TORONTO, April 27 /CNW/ - CIBC (CM: TSX; NYSE) today announced that it
intends to seek stock exchange approval to commence a normal course issuer bid
on or about May 2, 2007. Under the bid, CIBC intends to repurchase for
cancellation, from time to time until October 31, 2007, up to an aggregate of
10,000,000 common shares, representing approximately 3% of CIBC's public float
of 335,250,696 common shares as of April 24, 2007, in accordance with the
requirements of the Toronto Stock Exchange (TSX).
CIBC will file a notice of intention to make a normal course issuer bid
with the TSX to repurchase the common shares. The bid would commence following
TSX approval and continue up to October 31, 2007. The expiry date of October
31, 2007 will enable CIBC to align this and potential future share repurchase
programs with its fiscal reporting period.
Purchases would be effected through the facilities of the TSX or New York
Stock Exchange. The price paid for the common shares will be the market price
at the time of the purchase. The number of common shares repurchased and the
timing of any such repurchase will be determined by CIBC.
As at April 24, 2007, CIBC had 337,533,027 issued and outstanding common
For further information:
For further information: John Ferren, Vice-President, Investor
Relations, (416) 980-2088 or Mary Lou Frazer, Senior Director, Investor &
Financial Communications, (416) 980-4111.