WINNIPEG, MANITOBA--(Marketwired - March 15, 2017) - IGM Financial Inc. (IGM) (TSX:IGM) today announced receipt of regulatory approval respecting its intention to continue its Normal Course Issuer Bid and Automatic Securities Purchase Plan through the facilities of the Toronto Stock Exchange from March 20, 2017 to March 19, 2018.
The Corporation may purchase for cancellation, by means of open market transactions through the facilities of the TSX or any alternative trading system, up to but not more than 12,028,002 of its issued common shares, representing 5 percent of the approximately 240,560,053 common shares outstanding on February 28, 2017. Daily repurchases will be limited to 59,463 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 preceding the date hereof is 237,856 common shares. The Corporation has purchased an aggregate of 1,623,100 common shares at an average price of $37.9609 per share pursuant to its previous outstanding Normal Course Issuer Bid.
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 Board of Directors has authorized these initiatives because, in the Board's opinion, such purchases constitute an appropriate use of funds which will benefit both the Corporation and its shareholders. The Normal Course Issuer Bid is being established to mitigate the dilutive effect of stock options issued under the Corporation's stock option plan and for other capital management purposes.
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 $145 billion in total assets under management as of February 28, 2017. Its activities are carried out principally through Investors Group, Mackenzie Investments and Investment Planning Counsel.
A MEMBER OF THE POWER FINANCIAL CORPORATION GROUP OF COMPANIES.