WINNIPEG, Nov. 28, 2007 /CNW/ - Great-West Lifeco Inc. announced today
that a normal course issuer bid has been accepted by The Toronto Stock
The Corporation intends to purchase for cancellation, during the course
of the bid, up to but not more than 6,000,000 Common Shares (the "Common
Shares"), representing 0.67% of the outstanding Common Shares (or 2.69% of the
public float) on November 23, 2007. As of November 23, 2007, the total number
of issued and outstanding Common Shares was 892,474,797 (with a public float
of 222,728,724 Common Shares). The average daily trading volume for the six
months preceding the date hereof is 530,775 Common Shares. Any shares
purchased by the Corporation under the bid will be cancelled.
The bid will commence on December 1, 2007 and will terminate on
November 30, 2008.
Purchases will be made through the facilities of The Toronto Stock
Exchange at prevailing market prices.
The Corporation utilizes the normal course issuer bid program to acquire
the Common Shares in order to mitigate the dilutive effect of stock options
under the Corporation's Stock Option Plan.
During the past 12 months, the Corporation has not purchased any Common
Shares pursuant to its previous normal course issuer bid.
Great-West Lifeco Inc. (TSX:GWO) is a financial services holding company
with interests in the life insurance, health insurance, retirement savings,
investment management and reinsurance businesses. The Corporation 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. Lifeco and its companies have over $400 billion in assets
under administration. Great-West Lifeco is a member of the Power Financial
Corporation group of companies.
For further information:
For further information: Marlene Klassen, APR, Assistant Vice-President,
Communication Services, (204) 946-7705