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Enter Symbol
or Name
USA
CA



CI Financial Corp
Symbol CIX
Shares Issued 260,740,656
Close 2017-06-13 C$ 26.96
Market Cap C$ 7,029,568,086
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CI Financial to buy back up to 12.5 million shares

2017-06-13 16:59 ET - News Release

Mr. Douglas Jamieson reports

CI FINANCIAL RENEWS NORMAL COURSE ISSUER BID

CI Financial Corp. has received approval from the Toronto Stock Exchange for its notice of intention to make a normal course issuer bid.

CI Financial intends to purchase up to 12.5 million of its common shares by way of a normal course issuer bid through the facilities of the TSX and alternative Canadian trading systems. Common shares may be purchased by CI Financial or purchased by a trustee to satisfy obligations under equity-based compensation plans for CI Financial. All common shares purchased by CI Financial (but not those purchased by such a trustee) will be cancelled. The 12.5 million common shares represent 4.98 per cent of the total public float for CI Financial. As of June 12, 2017, there are 260,740,656 issued and outstanding common shares of CI Financial.

It is expected that the purchases under the normal course issuer bid may commence on June 18, 2017, and will terminate on June 17, 2018, or on such earlier date as CI Financial completes its purchases or provides notice of termination. Purchases will be effected through the facilities of the TSX at prevailing market prices, or such other means as may be permitted by the TSX. CI Financial is permitted to purchase up to 112,903 common shares daily, being 25 per cent of the average daily trading volume of the common shares for the six months ended as of May 31, 2017 (451,614).

CI Financial believes that the market price of the common shares may, at certain times throughout the duration of the normal course issuer bid, be undervalued based on CI Financial's financial performance and prospects, and accordingly, the directors are of the opinion that the purchase of common shares is an appropriate use of funds in order to increase shareholder value.

Under its current normal course issuer bid, CI Financial purchased 11,600,050 of its common shares at a weighted average price of $26.42 per common share between June 18, 2016, and June 12, 2017.

About CI Financial Corp.

CI Financial is an independent, Canadian-owned wealth management company. It offers a broad range of investment products and services, including an industry-leading selection of investment funds.

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