TORONTO, Aug. 27, 2015 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its intention to seek Toronto Stock
Exchange (TSX) approval for a normal course issuer bid. Purchases of
common shares for cancellation will be made subject to CIBC's ongoing
capital requirements. Such purchases will not exceed eight million
common shares, or approximately 2% of its outstanding common shares
over a 12 month period.
CIBC will file a notice of intention to make a normal course issuer bid
with the TSX and this bid would commence following TSX acceptance of
this notice and continue for up to one year.
Purchases would be made through the facilities of the TSX, alternative
Canadian trading systems or the New York Stock Exchange, in accordance
with applicable regulatory requirements. CIBC intends to periodically
establish an automatic program under which its broker, CIBC World
Markets Inc., would repurchase CIBC shares pursuant to the bid within a
defined set of criteria which CIBC would not vary. The price paid for
the common shares will be the market price at the time of the purchase.
The common shares repurchased under the normal course issuer bid will
Between September 18, 2014 and August 26, 2015, CIBC did not purchase
any of its common shares for cancellation pursuant to its current
normal course issuer bid.
A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make
written or oral forward-looking statements within the meaning of
certain securities laws, including in this press release report, in
other filings with Canadian securities regulators or the U.S.
Securities and Exchange Commission and in other communications. These
statements include, but are not limited to, statements about our
potential normal course issuer bid purchases and about our financial
condition, priorities, targets, ongoing objectives, strategies and
outlook. Forward-looking statements are subject to inherent risks and
uncertainties that may be general or specific. A variety of factors,
many of which are beyond our control, could cause actual results to
differ materially from the expectations expressed in any of our
forward-looking statements, including general business and economic
conditions worldwide; amendments to, and interpretations of, risk-based
capital guidelines; and changes in monetary and economic policy. We do
not undertake to update any forward-looking statement except as
required by law.
CIBC is a leading Canadian-based global financial institution with 11
million personal banking and business clients. Through our three major
business units - Retail and Business Banking, Wealth Management and
Wholesale Banking - CIBC offers a full range of products and services
through its comprehensive electronic banking network, branches and
offices across Canada with offices in the United States and around the
world. You can find other news releases and information about CIBC in
our Media Centre on our corporate website at www.cibc.com/ca/media-centre/.
SOURCE CIBC - Investor Relations
For further information:
Erica Belling, Director, Investor & Financial Communications, (416) 594-7251 or email@example.com.