TORONTO, Aug. 28, 2014 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its
intention to seek Toronto Stock Exchange (TSX) approval for a normal course
issuer bid. Purchases of common shares for cancellation will be made subject
to CIBC's ongoing capital requirements. Such purchases will not exceed eight
million shares, or approximately 2% of its outstanding common shares over a 12
CIBC will file a notice of intention to make a normal course issuer bid with
the TSX and this bid would commence following TSX acceptance of this notice
and continue for up to one year.
Purchases would be made through the facilities of the TSX, alternative
Canadian trading systems or the New York Stock Exchange, in accordance with
applicable regulatory requirements. CIBC intends to periodically establish an
automatic program under which its broker, CIBC World Markets Inc., would
repurchase CIBC shares pursuant to the bid within a defined set of criteria
which CIBC would not vary or suspend. The price paid for the common shares
will be the market price at the time of the purchase. The common shares
repurchased under the normal course issuer bid will be cancelled.
Between September 9, 2013 and August 26, 2014, CIBC purchased 4.21 million of
its common shares for cancellation at an average price of $91.06 per share
pursuant to its current normal course issuer bid.
A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or
oral forward-looking statements within the meaning of certain securities laws,
including in this press release report, in other filings with Canadian
securities regulators or the U.S. Securities and Exchange Commission and in
other communications. These statements include, but are not limited to,
statements about our potential normal course issuer bid purchases and about
our financial condition, priorities, targets, ongoing objectives, strategies
and outlook. Forward-looking statements are subject to inherent risks and
uncertainties that may be general or specific. A variety of factors, many of
which are beyond our control, could cause actual results to differ materially
from the expectations expressed in any of our forward-looking statements,
including general business and economic conditions worldwide; amendments to,
and interpretations of, risk-based capital guidelines; and changes in monetary
and economic policy. We do not undertake to update any forward-looking
statement except as required by law.
CIBC is a leading Canadian-based global financial institution with nearly 11
million personal banking and business clients. Through our three major
business units - Retail and Business Banking, Wealth Management and Wholesale
Banking - CIBC offers a full range of products and services through its
comprehensive electronic banking network, branches and offices across Canada
with offices in the United States and around the world. You can find other
news releases and information about CIBC in our Media Centre on our corporate
website at www.cibc.com.
SOURCE CIBC - Investor Relations
Erica Belling, Director, Investor & Financial Communications, (416) 594-7251
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CO: Canadian Imperial Bank of Commerce
-0- Aug/28/2014 09:59 GMT
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