is placed on the TSX's block purchase exemption.
Class B Non-Voting Shares purchased under the NCIB will be
canceled or purchased and held by the AGF Employee Benefit Trust
for the settlement of equity settled incentive plans by AGF. The
directors believe that the purchase for cancellation of Class B
Non-Voting Shares represents a desirable use of capital when, if in
the opinion of management, the value of the Class B Non-Voting
shares is attractive relative to the trading price of said
shares. Purchase for cancellation by AGF of outstanding Class
B Non-Voting Shares may also be used to offset the dilutive effect
of treasury stock released for the employee benefit trust and of
shares issued through AGF's stock option plans and dividend
reinvestment plan.
AGF acquired 390,000 Class B Non-Voting Shares at a weighted
average price of $4.94 under its
existing normal course issuer bid, which expires on February 3, 2017.
ABOUT AGF MANAGEMENT LIMITED
Founded in 1957, AGF Management Limited (AGF) is a diversified
global asset management firm with retail, institutional,
alternative and high-net-worth businesses. As an independent firm,
we strive to help investors succeed by delivering excellence in
investment management and providing an exceptional client
experience. Our suite of diverse investment solutions extends
globally to a wide range of clients, from financial advisors and
individual investors to institutional investors including pension
plans, corporate plans, sovereign wealth funds and endowments and
foundations.
AGF has investment operations and client servicing teams on the
ground in North America,
Europe and Asia. With over $34
billion in total assets under management, AGF serves more
than one million investors. AGF trades on the Toronto Stock
Exchange under the symbol AGF.B.
Caution Regarding Forward-Looking Statements
This press release includes forward-looking statements about the
Company, including its business operations, strategy and expected
financial performance and condition. 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,' 'estimates', 'anticipates,' 'intends,' 'plans,'
'believes' or negative versions thereof and similar expressions, or
future or conditional verbs such as 'may,' 'will,' 'should,'
'would' and 'could.' In addition, any statement that may be made
concerning future financial performance (including income,
revenues, earnings or growth rates), ongoing business strategies or
prospects, fund performance, and possible future action on our
part, is also a forward-looking statement. Forward-looking
statements are based on certain factors and assumptions, including
expected growth, results of operations, business prospects,
business performance and opportunities. While we consider these
factors and assumptions to be reasonable based on information
currently available, they may prove to be incorrect.
Forward-looking statements are based on current expectations and
projections about future events and are inherently subject to,
among other things, risks, uncertainties and assumptions about our
operations, economic factors and the financial services industry
generally. They are not guarantees of future performance, and
actual events and results could differ materially from those
expressed or implied by forward-looking statements made by us due
to, but not limited to, important risk factors such as level of
assets under our management, volume of sales and redemptions of our
investment products, performance of our investment funds and of our
investment managers and advisors, client-driven asset allocation
decisions, pipeline, competitive fee levels for investment
management products and administration, and competitive dealer
compensation levels and cost efficiency in our investment
management operations, as well as general economic, political and
market factors in North America
and internationally, interest and foreign exchange rates, global
equity and capital markets, business competition, taxation, changes
in government regulations, unexpected judicial or regulatory
proceedings, technological changes, cybersecurity, catastrophic
events, and our ability to complete strategic transactions and
integrate acquisitions, and attract and retain key personnel. We
caution that the foregoing list is not exhaustive. The reader is
cautioned to consider these and other factors carefully and not
place undue reliance on forward-looking statements. Other than
specifically required by applicable laws, we are under no
obligation (and expressly disclaim any such obligation) to update
or alter the forward-looking statements, whether as a result of new
information, future events or otherwise. For a more complete
discussion of the risk factors that may impact actual results,
please refer to the 'Risk Factors and Management of Risk' section
of the 2016 Annual MD&A.
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1 Includes treasury stock in the amount of 168,598
SOURCE AGF