TSX Symbol: CIX
TORONTO, June 10, 2014 /CNW/ - CI Financial Corp. ("CI") announced today
that it has filed with the Toronto Stock Exchange its Notice of
Intention to Make a Normal Course Issuer Bid.
Subject to acceptance by the Toronto Stock Exchange, CI intends to
purchase up to 20,000,000 of its common shares by way of a normal
course issuer bid through the facilities of the Toronto Stock Exchange.
All shares purchased under the normal course issuer bid will be
cancelled. The 20,000,000 common shares represent 9% of the total
public float for CI, following completion of the bought deal by Bank of
Nova Scotia of 72,000,000 common shares anticipated to close on June
17, 2014. As of June 9, 2014, there were 285,153,307 issued and
outstanding common shares of CI.
"The ability to repurchase shares using CI's substantial free cash flow
has always been a key part of our capital planning, and the increased
float in CI shares has enhanced our capacity to do so," said Stephen A.
MacPhail, CI President and Chief Executive Officer.
It is expected that the purchases under the normal course issuer bid may
commence, subject to the Toronto Stock Exchange acceptance, on June 18,
2014, and will terminate on June 17, 2015, 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. During the six months ended May 31, 2014,
the average daily trading volume of CI on the Toronto Stock Exchange
was 331,857 common shares.
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
In the last 12 months under its previous normal course issuer bid, CI
purchased 265,000 of its common shares at a weighted average price of
$33.85 per common share.
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.cifinancial.com.
SOURCE: CI Investments Inc.
For further information:
Stephen A. MacPhail
President and Chief Executive Officer
CI Financial Corp.