TSX Symbol: CIX
TORONTO, Nov. 24, 2011 /CNW/ - CI Financial Corp. announced today that
The Toronto Stock Exchange has accepted its Amended Notice of Intention
to Make a Normal Course Issuer Bid (the "Notice").
CI amends the Notice to increase the number of common shares that may be
purchased from 5,000,000 to 10,000,000, by way of a normal course
issuer bid through the facilities of The Toronto Stock Exchange. All
shares purchased under the normal course issue bid will be cancelled
unless they are needed for re-issuance pursuant to CI's equity
compensation plans. CI has purchased 4,264,000 common shares under the
normal course issuer bid as of November 23, 2011. The 10,000,000
common shares represent 6.4% of the public float. As of November 23,
2011, there are 284,239,785 issued and outstanding common shares of CI.
It is expected that the increased purchases under the normal course
issuer bid may commence on November 28, 2011 and will terminate on May
28, 2012, or on such earlier date as CI completes its purchases or
provides notice of termination. Purchases will be effected through the
facilities of The Toronto Stock Exchange at prevailing market prices,
or such other means as may be permitted by The Toronto Stock Exchange.
CI is permitted to purchase up to twenty-five percent of the average
daily trading volume (247,580) of the common shares for the six months
prior to the date hereof being approximately 61,895 common shares.
CI believes that the market price of the common shares may, at certain
times throughout the duration of the normal course issuer bid, be
undervalued based on CI's future earnings and prospects and accordingly
the directors are of the opinion that the purchase of common shares is
an appropriate use of funds to increase shareholder value.
In the 12 months under its previous normal course issuer bid from May
29, 2010 to May 28, 2011, CI purchased 1,897,851 of its common shares
at a weighted average price of $19.16 per common share.
CI Financial Corp. (TSX: CIX) is an independent, Canadian-owned wealth
management company. CI offers a broad range of investment products and
services, including an industry-leading selection of investment funds,
and is on the Web at www.ci.com/cix.
SOURCE CI Financial Corp.
For further information:
Stephen A. MacPhail
President and Chief Executive Officer
CI Financial Corp.