QUEBEC CITY, Nov. 7, 2018 /CNW Telbec/ - With the approval of the Toronto Stock Exchange, the board of directors of Industrial Alliance Insurance and Financial Services Inc. ("iA Financial Group" or the "Company") has authorized the Company to purchase, in the normal course of its activities, from November 12, 2018 to November 11, 2019, up to 5,482,768 common shares, representing approximately 5% of its 109,655,360 common shares issued and outstanding as at November 1, 2018, the whole subject to the prior approval of the Autorité des marchés financiers.
The purchases will be made at market price at the time of purchase through the facilities of the Toronto Stock Exchange or an alternative Canadian trading system, in accordance with market rules and policies. The common shares purchased will be cancelled. iA Financial Group believes that the purchase of its common shares represents an appropriate use of its funds and would be in the best interests of the Company and its shareholders.
Upon the coming into force of the arrangement previously announced by the Company under which iA Financial Corporation Inc. ("iA Financial Corporation") will become a holding company as well as the parent corporation holding all outstanding common shares of the Company, the Company's normal course issuer bid program will be transferred to iA Financial Corporation.
The average daily trading volume of the Company's common shares was 197,305 on the Toronto Stock Exchange over the last six complete calendar months ("ADTV"). Since the Company is entitled to purchase up to 25% of the ADTV on any trading day, it can purchase 49,326 common shares per day. Above and beyond this daily limit of 49,326 common shares, the Company may also purchase a block of common shares once a week, which may exceed this daily limit, in accordance with the requirements of the Toronto Stock Exchange. The Company has not purchased shares in the normal course of its activities in the last twelve months. In addition, the Company intends to establish an automatic securities purchase plan, subject to the approval of the Toronto Stock Exchange.
Shareholders may obtain a copy of the documents filed with the Toronto Stock Exchange concerning this bid by writing to the Corporate Secretary of iA Financial Group.
This press release may contain statements relating to strategies used by iA Financial Group or statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "may", "will", "could", "should", "would", "suspect", "expect", "anticipate", "intend", "plan", "believe", "estimate", and "continue" (or the negative thereof), as well as words such as "objective" or "goal" or other similar words or expressions. Such statements constitute forward looking statements within the meaning of securities laws. Forward-looking statements include, but are not limited to, information concerning the Company's possible or assumed future operating results. These statements are not historical facts; they represent only the Company's expectations, estimates and projections regarding future events.
Although iA Financial Group believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Factors that could cause actual results to differ materially from expectations include, but are not limited to: general business and economic conditions; level of competition and consolidation; changes in laws and regulations including tax laws; liquidity of iA Financial Group including the availability of financing to meet existing financial commitments on their expected maturity dates when required; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; accuracy of accounting policies and actuarial methods used by iA Financial Group; insurance risks including mortality, morbidity, longevity and policyholder behaviour including the occurrence of natural or man made disasters, pandemic diseases and acts of terrorism.
Additional information about the material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the "Risk Management" section of the Management's Discussion and Analysis for the year 2017 and in the "Management of Risks Associated with Financial Instruments" note to iA Financial Group's audited consolidated financial statements for the year ended December 31, 2017, and elsewhere in iA Financial Group's filings with Canadian securities regulators, which are available for review at sedar.com
The forward-looking statements in this news release reflect the Company's expectations as of the date of this press release. iA Financial Group does not undertake to update or release any revisions to these forward looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.
About iA Financial Group
Founded in 1892, iA Financial Group is one of the largest insurance and wealth management companies in Canada. It also operates in the United States. Its stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.
iA Financial Group is a business name and trademark of Industrial Alliance Insurance and Financial Services Inc.
SOURCE Industrial Alliance Insurance and Financial Services Inc.