TORONTO, Oct. 29 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today
announced the launch of its normal course issuer bid to purchase, for
cancellation, up to 20 million of its common shares through the facilities of
the Toronto Stock Exchange.
The purchase of common shares under the normal course issuer bid will
enable the bank to balance the imperatives of maintaining strong capital
ratios with the ongoing need to generate shareholder value.
The shares that may be repurchased represent approximately 1.6% of the
bank's outstanding common shares. As of October 22, 2007, there were
1,276,213,083 common shares of the bank outstanding.
Purchases under the normal course issuer bid may commence on November 1,
2007, and will terminate on October 31, 2008. The amount and timing of any
purchases will be determined by the bank. The average daily trading volume of
the bank's shares on the Toronto Stock Exchange for the 6 months ended
September 30, 2007, calculated in accordance with the rules of the Toronto
Stock Exchange for the purposes of the bid, was 2,802,607 shares.
As of October 22, 2007, the bank had purchased 11.8 million common shares
of an allowed 40 million common shares at an average price of $54.58 under the
bank's current normal course issuer bid, which will expire on October 31,
For further information:
For further information: Media contact: Beja Rodeck, Media Relations,
Toronto, (416) 974-5506; Investor contact: Amy Cairncross, Investor Relations,
Toronto, (416) 955-7809