National Bank of Canada Announces an Amendment to its Normal Course Issuer Bid
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwire) -- 07/28/11 -- National Bank of Canada (the "Bank") (TSX: NA) has received acceptance from the Toronto Stock Exchange ("TSX") and the Office of the Superintendent of Financial Institutions Canada ("OSFI") of an amendment to the terms of its current normal course issuer bid. The amended bid increases the maximum number of issued and outstanding common shares that may be purchased according to the original normal course issuer bid by allowing the purchase of up to 7,127,132 common shares, representing 4.37% of the 162,955,629 issued and outstanding common shares of the Bank as of July 15, 2011 (and 4.36% of the 163,438,750 issued and outstanding common shares as of January 17, 2011, when the Bank filed its initial application with the TSX).
Pursuant to the current normal course issuer bid, which began on February 1, 2011, and expires on January 31, 2012, the Bank was authorized to purchase up to 4,903,162 common shares representing 3% of its issued and outstanding common shares as of January 17, 2011. As of July 15, 2011, the Bank had purchased 3,767,200 common shares pursuant to its normal course issuer bid, representing 2.31% of the issued and outstanding common shares of the Bank as of July 15, 2011 (and 2.30% as of January 17, 2011, when the Bank filed its initial application with the TSX).
The amendment to the current normal course issuer bid will be effective on August 1st, 2011.
The purchases will be made through the facilities of the TSX and will be made in accordance with applicable regulatory requirements. The Bank will pay the market price for the common shares at the time of acquisition. 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 pursuant to the normal course issuer bid will be cancelled. The normal course issuer bid represents a proper utilization of the Bank's available funds as part of the Bank's capital management strategy and is being established to enhance shareholder value.
About National Bank of Canada
National Bank of Canada is an integrated group that provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has over $154 billion in assets and, together with its subsidiaries, employs 18,492 people. The Bank's securities are listed on the Toronto Stock Exchange (TSX: NA). For more information, visit the Bank's website at . To access National Bank Financial Group's financial education portal, visit .
The telephone number provided below is for the exclusive use of journalists and other media representatives.
Contacts:
Claude Breton
Senior Manager - Public Affairs
National Bank Financial Group
514-394-8644
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Datum: 28.07.2011 - 10:55 Uhr
Sprache: Deutsch
News-ID 1025565
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Commercial & Investment Banking
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