National Bank confirms new normal course issuer

By Staff | June 18, 2013 | Last updated on June 18, 2013
2 min read

National Bank of Canada has announced that the Toronto Stock Exchange and the Office of the Superintendent of Financial Institutions Canada (OSFI) have approved the Bank’s new normal course issuer bid to purchase for cancellation up to 3,248,114 common shares, through the facilities of the TSX, representing approximately 2% of its issued and outstanding common shares.

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The normal course issuer bid will begin on June 20, 2013 and will end no later than June 19, 2014. All purchases will be made through the facilities of the TSX in accordance with applicable regulatory requirements. The Bank will determine the number of common shares that may be purchased and the timing of any such purchases. The Bank will only make purchases under the bid after consulting with OSFI. The price the Bank will pay for any shares purchased under the normal course issuer bid will be the market price for the common shares on the TSX at the time of acquisition.

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There were 162,405,715 common shares of the Bank issued and outstanding as at June 10, 2013. Under the normal course issuer bid which will end on June 19, 2013, the Bank purchased and cancelled 1,000,000 common shares at an average price of $74.7069 per common share. The average daily trading volume (ADTV) of the Bank’s common shares over the last six completed calendar months, calculated in accordance with the rules of the TSX, was 602,199. Under the rules of the TSX, the Bank is entitled to repurchase during the same trading day up to 25% of the ADTV of its common shares, being 150,549 (other than purchases made pursuant to the block purchase exception).

The Bank believes that the normal course issuer bid represents a proper utilization of the Bank’s available funds as part of the Bank’s capital management strategy.

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