Colliers Announces Normal Course Issuer Bid
July 15 2022 - 3:15PM
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI)
(“Colliers”) announced today that the Toronto Stock Exchange (the
“TSX”) has accepted a notice filed by Colliers of its intention to
make a normal course issuer bid (the “NCIB”) with respect to its
outstanding subordinate voting shares (the “Subordinate Voting
Shares”).
The notice provides that Colliers may, during
the twelve month period commencing July 20, 2022 and ending no
later than July 19, 2023, purchase through the facilities of the
TSX, alternative Canadian Trading Systems or The NASDAQ Stock
Market (“Nasdaq”) up to 3,500,000 Subordinate Voting Shares in
total, being 9.85% of the 35,522,093 shares comprising the “public
float” as of July 15, 2022 of such class of shares. Purchases
of Subordinate Voting Shares through Nasdaq will be made in the
normal course and will not, during the twelve month period ending
July 19, 2023 exceed, in the aggregate, 5% of the outstanding
Subordinate Voting Shares as at the commencement of the NCIB. The
price which Colliers will pay for any such shares will be the
market price at the time of acquisition. During the period of this
NCIB, Colliers may make purchases under the NCIB by means of open
market transactions or otherwise as permitted by the Ontario
Securities Commission, Canadian Securities Administrators and/or
Nasdaq. The actual number of Subordinate Voting Shares which may be
purchased pursuant to the NCIB and the timing of any such purchases
will be determined by senior management of Colliers. The average
daily trading volume on the TSX from January 1, 2022 to June 30,
2022 was 87,648 Subordinate Voting Shares. Daily purchases under
the NCIB will be limited to 21,912 Subordinate Voting Shares, other
than block purchases. All shares purchased by Colliers under the
NCIB will be cancelled.
As of July 15, 2022, there were 41,951,236
Subordinate Voting Shares and 1,325,694 multiple voting shares of
Colliers outstanding.
Colliers may purchase its Subordinate Voting
Shares, from time to time, if it believes that the market price of
its Subordinate Voting Shares is attractive and that the purchase
would be an appropriate use of corporate funds and in the best
interests of Colliers.
Colliers’ previous NCIB authorized the purchase
of up to 3,200,000 Subordinate Voting Shares and expires on July
19, 2022. As of the date hereof, Colliers has purchased 999,439 of
its Subordinate Voting Shares under this NCIB (including
Subordinate Voting Shares purchased through NASDAQ during the
period of this NCIB).
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading
diversified professional services and investment management
company. With operations in 62 countries, our 17,000 enterprising
professionals work collaboratively to provide expert real estate
and investment advice to clients. For more than 27 years, our
experienced leadership with significant inside ownership has
delivered compound annual investment returns of 20% for
shareholders. With annual revenues of $4.3 billion and $77 billion
of assets under management, Colliers maximizes the potential of
property and real assets to accelerate the success of our clients,
our investors, and our people. Learn more at
corporate.colliers.com, Twitter @Colliers or LinkedIn.
Forward-looking Statements
This press release includes forward-looking
statements. Forward-looking statements include the Company’s
financial performance outlook and statements regarding goals,
beliefs, strategies, objectives, plans or current expectations.
These statements involve known and unknown risks, uncertainties and
other factors which may cause the actual results to be materially
different from any future results, performance or achievements
contemplated in the forward-looking statements. Such factors
include: economic conditions, especially as they relate to
commercial and consumer credit conditions and consumer spending,
particularly in regions where our business may be concentrated;
commercial real estate property values, vacancy rates and general
conditions of financial liquidity for real estate transactions;
trends in pricing and risk assumption for commercial real estate
services; the effect of significant movements in average
capitalization rates across different property types; a reduction
by companies in their reliance on outsourcing for their commercial
real estate needs, which would affect revenues and operating
performance; competition in the markets served by the Company; the
ability to attract new clients and to retain major clients and
renew related contracts; the ability to retain and incentivize
producers; increases in wage and benefit costs; the effects of
changes in interest rates on the cost of borrowing; unexpected
increases in operating costs, such as insurance, workers’
compensation and health care; changes in the frequency or severity
of insurance incidents relative to historical experience; the
effects of changes in foreign exchange rates in relation to the US
dollar on the Company’s Canadian dollar, Euro, Australian dollar
and UK pound sterling denominated revenues and expenses; the impact
of pandemics on client demand for the Company’s services, the
ability of the Company to deliver its services and the health and
productivity of its employees; the impact of global climate change;
the impact of political events including elections, referenda,
trade policy changes, immigration policy changes, hostilities and
terrorism on the Company’s operations; the ability to identify and
make acquisitions at reasonable prices and successfully integrate
acquired operations; the ability to execute on, and adapt to,
information technology strategies and trends; the ability to comply
with laws and regulations related to our global operations,
including real estate and mortgage banking licensure, labour and
employment laws and regulations, as well as the anti-corruption
laws and trade sanctions; and changes in government laws and
policies at the federal, state/provincial or local level that may
adversely impact the business. Additional information and risk
factors are identified in the Company’s other periodic filings with
Canadian and US securities regulators (which factors are adopted
herein and a copy of which can be obtained at www.sedar.com).
Forward looking statements contained in this press release are made
as of the date hereof and are subject to change. All
forward-looking statements in this press release are qualified by
these cautionary statements. Except as required by applicable law,
Colliers undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.COMPANY
CONTACTS:Christian
MayerCFO(416)
960-9500
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