National Bank of Canada (the “Bank”) (NA) announces today that the
Toronto Stock Exchange (the “TSX”) and the Office of the
Superintendent of Financial Institutions Canada (“OSFI”) have approved
the Bank’s new normal course issuer bid to purchase for cancellation
up to 8,000,000 common shares through the facilities of the TSX,
representing approximately 2.36% of its 339,376,789 issued and
outstanding common shares as at May 24, 2018.
course issuer bid will begin on June 6, 2018 and will end at the
latest on June 5, 2019. The purchases will be made through the
facilities of the TSX and/or any alternative trading system in Canada.
The Bank will pay the market price for the common shares at the time
of acquisition and the purchases will be made in accordance with the
TSX Company Manual and applicable regulatory requirements. Common
shares may also be repurchased through other means permitted by
applicable securities laws, including by private agreements or share
repurchase programs pursuant to issuer bid exemption orders issued by
securities regulatory authorities. Any purchase made under an
exemption order issued by a securities regulatory authority will be at
a discount to the prevailing market price. National Bank Financial
Inc. has been retained to act as designated broker to repurchase
shares pursuant to the normal course issuer bid, which could be under
automatic share purchase plans established periodically. Each plan
would define a prearranged set of criteria which the Bank would not
vary. The Bank will only make purchases under the bid after notifying
OSFI. The actual number of common shares which may be purchased, and
the timing of any such purchases, will be determined by the Bank. The
common shares acquired pursuant to the normal course issuer bid will
Under the most recent normal course issuer
bid, the Bank purchased 5,000,000 common shares on a possibility of
6,000,000, which shares were purchased under an exemption order issued
by a securities regulatory authority (3,000,000 common shares at an
average price of $58.38) and through the facilities of the TSX and/or
any alternative trading system in Canada (2,000,000 common shares at
an average price of $61.77). The average daily trading volume (the
“ADTV”) of the Bank’s common shares over the last six completed
calendar months, calculated in accordance with the rules of the TSX,
was 996,240. Under the rules of the TSX, the Bank is entitled to
repurchase during the same trading day up to 25% of the ADTV of its
common shares, being 249,060 common shares (other than purchases made
pursuant to the block purchase exception).
course issuer bid will provide the Bank with additional flexibility to
manage capital and generate value for shareholders.
Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements.
These statements are inherently subject to significant risks,
uncertainties and changes in circumstances, many of which are beyond
the control of the Bank, including, obtaining the necessary
regulatory approvals, changes in general economic and market
conditions and amendments to, and interpretations of, risk-based
capital guidelines. Except as required by law, the Bank does not
undertake to update any forward-looking statements, whether written
or oral, that may be made from time to time, by it or on its behalf.
The forward-looking information contained in this press release is
presented for the purpose of interpreting the information contained
herein and may not be appropriate for other purpose.
About National Bank of Canada
With $256 billion in assets as
at April 30, 2018, National Bank of
Canada, together with its subsidiaries, forms one of Canada's
leading integrated financial groups. It has more than
22,000 employees in knowledge-intensive positions and has been
recognized numerous times as a top employer and for its commitment to
diversity. Its securities are listed on the Toronto Stock Exchange
(TSX: NA). Follow the Bank’s activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.