TORONTO, Sept. 5, 2012 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced today that the Toronto Stock Exchange
(TSX) has accepted notice of CIBC's intention to make a normal course
issuer bid. On August 30, 2012, CIBC announced its intention to
purchase for cancellation from time to time up to 8.1 million common
shares, representing approximately 2% of CIBC's 405,747,564 issued and
outstanding common shares as of August 27, 2012. The average daily
trading volume for the six months ended August 31, 2012 was 1,104,927.
CIBC's purchase of common shares under a normal course issuer bid is
consistent with the bank's priority of maintaining balance sheet
strength, while generating shareholder value through a balanced capital
Purchases under the bid may commence through the TSX on September 7,
2012 and may also be made through alternative Canadian trading systems
and the New York Stock Exchange. The bid will terminate upon the
earlier of (i) CIBC purchasing 8.1 million Common Shares, (ii) CIBC
providing a notice of termination, or (iii) September 6, 2013. CIBC
intends to establish an automatic program on a quarterly basis under
which its broker, CIBC World Markets Inc., would purchase CIBC shares
pursuant to the normal course issuer bid within a defined set of
criteria which CIBC would not be entitled to vary or suspend. The price
paid for the common shares will be the market price at the time of the
purchase. The common shares purchased under the normal course issuer
bid will be cancelled.
CIBC has not made any purchases pursuant to a normal course issuer bid
within the preceding 12-month period.
For further information:
Mary Lou Frazer, Senior Director, Investor & Financial Communications, (416) 980-4111.