WINNIPEG, March 22, 2019 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today announced receipt of regulatory approval respecting its intention to renew its Normal Course Issuer Bid and Automatic Securities Purchase Plan through the facilities of the Toronto Stock Exchange from March 26, 2019 to the earlier of March 25, 2020 and the date on which the Corporation has purchased the maximum number of common shares permitted under the Normal Course Issuer Bid.
The Corporation may purchase for cancellation, by means of open market transactions through the facilities of the TSX or any alternative Canadian trading system, up to but not more than 4,000,000 of its issued common shares, representing approximately 1.7 percent of the 241,023,915 common shares outstanding on March 14, 2019. Daily repurchases will be limited to 69,617 common shares, other than block purchase exceptions. Purchases will be at the prevailing market price at the time of acquisition.
The average daily trading volume for the six months ending February 28, 2019 is 278,468 common shares. The Corporation's previous Normal Course Issuer Bid expired on March 19, 2018, therefore, the Corporation has not repurchased any shares in the last 12 months.
The Automatic Securities Purchase Plan provides standard instructions regarding how IGM Financial's common shares are to be purchased under its Normal Course Issuer Bid during certain pre-determined trading blackout periods, subject to pre-established parameters. Outside of these pre-determined trading blackout periods, purchases under the Corporation's Normal Course Issuer Bid will be completed based upon management's discretion.
The Automatic Securities Purchase Plan constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been reviewed and approved by the TSX. Should the Automatic Securities Purchase Plan be materially varied, suspended, or terminated prior to the expiry date, IGM Financial will issue a press release advising of such variation, suspension or termination as the case may be.
The Corporation believes that the Normal Course Issuer Bid will provide the flexibility to manage its capital position while generating value for shareholders.
IGM Financial Inc. is one of Canada's premier personal financial services companies, and one of the country's largest managers and distributors of mutual funds and other managed asset products, with approximately $158 billion in total assets under management as of February 28, 2019. Its activities are carried out principally through IG Wealth Management, Mackenzie Investments and Investment Planning Counsel.
A MEMBER OF THE POWER FINANCIAL CORPORATION GROUP OF COMPANIES.