TORONTO, Sept. 16, 2014 /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 (NCIB). On August 28, 2014, CIBC announced its intention to
seek TSX approval for a new NCIB. This approval would permit CIBC to
purchase for cancellation from time to time up to eight million common
shares, representing approximately 2% of CIBC's 397,011,146 issued and
outstanding common shares as of September 12, 2014. The average daily
trading volume for the six months ended August 29, 2014 was 852,297
common shares per day.
CIBC's purchase of common shares under a NCIB is consistent with the
bank's priority of maintaining balance sheet strength, while generating
shareholder value through a balanced capital deployment strategy.
Purchases under the bid may commence through the TSX on or after
September 18, 2014 and may also be made through alternative Canadian
trading systems and the New York Stock Exchange. The bid will be
completed upon the earlier of (i) CIBC purchasing 8 million common
shares, (ii) CIBC providing a notice of termination, or (iii) September
8, 2015. CIBC World Markets Inc. has been retained to act as
designated broker to repurchase CIBC shares pursuant to the bid under
automatic share purchase plans established periodically. Each plan
would define a prearranged 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 NCIB will be cancelled.
CIBC's previous NCIB commenced on September 9, 2013 and expired on
September 8, 2014. Over the term of the previous NCIB, CIBC purchased
4.29 million of its common shares for cancellation at an average price
of $91.31 per share.
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
nearly 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.
SOURCE: CIBC - Investor Relations
For further information:
Investor & Financial Communications
Erica Belling 416-594-7251 firstname.lastname@example.org