Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

National Bank of Canada confirms new normal course issuer bid

T.NA

MONTREAL, Dec. 8, 2022 /CNW Telbec/ - National Bank of Canada (the "Bank") (TSX: NA) today announced that the Toronto Stock Exchange (the "TSX") and the Office of the Superintendent of Financial Institutions ("OSFI") have approved the Bank's new normal course issuer bid to purchase for cancellation up to 7,000,000 of its common shares, representing approximately 2.1% of its 336,736,305 issued and outstanding common shares as at November 28, 2022.

The normal course issuer bid will be effective on December 12, 2022 and will end at the latest on December 11, 2023. It will provide the Bank with additional flexibility to manage capital and generate value for shareholders.

The purchases will be made through the facilities of the TSX and/or any alternative trading systems in Canada. The Bank will pay the market price for the common shares at the time of acquisition and the purchases will be made in accordance with applicable regulatory requirements. Common shares may also be repurchased through other means permitted by applicable securities laws, including by private agreements or share repurchase programs pursuant to issuer bid exemption orders issued by securities regulatory authorities. Any private purchase made under an exemption order issued by a securities regulatory authority will be at a discount to the prevailing market price.

National Bank Financial Inc. has been retained to act as the designated broker to repurchase Bank's shares pursuant to the normal course issuer bid. The Bank could periodically establish automatic share purchase programs and define a prearranged set of criteria.

The actual number of common shares which may be purchased, and the timing of any such purchases, will be determined by the Bank. The common shares acquired will be cancelled.

According to TSX's requirements, the Bank is entitled to repurchase up to 385,348 common shares during the same trading day (other than purchases made pursuant to the block purchase exception), representing 25% of the average daily trading volume of its common shares over the last six completed calendar months, which is 1,541,394 common shares.

In its most recent normal course issuer bid launched on December 10, 2021 and which will end on December 9, 2022, the Bank has repurchased 2,500,000 common shares out of a possibility of 7,000,000 through the facilities of the TSX and alternative trading systems in Canada, at the average price of $97.85.

Caution Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking statements. These statements are based on a number of assumptions and are subject to risk factors, inherent risks and uncertainties, many of which are beyond the Bank's control and the impacts of which are difficult to predict. Except as required by law, National 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 purposes.

About National Bank of Canada
With $ 404 billion in assets as at October 31, 2022, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. The Bank has more than 29,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its 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

Cision View original content: http://www.newswire.ca/en/releases/archive/December2022/08/c1740.html