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WINNIPEG, Dec. 6, 2012 /CNW/ - Great-West Lifeco Inc. announced today that a normal course issuer bid has been accepted by the Toronto Stock Exchange.
The Corporation intends to purchase for cancellation, during the course of the bid, up to but not more than 6,000,000 of its Common Shares ("Common Shares"), representing 0.63% of the outstanding Common Shares on November 30, 2012. As of November 30, 2012, the total number of issued and outstanding Common Shares was 950,514,440. The average daily trading volume for the six months ending on November 30, 2012 was 437,178 Common Shares. Daily purchases will be limited to 109,294 Common Shares, other than block purchase exceptions. Any Common Shares purchased by the Corporation under the bid will be cancelled.
The bid will commence on December 9, 2012 and will terminate on December 8, 2013.
Purchases will be made through the facilities of the Toronto Stock Exchange at prevailing market prices.
The Corporation will utilize the normal course issuer bid program to acquire Common Shares in order to mitigate the dilutive effect of issuing securities under the Corporation's Equity Incentive Plans.
During the past year, the Corporation has not purchased any Common Shares pursuant to its previous normal course issuer bid.
Great-West Lifeco Inc. (TSX:GWO) is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Great-West Lifeco has operations in Canada, the United States, Europe and Asia through The Great-West Life Assurance Company, London Life Insurance Company, The Canada Life Assurance Company, Great-West Life & Annuity Insurance Company and Putnam Investments, LLC. Great-West Lifeco and its companies have over $532 billion* in assets under administration, and are members of the Power Financial Corporation group of companies.
*assets as of September 30, 2012
SOURCE: Great-West Lifeco Inc.
For further information:
For more information contact:
Marlene Klassen, APR
Assistant Vice-President, Communication Services