TORONTO, Feb. 24 /CNW/ - AGF Management Limited ("AGF") announced today that the Toronto Stock Exchange ("TSX") has accepted its Notice of Intention to Make a Normal Course Issuer Bid ("Notice") for the purchase for cancellation from time to time of certain of its Class B Non-Voting Shares.
Any such purchases of Class B Non-Voting Shares would be made during the period from February 26, 2010 to February 25, 2011 through the facilities of TSX or as otherwise permitted by the TSX. Except as permitted by the TSX, AGF will not purchase on any given day under the bid, more than the greater of 1,000 Class B Non-Voting Shares and 25% of the average daily trading volume of its Class B Non-Voting Shares for the six calendar months prior to the date of the Notice. Twenty-five percent of the average daily trading volume of the Class B Non-Voting Shares for such period was 44,437.
As at February 19, 2010, there were 89,221,221 Class B Non-Voting Shares issued and outstanding and the public float consisted of 71,676,205 Class B Non-Voting Shares. Under the announced Normal Course Issuer Bid, AGF would be permitted to purchase up to 7,167,620 Class B Non-Voting Shares or 10% of the public float for such shares. AGF did not acquire any Class B Non-Voting Shares under the current Normal Course Issuer Bid, which expires on February 25, 2010.
The directors of AGF have concluded that the ongoing purchase for cancellation by the Corporation of certain of its outstanding Class B Non-Voting Shares will offset the dilutive effect of share issuances to existing shareholders from treasury of Class B Non-Voting Shares under the Stock Dividend Plan and the Executive Stock Option Plan.
About AGF Management Limited
AGF Management Limited is one of Canada's premier investment solutions firms with offices across Canada and subsidiaries around the world. AGF's products and services include a diversified family of award-winning mutual funds, AGF Elements portfolios, the Harmony asset management program, services for institutional and private clients, as well as AGF Trust GICs, loans and mortgages. With approximately $43.4 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
For further information: For further information: AGF Management Limited shareholders and analysts, please contact: Greg Henderson, Senior Vice-President and Chief Financial Officer, (416) 865-4156, greg.henderson@AGF.com; Deirdre Neary, Director, Investor Relations, (416) 815-6268, deirdre.neary@AGF.com; Media, please contact: Lucy Becker, Vice-President, Public Relations and Public Affairs, (416) 865-4284, lucy.becker@AGF.com