/NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES/
TORONTO, March 21, 2017 /CNW/ - The Bank of
Nova Scotia ("Scotiabank") (TSX,
NYSE: "BNS") today announced that it will repurchase common shares
under a specific share repurchase program (the "Program").
Scotiabank will enter into an agreement (the "Agreement") with a
third party to repurchase common shares through daily purchases
that will take place by and including April
10, 2017 subject to a maximum of 5,500,000 common shares.
The Program will form part of Scotiabank's normal course issuer bid
(the "NCIB") announced on May 31,
2016, which provides authorization for the purchase of up to
12,000,000 common shares during the 12-month period beginning on
June 2, 2016 and ending on
June 1, 2017. Amendments to the
Notice to provide for the ability of Scotiabank to purchase common
shares under the NCIB pursuant to private agreements or under a
specific share repurchase program pursuant to issuer bid exemption
orders issued by securities regulatory authorities were accepted by
the TSX on January 4, 2017 and
March 17, 2017,
respectively.
Pursuant to the terms of the Agreement, and subject to the terms
of the issuer bid exemption order issued by the Ontario Securities
Commission (the "Order"), the third party will purchase
Scotiabank's common shares on Canadian markets for the purpose of
fulfilling its delivery obligations to Scotiabank under the
Agreement. The prices that Scotiabank will pay for common shares
purchased by it under such agreement will be negotiated by
Scotiabank and the third-party seller and will be at a discount to
the prevailing market price of Scotiabank's common shares on
Canadian markets at the time of each purchase. Information
regarding the number of common shares purchased and the aggregate
purchase price will be available on the System for Electronic
Document Analysis and Retrieval (SEDAR) at www.sedar.com following
the completion of the Program.
Pursuant to the terms of the Agreement and the Order, all
purchases made by the third party or its agents on the TSX and
other Canadian markets pursuant to the Program will be made in
accordance with the TSX rules applicable to the NCIB, subject to
limited exceptions as provided in the Order. In addition,
Scotiabank and any non-independent purchasing agent acting on its
behalf are prohibited from purchasing any other common shares
during the term of the Program. Scotiabank will acquire common
shares from the third party pursuant to the Agreement as part of
the NCIB and such common shares will be cancelled upon purchase by
Scotiabank.
About Scotiabank
Scotiabank is Canada's
international bank and a leading financial services provider in
North America, Latin America, the Caribbean and Central America, and Asia-Pacific. We are dedicated to helping our
23 million customers become better off through a broad range of
advice, products and services, including personal and commercial
banking, wealth management and private banking, corporate and
investment banking, and capital markets. With a team of more than
88,000 employees and assets of $887
billion (as at January 31,
2017), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges
(NYSE: BNS). For more information, please visit www.scotiabank.com
and follow us on Twitter @ScotiabankViews.
SOURCE Scotiabank