WINNIPEG, MANITOBA--(Marketwired - April 10, 2013) - IGM Financial Inc. (IGM.TO) today announced receipt of regulatory approval respecting its intention to continue its Normal Course Issuer Bid through the facilities of the Toronto Stock Exchange from April 12, 2013 to April 11, 2014.
The Corporation intends to purchase for cancellation, by means of open market transactions or such other means as may be permitted by the Toronto Stock Exchange, up to but not more than 12,595,114 of its issued common shares, representing 5 percent of the approximately 251,902,278 common shares outstanding on March 31, 2013. Daily repurchases will be limited to 57,753 common shares, other than block purchase exceptions. Purchases made on the open market through the facilities of the TSX and alternative trading systems will be at the prevailing market price at the time of acquisition.
The average daily trading volume for the six months preceding the date hereof is 231,010 common shares. Within the past 12 months, the Corporation has purchased an aggregate of 4,926,900 common shares at an average price of $39.4514 per share pursuant to its then outstanding Normal Course Issuer Bid.
In connection with its Normal Course Issuer Bid the Corporation established an automatic securities purchase plan for its common shares. The automatic securities purchase plan was established to provide standard instructions regarding how IGM Financial's common shares are to be purchased under its Normal Course Issuer Bid during certain pre-determined trading blackout periods, subject to pre-established parameters. Outside of these pre-determined trading blackout periods, purchases under the Corporation's Normal Course Issuer Bid will be completed based upon management's discretion.
The Board of Directors has authorized this initiative because, in the Board's opinion, such purchase constitutes an appropriate use of funds which will benefit both the Corporation and its shareholders. The normal course issuer bid is being established to mitigate the dilutive effect of stock options issued under the Corporation's stock option plan and for other capital management purposes.
IGM Financial Inc. is one of Canada's premier personal financial services companies, and one of the country's largest managers and distributors of mutual funds and other managed asset products, with approximately $126 billion in total assets under management. Its activities are carried out principally through Investors Group through a network of approximately 4,500 Consultants, Mackenzie Financial Corporation through a diversified network of third-party financial advisors and Investment Planning Counsel through a network of financial planners who are dedicated to serving the needs of their clients. IGM Financial Inc. is a member of the Power Financial Corporation group of companies.