MONTREAL, July 20, 2017 /CNW Telbec/ - National Bank
of Canada (the "Bank") (NA)
announces today that it will repurchase common shares under a
specific share repurchase program (the "Program"). The Bank entered
into an agreement (the "Agreement") with a third party to
repurchase common shares through daily purchases that will take
place between July 24, 2017 and
October 31, 2017 subject to a maximum
of 500,000 common shares and provided that no purchases of common
shares under the Program occur at a time when the Bank is in a
blackout period. The Program will form part of the Bank's Normal
Course Issuer Bid for up to 6,000,000 common shares (the "NCIB")
announced on June 1st,
2017.
Pursuant to the terms of the Agreement, and subject to the terms
of an issuer bid exemption order issued by the Ontario Securities
Commission (the "Order"), the third party will purchase the Bank's
common shares on Canadian markets for the purpose of fulfilling its
delivery obligations to the Bank under the Agreement. The price
that the Bank will pay for any common shares purchased by it from
the third party under the Agreement will be negotiated by the Bank
and the third party and will be at a discount to the prevailing
market price of the Bank's common shares on the Canadian markets at
the time of purchase.
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, the Bank
and any non-independent purchasing agent acting on its behalf are
prohibited from purchasing any other common shares during the term
of the Program. The Bank 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 the Bank. In accordance
with the terms of the Order, immediately following the end of the
Program, the Bank will issue and file a press release that
announces the completion of the Program and sets out the number of
common shares acquired under the Program and the aggregate dollar
amount paid for such common shares.
Caution Regarding Forward-Looking
Statements
This press release includes certain
forward-looking statements. These statements are inherently subject
to significant risks, uncertainties and changes in circumstances,
many of which are beyond the control of the Bank, including,
completion of the Program, changes in general economic and market
conditions and amendments to, and interpretations of, risk-based
capital guidelines. Except as required by law, the Bank does not
undertake to update any forward-looking statements, whether written
or oral, that may be made from time to time, by it or on its
behalf. The forward-looking information contained in this press
release is presented for the purpose of interpreting the
information contained herein and may not be appropriate for other
purpose.
About National Bank of Canada
With $239 billion in
assets as at April 30, 2017, National
Bank of Canada, together with its
subsidiaries, forms one of Canada's leading integrated financial groups.
The Bank has more than 21,000 employees and is widely recognized as
a top employer. The Bank's securities are listed on the
Toronto Stock Exchange (TSX: NA). Follow the Bank's activities
at nbc.ca or via social media such as Facebook, LinkedIn and
Twitter.
SOURCE National Bank of Canada