Genworth MI Canada Inc. Announces Acceptance by TSX of Normal Course Issuer Bid

 Genworth MI Canada Inc. Announces Acceptance by TSX of Normal Course Issuer Bid  TORONTO, April 29, 2014 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX:  MIC) announced today acceptance by the Toronto Stock Exchange (the "TSX") of  the Company's Notice of Intention to Make a Normal Course Issuer Bid ("NCIB").  Pursuant to the NCIB, Genworth Canada may, if considered advisable, purchase  through the facilities of the TSX or through other permitted means (including  through other published markets), from time to time over the next 12 months,  up to an aggregate of 4,746,504 of its issued and outstanding common shares  (the "Common Shares"), being approximately 5% of the Common Shares as of April  22, 2014.  Purchases may commence through the TSX on May 5, 2014 and will conclude on the  earlier of the date on which purchases under the bid have been completed and  May 4, 2015. Daily purchases under the NCIB will be limited to a maximum of  38,776 Common Shares, other than purchases made in compliance with the  provisions of the block purchase exemption of the TSX rules and purchases from  Genworth Financial, Inc., the Company's majority shareholder, and its  affiliates (collectively, "Genworth Financial").  Genworth Financial, will be permitted to sell its Common Shares to the Company  in accordance with an exemption granted by the TSX pursuant to its rules,  regulations and policies in connection with the NCIB in order to maintain its  proportionate percentage ownership at approximately 57.4%.  Genworth Financial  has advised the Company that it intends to participate in the NCIB.  The  maximum number of Common Shares that may be purchased pursuant to the NCIB  will also be reduced by the number of Common Shares purchased by the Company  from Genworth Financial.  The Board of Directors of Genworth Canada believes that any purchases pursuant  to the NCIB, if considered advisable, will be in the best interests of the  Company and will be a desirable use of corporate funds. All Common Shares  purchased by Genworth Canada will be cancelled.  The NCIB will be implemented by the Company's broker responsible for making  purchases of Common Shares on behalf of Genworth Canada pursuant to an  automatic purchase plan agreement to be entered into between such broker and  Genworth Canada (the "APP Agreement").  Pursuant to the APP Agreement, the  timing for the purchase of Common Shares, the number of Common Shares  purchased and the price payable for the Common Shares will be determined by  the Company's broker in its sole discretion, without consultation with the  Company, having regard to the price limitations and other terms of the APP  Agreement, as well as the prevailing market price of the Common Shares at the  time of purchase.  The APP Agreement has been reviewed by the TSX and will be  implemented following commencement of the NCIB.  Purchases from Genworth Financial will be made pursuant to the TSX exemption  on any trading day that the Company makes a purchase from other shareholders.  Purchases from Genworth Financial will be made during the TSX's Special  Trading Session pursuant to an automatic disposition plan agreement to be  entered into between the Company's broker and Genworth Financial. In the event  that Genworth Financial does not sell Common Shares on any trading day (other  than as a result of a market disruption), the TSX exemption will cease to  apply and the Company will not be permitted to make any further purchases from  Genworth Financial under the terms of the NCIB.  The Company has made purchases of its Common Shares under a normal course  issuer bid approved by the TSX on April 30, 2013, and set to expire May 2,  2014. Purchases from all shareholders other than Genworth Financial were made  on the open market through the facilities of the TSX and/or through other  permitted means (including through other published markets). Pursuant to an  exemption granted by the TSX, Genworth Financial sold its Common Shares to the  Company outside the provisions of, but concurrently with, the normal course  issuer bid in order to maintain its proportionate percentage ownership at  approximately 57.4%.  Purchases from Genworth Financial were made by way of  put-through during the TSX's Special Trading Session from 4:15 to 5:00 p.m.  through one broker retained for this purpose. To date, the Company purchased  for cancellation 3,903,117 of its Common Shares at a weighted average price  per common share of C$26.90.  About Genworth MI Canada Inc.  Genworth MI Canada Inc. (TSX: MIC) through its subsidiary, Genworth Financial  Mortgage Insurance Company Canada (Genworth Canada), is the largest private  residential mortgage insurer in Canada. The Company provides mortgage default  insurance to Canadian residential mortgage lenders, making homeownership more  accessible to first-time homebuyers. Genworth Canada differentiates itself  through customer service excellence, innovative processing technology, and a  robust risk management framework. For almost two decades, Genworth Canada has  supported the housing market by providing thought leadership and a focus on  the safety and soundness of the mortgage finance system. As at March 31, 2014,  Genworth Canada, had $5.5 billion total assets and $3.2 billion shareholders'  equity. Find out more at www.genworth.ca.  Cautionary Note Regarding Forward-Looking Statements  This press release includes certain forward-looking statements. These  forward-looking statements include, but are not limited to, the Company's  plans, objectives, expectations and intentions, including the Company's  expectations regarding future developments in connection with the normal  course issuer bid and the receipt of regulatory approvals, the Company's  intention to repurchase common shares from the Company's shareholders, the  Company's expectations regarding the participation of Genworth Financial, Inc.  and its affiliates in the normal course issuer bid and other statements  contained in this release that are not historical facts. These statements may  be identified by their use of words such as "may", "would", "could", "will",  "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate",  "expect", or similar expressions, as they relate to the Company are intended  to identify forward-looking statements. Specific forward looking statements in  this document include, but are not limited to, statements with respect to the  Company's expectations regarding the normal course issuer bid and Genworth  Financial, Inc.'s participation in the same. These statements are inherently  subject to significant risks, uncertainties and changes in circumstances, many  of which are beyond the Company's control. The Company's actual results may  differ materially from those expressed or implied by such forward-looking  statements, including as a result of changes in global, political, economic,  business, competitive, market and regulatory factors, and the other risks  described in the Company's Annual Information Form. Other than as required by  applicable laws, the Company undertakes no obligation to publicly update or  revise any forward-looking statement, whether as a result of new information,  future developments or otherwise.    SOURCE  Genworth MI Canada  Investors: Samantha Cheung, 905-287-5482, samantha.cheung@genworth.com; Media:  Lisa Azzuolo, 905-287-5520, lisa.azzuolo@genworth.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/April2014/29/c1944.html  CO: Genworth Canada ST: Ontario NI: REL  
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