Mr. Clancy Zeifman reports
SCOTIABANK ANNOUNCES INTENTION TO REPURCHASE UP TO 24 MILLION OF ITS COMMON SHARES
Bank of Nova Scotia intends seek Toronto Stock Exchange approval for a normal course issuer bid to purchase up to 24 million of its common shares. This represents approximately 2 per cent of the common shares issued and outstanding as of May 24, 2019.
The bank believes that the purchase of its common shares at market prices may be an appropriate use of its funds to generate shareholder value, as well as for capital management purposes.
Subject to regulatory approvals, purchases under the bid may commence on June 4, 2019, and will terminate on June 3, 2020, or on such earlier date as the bank may complete its purchases pursuant to the notice of intention to make a normal course issuer bid that is to be filed with the TSX. Purchases will be made on the open market by the bank through the facilities of the TSX, as well as alternative Canadian trading systems. The price that the bank will pay for any such common shares will be the market price of such common shares at the time of acquisition. Purchases may also be made through other means permitted by the TSX and applicable securities laws, including by private agreements or under specific share repurchase programs pursuant to issuer bid exemption orders issued by applicable securities regulatory authorities. Any purchases made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price.
Under its current normal course issuer bid for the purchase of up to 24 million common shares which expires on June 3, 2019, the bank purchased 13,908,400 common shares for cancellation at a volume weighted average price of approximately $73.73 per common share as of May 24, 2019.
About Bank of Nova Scotia
The bank is Canada's international bank and a leading financial services provider in the Americas. It is dedicated to helping its more than 25 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 99,000 employees and assets of over $1-trillion (as at April 30, 2019), the bank trades on the Toronto Stock Exchange and New York Stock Exchange.
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