MONTREAL, Oct. 17, 2016 /CNW Telbec/ - Fiera Capital Corporation ("Fiera Capital" or the "Firm" or the "Corporation"), (TSX: FSZ) announces that its Board of Directors has authorized the renewal of its normal course issuer bid ("NCIB"). Fiera Capital has received the Toronto Stock Exchange (the "TSX") approval to renew its NCIB for a period of 12 months.
Pursuant to its renewed normal course issuer bid, Fiera Capital may purchase for cancellation up to a maximum of 3,421,685 Class A Shares, representing approximately 10% of the public float of Class A Shares as at October 11, 2016.
At the close of business on October 11, 2016, there were 57,964,820 Class A Shares outstanding of which 34,216,850 Class A Shares constitute the public float.
The Board of Directors of Fiera Capital believes that the repurchase of Class A Shares is a sound use of Fiera Capital's funds and the normal course issuer bid will provide Fiera Capital with the flexibility to purchase Class A Shares from time to time as it considers advisable.
The purchases under the Firm's normal course issuer bid will be made on the open market through the facilities of the TSX in accordance with its policy on normal course issuer bids and through alternative trading systems and in accordance with their requirements. Purchases may also be made outside of the facilities of the TSX by private agreements pursuant to exemption orders issued by securities regulatory authorities. Fiera Capital has retained National Bank Financial as broker to manage the normal course issuer bid. The price which the Firm will pay for repurchased shares will be the market price at the time of acquisition plus brokerage fees, except that purchases effected outside the facilities of the TSX by private agreements pursuant to exemption orders issued by securities regulatory authorities will be at a discount to the market price as provided in such exemption orders. Purchases may commence as of October 19, 2016 and will terminate no later than October 18, 2017.
The average daily trading volume (the "ADTV") of Fiera Capital's Class A Shares over the last six complete calendar months was 49,472.46 Class A Shares. Accordingly, under TSX rules and policies, Fiera Capital is entitled on any trading day to purchase up to 12,368 Class A Shares. Fiera Capital may also purchase, once a week and in excess of the foregoing daily repurchase limit of 25% of the ADTV, blocks of Class A Shares that are not owned by any insiders, in accordance with the TSX rules and policies.
The current NCIB commenced on October 19, 2015 and will terminate on October 18, 2016. As at October 11, 2016 Fiera Capital had repurchased a total of 369,900 Class A Shares pursuant to its current normal course issuer bid at a weighted average price paid per Class A Shares of approximately $11.05.
This document may contain certain forward-looking statements. These statements relate to future events or future performance, and reflect management's expectations or beliefs regarding future events, including business and economic conditions and Fiera Capital's growth, results of operations, performance and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", "target", "intend" or the negative of these terms, or other comparable terminology.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and a number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. In evaluating these statements, readers should specifically consider various factors that may cause actual results to differ materially from any forward-looking statement. These factors include, but are not limited to, market and general economic conditions, the nature of the financial services industry, and the risks and uncertainties detailed from time to time in Fiera Capital's interim and annual consolidated financial statements, and its Annual Report and Annual Information Form filed on www.sedar.com. These forward-looking statements are made as of the date of this document, and Fiera Capital assumes no obligation to update or revise them to reflect new events or circumstances.
About Fiera Capital Corporation
Fiera Capital Corporation is a leading North American independent asset management firm listed on the Toronto Stock Exchange. The Firm offers a wide range of traditional and alternative investment solutions, including depth and expertise in asset allocation. At June 30, 2016, Fiera Capital had more than CAD$109 billion in assets under management. The Firm delivers distinctive investment management capabilities to institutional, private wealth and retail clients in Canada. In the US, asset management services are provided by its US affiliates, Bel Air Investment Advisors LLC and Fiera Capital Inc. which are investment advisers registered with the US Securities and Exchange Commission (the "SEC"). Registration with the SEC does not imply a certain level of skill or training. www.fieracapital.com
Additional information relating to the Firm, including the Firm's annual information form, is on SEDAR at www.sedar.com.
SOURCE Fiera Capital Corporation
For further information: Daniel Richard, Vice President, Corporate Communications and Investor Relations, Fiera Capital Corporation, 514-954-6456, [email protected]; Marie-Claude Frenette, Advisor, Corporate Communications, Fiera Capital Corporation, 514-954-3784, [email protected]