TSX Symbol: CIX
TORONTO, May 25, 2012 /CNW/ - CI Financial Corp. announced today that The Toronto Stock Exchange has accepted its Notice of Intention to Make a Normal Course Issuer Bid.
CI intends to purchase up to 6,000,000 of its common shares 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. The 6,000,000 common shares represent 4.06% of the total public float for CI. As of May 24, 2012, there are 283,323,104 issued and outstanding common shares of CI.
It is expected that the purchases under the normal course issuer bid may commence on May 29, 2012 and will terminate on May 28, 2013, 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. During the six months ended April 30, 2012, the average daily trading volume of CI on The Toronto Stock Exchange was 222,267 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 financial performance and prospects and accordingly the directors are of the opinion that the purchase of common shares is an appropriate use of funds in order to increase shareholder value.
In the last 12 months under its previous normal course issuer bid, CI purchased 5,576,000 of its common shares at a weighted average price of $20.39 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. CI is on the Web at www.ci.com/cix.
For further information:
Stephen A. MacPhail
President and Chief Executive Officer
CI Financial Corp.