TORONTO, Feb. 13, 2017 /CNW/ - Gluskin Sheff + Associates Inc. (the "Company") today declared its regular quarterly dividend of $0.25 per Common Share payable on March 2, 2017, to shareholders of record at the close of business on February 22, 2017.
The Company also announced that the Toronto Stock Exchange (the "TSX") has approved its normal course issuer bid renewal for a portion of its Common Shares. The normal course issuer bid will be made in accordance with the requirements of the TSX. The Company may begin to purchase Common Shares on February 16, 2017, under this renewal.
As of January 31, 2017, 31,234,484 Common Shares were outstanding. Pursuant to the renewed normal course issuer bid, the Company is permitted to acquire a maximum of 2,739,018 Common Shares, being 10% of the public float as of January 31, 2017, in the 12-month period commencing February 16, 2017, and ending on February 15, 2018. Repurchases under the normal course issuer bid will be made by the Company on the open market through the facilities of the TSX or alternative Canadian trading systems and in accordance with applicable regulatory requirements. The price that the Company will pay for any Common Shares will be the market price of such Common Shares at the time of acquisition. Under the normal course issuer bid, the Company may repurchase a maximum of 19,842 Common Shares on the TSX during any trading day. This limitation does not apply to repurchases made pursuant to block purchase exemptions. Any Common Shares that are repurchased under the normal course issuer bid will be cancelled upon their repurchase by the Company.
The Company believes that the repurchase by the Company of a portion of outstanding Common Shares may, in certain circumstances, represent an appropriate use of available cash.
Under the Company's previous normal course issuer bid, no Common Shares were repurchased.
Gluskin Sheff + Associates Inc. is one of Canada's pre-eminent wealth management firms, serving high net worth private clients, estates, trusts and institutional investors. Founded in 1984, the Company is dedicated to providing clients with strong risk-adjusted returns together with the highest level of personalized client service. The Company's Common Shares are listed on the Toronto Stock Exchange under the symbol "GS". For more information about the Company, please visit our website at www.gluskinsheff.com.
This press release may contain forward-looking statements relating to Gluskin Sheff + Associates Inc.'s business and the environment in which it operates. These statements are based on the Company's expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company's regulatory filings available on the Company's website at www.gluskinsheff.com or at www.sedar.com. Actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances, except as required by applicable law.
SOURCE Gluskin Sheff + Associates Inc.
For further information: David R. Morris, Chief Financial Officer and Secretary, 1.416.681.6036