TORONTO, Jan. 25, 2012 /CNW/ - AGF Management Limited ("AGF") announced
today that the Toronto Stock Exchange ("TSX") has approved early
termination of its' current normal course issuer bid effective January
26, 2012. The early termination will enable AGF to align the normal
course issuer bid with the release of its yearend financial results.
AGF acquired 503,500 Class B Non-Voting Shares at a weighted average
price of $16.05 under the current normal course issuer bid.
The TSX also approved AGF's Notice of Intention to Make a Normal Course
Issuer Bid for the purchase for cancellation from time to time of
certain of its Class B Non-Voting Shares from January 27, 2012 to
January 26, 2013. As at January 18, 2012, there were 95,413,463 Class B
Non-Voting Shares issued and outstanding and the public float consisted
of 74,353,689 Class B Non-Voting Shares. Under the announced Normal
Course Issuer Bid, AGF would be permitted to purchase up to 7,435,369
Class B Non-Voting Shares or 10% of the public float for such shares.
Under this issuer bid, the purchases will be made 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
45,663 which is 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. The average daily trading volume of the Class B Non-Voting
Shares for such period was 182,652.
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 independent investment
management firms with offices across Canada and subsidiaries around the
world. AGF's products include a diversified family of award-winning
mutual funds, mutual fund wrap programs and pooled funds. AGF also
manages assets on behalf of institutional investors including pension
plans, foundations and endowments as well as for private clients. In
addition, AGF Trust is a complementary business that offers GICs, loans
and mortgages through the financial advisor and mortgage broker
channels. With $46 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:
AGF Management Limited shareholders and analysts, please contact:
Robert J. Bogart, CPA
Executive Vice-President and Chief Financial Officer
Vice-President, Investor Relations and Corporate Development
Media, please contact:
Director, Public Relations and Public Affairs