Business & Finance
Business and Finance
Business and Finance
Fri, March 20, 2009
Thu, March 19, 2009
Wed, March 18, 2009 IGM Financial Inc.: IGM Financial Inc.: Normal Course Issuer Bid Approved
WINNIPEG, MANITOBA--(Marketwire - March 18, 2009) - IGM Financial Inc. (TSX:IGM) today announced receipt of regulatory approval respecting its intention to continue its Normal Course Issuer Bid through the facilities of the Toronto Stock Exchange from March 23, 2009 to March 22, 2010.
The Corporation intends to purchase for cancellation, by means of open market transactions or such other means as may be permitted by the Toronto Stock Exchange, up to but not more than 13,123,814 of its issued common shares, representing 5 percent of the approximately 262,476,298 common shares outstanding on March 13, 2009. Daily repurchases will be made in accordance with the prevailing Rules of the Toronto Stock Exchange. Under the current Rules, such daily repurchases will be limited to 202,744 common shares for repurchases made prior to March 31, 2009 (other than block purchase exceptions) and 101,372 common shares for any repurchases made subsequent to March 31, 2009 (other than block purchase exceptions). The average daily trading volume for the six months preceding the date hereof is 405,488 common shares. Within the past 12 months, the Corporation has purchased 2,254,800 common shares at an average price of $41.3205 per share pursuant to its then outstanding Normal Course Issuer Bid.
The Board of Directors has authorized this initiative because, in the Board's opinion, such purchase constitutes 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 over $94 billion in total assets under management. Its activities are carried out principally through Investors Group, Mackenzie Financial Corporation and Investment Planning Counsel. IGM Financial Inc. is a member of the Power Financial Corporation group of companies.
