04:44:51 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Royal Bank of Canada
Symbol RY
Shares Issued 1,442,217,272
Close 2014-10-24 C$ 79.28
Market Cap C$ 114,338,985,324
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Royal Bank receives TSX OK for 12-million-share buyback

2014-10-27 08:51 ET - News Release

An anonymous director reports

ROYAL BANK OF CANADA TO REPURCHASE UP TO 12 MILLION OF ITS COMMON SHARES

The Toronto Stock Exchange has approved Royal Bank of Canada's normal course issuer bid to purchase for cancellation up to 12 million of its common shares.

The shares that may be repurchased represent approximately 0.8 per cent of the bank's outstanding common shares. As of Oct. 20, 2014, there were 1,442,217,272 common shares of the bank outstanding.

Purchases under the normal course issuer bid may commence on Nov. 1, 2014, and continue until Oct. 31, 2015, when the bid expires. Purchases may be made through the Toronto Stock Exchange, the New York Stock Exchange, and other designated exchanges and published markets in both Canada and the United States. The price paid for any repurchased shares will be the prevailing market price at the time of acquisition.

The amount of purchases on any given day will not exceed 455,905 common shares, which is 25 per cent of the average daily trading volume on the Toronto Stock Exchange for the six months ending Sept. 30, 2014. The average daily trading volume of the bank's shares on the Toronto Stock Exchange for that six-month period, calculated in accordance with the rules of the Toronto Stock Exchange for the purposes of the bid, was 1,823,620 shares.

The purchase of common shares under the normal course issuer bid will enable the bank to balance the imperatives of maintaining strong capital ratios with the continuing need to generate shareholder value.

The bank's previous normal course issuer bid commenced on Nov. 1, 2013, and will expire on Oct. 31, 2014. Over the term of the previous bid, the bank purchased approximately 1.5 million of its common shares for cancellation at an average price of $72.63 per share.

We seek Safe Harbor.

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