TORONTO, Feb. 2, 2015 /CNW/ - AGF Management Limited ("AGF") announced
today that the Toronto Stock Exchange ("TSX") has approved AGF's notice
of intention to make a normal course issuer bid in respect of its Class
B Non-Voting Shares (AGF.b).
As at January 19, 2015, there were 84,357,761 Class B Non-Voting Shares
issued and outstanding and the public float consisted of 67,079,997
Class B Non-Voting Shares.
AGF acquired 3,258,040 Class B Non-Voting Shares at a weighted average
price of $8.34 under the current normal course issuer bid.
Under the announced normal course issuer bid, AGF is permitted to
purchase up to 6,707,999 Class B Non-Voting Shares or 10% of the public
float for such shares during the period commencing on February 4, 2015
to February 3, 2016. AGF may rely on an automatic purchase plan during
the normal course issuer bid. The automatic purchase plan allows for
purchases by AGF of its Class B Non-Voting Shares during certain
pre-determined black-out periods, subject to certain parameters.
Outside of these pre-determined black-out periods, shares will be
purchased in accordance with management's discretion.
Under the announced normal course issuer bid, purchases may be made
through the facilities of TSX, alternative Canadian trading platforms
/other published markets, or as otherwise permitted by the TSX. The
average daily trading volume ("ADTV") of the Class B Non-Voting Shares
(for the six month period ended December 31, 2014) on the TSX was
287,013. Under the rules of the TSX, AGF is entitled to repurchase
during the same trading day on the TSX up to 25% of the ADTV of its
Class B Non-Voting Shares, being 71,753 except where reliance is placed
on the TSX's block purchase exemption.
Class B Non-Voting Shares purchased under the NCIB will be canceled or
purchased and held by the AGF Employee Benefit Trust for the settlement
of equity settled incentive plans by AGF. The directors believe that
the purchase for cancellation of Class B Non-Voting Shares represents a
desirable use of capital when, if in the opinion of management, the
value of the Class B Non-Voting shares is attractive relative to the
trading price of said shares. Purchase for cancellation by AGF of
outstanding Class B Non-Voting Shares may also be used to 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 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. With over $34 billion in
total assets under management, AGF serves more than one million
investors. AGF trades on the Toronto Stock Exchange under the symbol
Caution Regarding Forward-Looking Statements
This release includes forward-looking statements. Forward-looking
statements include statements that are predictive in nature, depend
upon or refer to future events or conditions, or include words such as
'expects,' 'anticipates,' 'intends,' 'plans,' 'believes' or negative
versions thereof and similar expressions, or future or conditional
verbs such as 'may,' 'will,' 'should,' 'would' and 'could.'
Forward-looking statements are based on certain factors and
assumptions, including expected growth, results of operations, economic
factors, business prospects, business performance and opportunities.
While the company considers these factors and assumptions to be
reasonable based on information currently available, they may prove to
be incorrect. Forward-looking statements are not guarantees of future
performance, and actual events and results could differ materially from
those expressed or implied by forward-looking statements due to, but
not limited to, important risk factors such as level of assets under
management, volume of sales and redemptions of investment products,
performance of investment funds and of investment managers and
advisors, competitive fee levels for investment management products and
administration, and competitive dealer compensation levels and cost
efficiency in our investment management operations, as well as interest
and foreign-exchange rates, taxation, changes in government
regulations, unexpected judicial or regulatory proceedings, and the
company's ability to complete strategic transactions and integrate
acquisitions. The company cautions that the foregoing list is not
exhaustive. The reader is cautioned to consider these and other factors
carefully and not place undue reliance on forward-looking statements.
Forward-looking statements are given only as at the date of this
release and other than specifically required by applicable laws, the
company is under no obligation (and expressly disclaims any such
obligation) to update or alter the forward-looking statements, whether
as a result of new information, future events or otherwise. Additional
risks and uncertainties can be found in our MD&A for the fiscal year
ended November 30, 2014 under the headings "Caution Regarding
Forward-Looking Statements" and "Risk Factors and Management of Risk"
and in our other filings with Canadian securities regulatory
For further information:
Robert J. Bogart
Executive Vice-President and Chief Financial Officer
Senior Vice-President, Finance