INTENTION TO REPURCHASE UP TO 6 MILLION OF ITS COMMON SHARES WINNIPEG, MB, Feb. 10, 2022 /CNW/ - IGM Financial Inc. (IGM) (TSX: IGM) today announced its intention, subject to the approval of the Toronto Stock Exchange (TSX), to purchase for cancellation up to 6 million common shares under a normal course issuer bid to mitigate the dilutive effect of stock options issued under the Corporation's stock option plan and for other capital management purposes.
IGM will file a notice of intention to make a normal course issuer bid with the TSX and this bid would commence following the TSX's acceptance of this notice and continue for up to one year. Purchases would be by means of open market transactions through the facilities of the TSX or any alternative trading system, or by such other means as may be permitted by a securities regulatory authority, including under an automatic securities purchase plan. Purchases will be at the prevailing market price at the time of acquisition. The common shares that may be repurchased represent approximately 2.5 percent of the 239,723,688 common shares outstanding on January 31, 2022.
The Corporation's previous Normal Course Issuer Bid expired on March 25, 2020, therefore, the Corporation has not repurchased any shares in the last 12 months.