TORONTO, Feb. 23, 2017 /CNW/ - CIBC (TSX/NYSE: CM)
today announced its intention to seek Toronto Stock Exchange (TSX)
approval for a normal course issuer bid. Purchases of common shares
for cancellation will be made subject to CIBC's ongoing capital
requirements. Such purchases will not exceed eight million common
shares, or approximately 2% of its outstanding common shares over a
12 month period.
CIBC will file a notice of intention to make a normal course
issuer bid with the TSX and this bid would commence following TSX
acceptance of this notice and continue for up to one year.
Purchases would be made through the facilities of the TSX,
alternative Canadian trading systems or the NYSE, in accordance
with applicable regulatory requirements. CIBC intends to
periodically establish an automatic program under which its broker,
CIBC World Markets Inc., would repurchase CIBC shares pursuant to
the bid within a defined set of criteria which CIBC would not
vary. The price paid for the common shares will be the market
price at the time of the purchase. The common shares repurchased
under the normal course issuer bid will be cancelled.
CIBC's previous normal course issuer bid commenced on
September 18, 2015 and expired on
September 17, 2016. Over the
term of the previous bid, CIBC purchased 3,197,200 of its common
shares for cancellation at an average price of $87.83 per share.
A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we
make written or oral forward-looking statements within the meaning
of certain securities laws, including in this press release report,
in other filings with Canadian securities regulators or the U.S.
Securities and Exchange Commission and in other communications.
These statements include, but are not limited to, statements about
our potential normal course issuer bid purchases and about our
financial condition, priorities, targets, ongoing objectives,
strategies and outlook. Forward-looking statements are subject to
inherent risks and uncertainties that may be general or specific. A
variety of factors, many of which are beyond our control, could
cause actual results to differ materially from the expectations
expressed in any of our forward-looking statements, including
general business and economic conditions worldwide; amendments to,
and interpretations of, risk-based capital guidelines; and changes
in monetary and economic policy. We do not undertake to update
any forward-looking statement except as required by law.
About CIBC
CIBC is a leading Canadian-based global financial institution with
11 million personal banking and business clients. Through our three
major business units - Retail and Business Banking, Wealth
Management and Capital Markets - CIBC offers a full range of
products and services through its comprehensive electronic banking
network, branches and offices across Canada with offices in the United States and around the world.
Ongoing news releases and more information about CIBC can be found
at www.cibc.com/ca/media-centre/ or by following on
Twitter @CIBC, Facebook (www.facebook.com/CIBC) and
Instagram @CIBCNow.
SOURCE CIBC - Investor Relations