TSX Symbol: CIX
TORONTO, May 27, 2013 /CNW/ - CI Financial Corp. announced today that
The Toronto Stock Exchange has accepted its Notice of Intention to Make
a Normal Course Issuer Bid.
CI intends to purchase up to 2,500,000 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 issue bid will
be cancelled. The 2,500,000 common shares represent 1.68% of the total
public float for CI. As of May 24, 2013, there are 283,586,945 issued
and outstanding common shares of CI.
It is expected that the purchases under the normal course issuer bid may
commence on May 29, 2013 and will terminate on May 28, 2014, 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 April 30, 2013, the average daily trading volume of CI on
The Toronto Stock Exchange was 235,466 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 528,100 of its common shares at a weighted average price of
$22.80 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.ci.com/cix.
SOURCE: CI Financial Corp.
For further information:
Stephen A. MacPhail
President and Chief Executive Officer
CI Financial Corp.