EDMONTON , Sept. 26, 2019 /CNW/ - Canadian Western Bank (CWB.TO) ("CWB") announced today that a normal course issuer bid ("NCIB") authorized by its Board of Directors to purchase for cancellation during the next 12 months up to 1,740,000 common shares, representing approximately 2% of the issued and outstanding common shares, has been approved by the Toronto Stock Exchange ("TSX"), commencing October 1, 2019 .
At the close of business on September 16, 2019 , there were 87,216,984 common shares issued and outstanding. The actual number of common shares which will be purchased for cancellation and the timing of any such purchases will be determined by CWB.
Management believes CWB's very strong capital position provides CWB with various capital deployment options, including dividend increases, potential acquisitions, and, under the appropriate circumstances, common share repurchases through an NCIB.
Purchases under the NCIB may be made by means of open market transactions through the facilities of the TSX or alternative Canadian trading systems. Other than block purchase exceptions made in accordance with TSX rules, daily purchases will be limited to a maximum of 57,844 common shares, which is 25% of the average daily trading volume of common shares for the six months ended August 31, 2019 , being 231,379.
CWB will establish an automatic securities purchase plan under which its arm's length broker may purchase common shares of CWB pursuant to the NCIB ("the plan"). The plan defines a prearranged set of criteria under which its broker may make share purchases. The plan will enable the purchase of CWB's common shares at any time, including when CWB would not otherwise make purchases because of internal trading blackout periods, insider trading rules or otherwise. The plan will take effect October 1, 2019 and terminate on the earliest of: the date on which the purchase limits specified in the plan have been attained, the date on which the NCIB terminates, or the date on which the plan is terminated by either CWB or its broker in accordance with its terms.
Purchases of common shares may commence on or about October 1, 2019 and will expire on the earlier of September 30, 2020 or the date on which the CWB has either acquired the maximum number of common shares allowable or otherwise decided not to make any further repurchases.
CWB's NCIB for the purchase of up to 3,534,000 common shares (as amended on April 10, 2019 ) terminates on September 30, 2019 . Between the inception of that NCIB on October 1, 2018 and September 16, 2019 CWB has repurchased 1,829,944 common shares on the open market at a weighted average price of $27.08 per common share.
About CWB Financial Group
CWB Financial Group is a diversified financial services organization serving businesses and individuals across Canada . Operating from headquarters in Edmonton, Alberta , CWB's key business lines include full service business and personal banking offered through branch locations of Canadian Western Bank, including CWB Virtual Branch, and Internet banking services provided by Motive Financial. Highly responsive nation-wide specialized financing is delivered under the banners of CWB Optimum Mortgage, CWB Equipment Financing, CWB National Leasing, CWB Maxium Financial and CWB Franchise Finance. Trust services are offered through CWB Trust Services. Comprehensive wealth management offerings are provided through CWB Wealth Management, which includes the businesses of CWB McLean & Partners Wealth Management and Canadian Western Financial. As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" (Series 5 Preferred Shares), "CWB.PR.C" (Series 7 Preferred Shares) and "CWB.PR.D" (Series 9 Preferred Shares). Learn more at www.cwb.com.
SOURCE Canadian Western Bank
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