10:52:46 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



CGI Inc
Symbol GIB
Shares Issued 240,398,273
Close 2020-01-29 C$ 104.00
Market Cap C$ 25,001,420,392
Recent Sedar Documents

CGI to buy back up to 20.14 million Class A shares

2020-01-29 08:28 ET - News Release

An anonymous director reports

CGI RENEWS ITS NORMAL COURSE ISSUER BID

CGI Inc.'s board of directors has authorized the renewal of its normal course issuer bid (NCIB), subject to approval by the Toronto Stock Exchange.

CGI's management and board of directors believe that the purchase for cancellation of the company's Class A subordinate voting shares is a proper use of funds, and the NCIB will provide the flexibility to purchase Class A shares from time to time as the company considers it advisable, as part of its efforts to increase shareholder value.

At the close of business on Jan. 22, 2020, there were 240,398,273 Class A shares outstanding, of which approximately 84 per cent were widely held (representing a public float of 201,491,000 Class A shares for TSX purposes).

Under the terms of the NCIB, subject to TSX approval, the company may purchase for cancellation on the open market through the facilities of the TSX and the New York Stock Exchange and through alternative trading systems, as well as outside the facilities of the TSX pursuant to exemption orders issued by securities regulators, up to 20,149,100 Class A shares, representing approximately 10 per cent of the company's public float as of the close of business on Jan. 22, 2020. The average daily trading volume of the Class A shares on the TSX for the six-month period ended Dec. 31, 2019, was 474,614 (the ADTV). Consequently, and in accordance with the requirements of the TSX, the daily purchase limit under the NCIB on the TSX will be 118,653 Class A shares, representing 25 per cent of the ADTV. All Class A shares will be purchased at their market price at the time of acquisition, except for purchases effected outside the facilities of the TSX pursuant to exemption orders issued by securities regulators which will be at a discount to the market price as provided in such exemption orders. All Class A shares purchased under the NCIB will be cancelled.

Purchases of Class A shares may commence on Feb. 6, 2020, and will end on the earlier of Feb. 5, 2021, or the date on which the company has either acquired the maximum number of Class A shares allowable under the NCIB or otherwise decided not to make any further purchases for cancellation under it.

Under its current NCIB that commenced on Feb. 6, 2019, and will end on Feb. 5, 2020, the company received the approval of the TSX to repurchase for cancellation up to 20,100,499 Class A shares. As at Jan. 22, 2020, CGI has purchased 6,954,032 Class A shares by means of open market transactions, through the facilities of the TSX and through alternative trading systems, and by way of private agreements under issuer bid exemption orders issued by securities regulators, at a weighted average price of $97.13 per Class A share, for a total consideration of $675,429,649.

CGI has implemented an automatic share purchase plan with its designated broker in connection with the NCIB in order to allow, if deemed advisable by the company, for share purchases for cancellation during self-imposed blackout periods.

About CGI Inc.

Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 77,500 consultants and other professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. With fiscal 2019 reported revenue of $12.1-billion, CGI shares are listed on the Toronto Stock Exchange and the New York Stock Exchange.

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