Stocks & Investing
Stocks and Investing
Stocks and Investing
Thu, May 31, 2012 National Bank of Canada Announces a Normal Course Issuer Bid for Up to 2% Per Cent of its Common Shares
May 31, 2012 07:34 ET
National Bank of Canada Announces a Normal Course Issuer Bid for Up to 2% Per Cent of its Common Shares
MONTREAL, QUEBEC--(Marketwire - May 31, 2012) - National Bank of Canada (the "Bank") (TSX:NA) today announced that its Board has authorized a normal course issuer bid to purchase for cancellation up to 2% of its issued and outstanding common shares, representing approximately 3,235,768 common shares. This normal course issuer bid is subject to the approval of the Office of the Superintendent of Financial Institutions Canada (OSFI) and the Toronto Stock Exchange (TSX). It is expected that this normal course issuer bid will begin on or about June 18, 2012 and will end at the latest on or about June 17, 2013. 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.
There were 161,788,448 common shares of the Bank issued and outstanding as at May 18 2012. Under the normal course issuer bid which ended on January 31, 2012, the Bank purchased and cancelled 6,244,700 common shares at an average price of $75.73643 per common share.
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
With $176 billion in assets as at April 30, 2012, National Bank of Canada ([ www.nbc.ca ]), together with its subsidiaries, forms one of Canada's leading integrated financial groups, and was named among the five strongest banks in the world by Bloomberg Markets. The Bank has close to 20,000 employees and is widely recognized as a top employer. Its securities are listed on the Toronto Stock Exchange (TSX:NA). Follow the Bank's activities via social media and learn more about its extensive community involvement at [ www.clearfacts.ca ] and [ www.commitment.nationalbank.ca ].
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