Business & Finance
Business and Finance
Business and Finance
Wed, March 13, 2013
Tue, March 12, 2013 IGM Financial Inc. Completes Purchase of Great-West Lifeco Inc. Subscription Receipts
March 12, 2013 09:32 ET
IGM Financial Inc. Completes Purchase of Great-West Lifeco Inc. Subscription Receipts
WINNIPEG, MANITOBA--(Marketwire - March 12, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
IGM Financial Inc. (TSX:IGM) announced today that it has completed the previously announced purchase of 1,950,000 subscription receipts of Great-West Lifeco Inc. ("Lifeco") through a wholly owned subsidiary, from treasury by way of private placement at a price of $25.70 per subscription receipt, representing $50,115,000 in total. IGM owns approximately 4% of the subscription receipts issued by Lifeco.
Each subscription receipt entitles the holder to receive one common share of Lifeco upon Lifeco's completion of the proposed acquisition of Irish Life Group Limited. If Lifeco does not acquire Irish Life Group Limited, each subscription receipt will be cancelled and IGM will receive the purchase price paid plus interest.
As at March 1, 2013, Lifeco reported that it had 950,981,200 common shares outstanding. IGM holds approximately 4% of the Lifeco common shares. Upon conversion of all of the subscription receipts into Lifeco common shares, IGM will beneficially own 39,737,388 Lifeco common shares representing approximately 4% of Lifeco's then outstanding common shares.
IGM holds the subscription receipts and Lifeco common shares for investment purposes and, in accordance with applicable securities laws, may increase or decrease its investment in Lifeco depending on market conditions and then relevant factors.
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 $125 billion in total assets under management. Its activities are carried out principally through Investors Group through a network of approximately 4,500 Consultants, Mackenzie Financial Corporation through a diversified network of third-party financial advisors and Investment Planning Counsel through a network of financial planners who are dedicated to serving the needs of their clients. IGM Financial Inc. is a member of the Power Financial Corporation group of companies.
