TORONTO, Jan. 10 /CNW/ - Sun Life Financial Inc. (TSX, NYSE: SLF)
announced today that the Toronto Stock Exchange (the "TSX") has accepted its
notice of intention to make a normal course issuer bid (the "Notice"). Under
the normal course issuer bid, Sun Life Financial may purchase up to 19,745,913
common shares, representing approximately 3.5% of the 564,168,960 currently
outstanding common shares.
In 2007, Sun Life Financial repurchased 9,806,200 common shares at an
average price of $51.18 per share. The common shares repurchased were
approximately 1.7% of those outstanding at the start of the year.
The new normal course issuer bid will commence on January 12, 2008 and
continue until January 11, 2009, or such earlier date as the company completes
its purchases. The average daily trading volume for the six calendar months
preceding acceptance of the Notice was 1,250,505 common shares. In accordance
with the TSX rules, the company may repurchase up to 25% of that number each
trading day, subject to the TSX rules permitting block purchases. The
purchases will be made through the facilities of the TSX and any common shares
acquired by the company will be cancelled.
In addition to purchases under the normal course issuer bid, Sun Life
Financial may, subject to receipt of all required regulatory approvals, enter
into private agreements with arm's-length third parties providing for the
purchase for cancellation of common shares. The company will count towards the
maximum number of common shares that it can repurchase under its normal course
issuer bid any common shares purchased for cancellation pursuant to private
From time to time, Sun Life Financial possesses funds not currently
required to support its business objectives. As a result, the company believes
that the purchase of its common shares may represent an appropriate and
desirable use of its available funds.
Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth accumulation
products and services to individuals and corporate customers. Chartered in
1865, Sun Life Financial and its partners today have operations in key markets
worldwide, including Canada, the United States, the United Kingdom, Ireland,
Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of
September 30, 2007, the Sun Life Financial group of companies had total assets
under management in excess of $427 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under ticker symbol SLF.
/Note to Editors: All figures shown in Canadian dollars unless otherwise
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