TSX Symbol: CIX
TORONTO, May 27, 2013 /CNW/ - CI Financial Corp. announced today that The
Toronto Stock Exchange has accepted its Notice of Intention to Make a Normal
Course Issuer Bid.
CI intends to purchase up to 2,500,000 of its common shares by way of a normal
course issuer bid through the facilities of The Toronto Stock Exchange. All
shares purchased under the normal course issue bid will be cancelled. The
2,500,000 common shares represent 1.68% of the total public float for CI. As
of May 24, 2013, there are 283,586,945 issued and outstanding common shares of
It is expected that the purchases under the normal course issuer bid may
commence on May 29, 2013 and will terminate on May 28, 2014, or on such
earlier date as CI completes its purchases or provides notice of
termination. Purchases will be effected through the facilities of The
Toronto Stock Exchange at prevailing market prices, or such other means as may
be permitted by The Toronto Stock Exchange. During the six months ended
April 30, 2013, the average daily trading volume of CI on The Toronto Stock
Exchange was 235,466 common shares.
CI believes that the market price of the common shares may, at certain times
throughout the duration of the normal course issuer bid, be undervalued based
on CI's financial performance and prospects and accordingly the directors are
of the opinion that the purchase of common shares is an appropriate use of
funds in order to increase shareholder value.
In the last 12 months under its previous normal course issuer bid, CI
purchased 528,100 of its common shares at a weighted average price of $22.80
per common share.
CI Financial Corp. (TSX: CIX) is an independent, Canadian-owned wealth
management company. CI offers a broad range of investment products and
services, including an industry-leading selection of investment funds. CI is
on the Web at www.ci.com/cix.
Stephen A. MacPhail President and Chief Executive Officer CI Financial Corp.
SOURCE: CI Financial Corp.
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CO: CI Investments Inc.
NI: FIN FND
-0- May/27/2013 15:51 GMT
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