National Bank of Canada (the “Bank”) (TSX: NA) today announced that its Board of Directors has authorized a normal course issuer bid to purchase for cancellation up to 7,000,000 of its common shares, representing approximately 2.1% of its 336,736,305 issued and outstanding common shares as at November 28, 2022. This normal course issuer bid is subject to the approval of the Office of the Superintendent of Financial Institutions Canada and the Toronto Stock Exchange (the “TSX”).
It is expected that this normal course issuer bid will begin on or around December 12, 2022 and will end at the latest on or around December 11, 2023. The actual number of common shares to be purchased, and the timing of any such purchases, will be determined by the Bank. The Bank will only make purchases under the normal course issuer bid once all regulatory approvals are obtained, and the common shares acquired will be cancelled.
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 applicable regulatory requirements.
The Bank could periodically establish automatic programs under which its broker, National Bank Financial Inc., would repurchase the Bank’s shares pursuant to the normal course issuer bid within a set of criteria predefined by the Bank.
The normal course issuer bid will provide the Bank with additional flexibility to manage capital and generate value for shareholders.