TORONTO, May 12 /CNW/ - DundeeWealth Inc. ("DundeeWealth" or the "Company") (TSX: DW) today announced that it has obtained regulatory approval to commence a normal course issuer bid to purchase up to a maximum of 6,071,398 of its common shares, representing approximately 5% of the 121,427,966 issued and outstanding common shares as of April 30, 2010, through the facilities of the Toronto Stock Exchange ("TSX"). The normal course issuer bid will commence on May 14, 2010 and will terminate on the earlier of the date on which DundeeWealth completes its purchases pursuant to the normal course issuer bid and May 13, 2011. DundeeWealth may purchase up to 31,677 common shares during any trading day which represents 25% of its average daily trading volume being 126,707 common shares for the most recently completed six calendar months prior to TSX acceptance of the notice of normal course issuer bid, other than pursuant to block purchase exemptions. The purchases will be made in accordance with the policies and rules of the TSX. The price paid for any common shares acquired will be the market price at the time of purchase and all common shares purchased under the normal course issuer bid will be cancelled.
DundeeWealth believes that the purchase of its common shares at current market values represents a good long-term investment for the Company. DundeeWealth made no purchases through the facilities of the TSX under the previous normal course issuer bid which came into effect on May 14, 2009 and will expire on May 13, 2010.
About DundeeWealth Inc.
DundeeWealth is a Canadian owned, independent wealth management company that currently oversees $73.3 billion in fee earning assets. It provides diversified wealth management and investment solutions including alternative and tax-advantaged products, capital markets and advisory services to financial advisors, institutions, corporations and foundations, and innovative wealth management through independent financial advisors across Canada. Its award winning investment brand, Dynamic Funds(R), managed by Goodman & Company, Investment Counsel Ltd., is also available outside of Canada through distribution platforms in Europe and the United States. DundeeWealth is listed on the Toronto Stock Exchange (TSX: DW).
SOURCE DUNDEEWEALTH INC.
For further information: For further information: John Pereira, Chief Financial Officer, DundeeWealth Inc., (416) 365-5180; Myra Reisler, Manager, Public Affairs, DundeeWealth Inc., (416) 365-5370