/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE
WINNIPEG, Dec. 5, 2013 /CNW/ - Great-West Lifeco Inc. announced today
that its normal course issuer bid has been accepted by the Toronto
The Corporation intends to purchase for cancellation, during the course
of the bid, up to but not more than 6,000,000 of its Common Shares
("Common Shares"), representing 0.6% of the outstanding Common Shares as at November 30, 2013. As of
November 30, 2013, the total number of issued and outstanding Common
Shares was 999,658,080. The average daily trading volume for the six
months ending on November 30, 2013 was 497,361 Common Shares. Daily
purchases will be limited to 124,340 Common Shares, other than block
purchase exceptions. Any Common Shares purchased by the Corporation
under the bid will be cancelled.
The bid will commence on December 9, 2013 and will terminate on December
Purchases may be made through the facilities of the Toronto Stock
Exchange, as well as on alternative Canadian trading platforms, at
prevailing market prices.
The Company also announced that it has entered into an automatic
purchase plan with a broker in order to facilitate purchases of its
Common Shares under its NCIB. The automatic purchase plan allows for
purchases by the Company of its Common Shares at any time including,
without limitation, when the Company would ordinarily not be permitted
to make purchases due to regulatory restrictions or self-imposed
blackout periods. Purchases will be made by the Company's broker based
upon the parameters prescribed by the TSX and the terms of the parties'
written agreement. Outside of these black-out periods, Common Shares
may also be purchased in accordance with management's discretion.
The Corporation will utilize the normal course issuer bid program to
acquire Common Shares in order to mitigate the dilutive effect of
issuing securities under the Corporation's Stock Option Plan.
As of November 30, 2013, the Corporation had purchased 1,666,324 Common
Shares, at the weighted average price of $31.18, pursuant to its
previous normal course issuer bid.
Great-West Lifeco Inc. (TSX:GWO) is an international financial services
holding company with interests in life insurance, health insurance,
retirement and investment services, asset management and reinsurance
businesses. Great-West Lifeco has operations in Canada, the United
States, Europe and Asia through Great-West Life, London Life, Canada
Life, Irish Life, Great-West Financial and Putnam Investments.
Great-West Lifeco and its companies have over $705 billion* in
consolidated assets under administration and are members of the Power
Financial Corporation group of companies.
*assets as of September 30, 2013
SOURCE: Great-West Lifeco Inc.
For further information:
Marlene Klassen, APR
Assistant Vice-President, Communication Services