TORONTO, Aug. 25, 2016 /CNW/ - CIBC (TSX: CM; NYSE:
CM) announced today that its Board of Directors declared a dividend
of $1.21 per share on common shares
for the quarter ending October 31,
2016 payable on October 28,
2016 to shareholders of record at the close of business on
September 28, 2016.
Class A Preferred Shares
The Board of Directors also declared the following dividends per
share:
For the quarter ending October 31,
2016 payable on October 28,
2016 to shareholders of record at the close of business on
September 28, 2016:
Series 39 - $0.243750
Series 41 - $0.234375
Series 43 - $0.225000
In addition, CIBC announced elections under the CIBC Shareholder
Investment Plan (the "Plan").
CIBC Shareholder Investment Plan
Under the Plan, CIBC offers the Dividend Reinvestment Option for
Canadian residents and the Stock Dividend Option for US residents,
to reinvest and receive dividends, respectively, on their CIBC
common shares and preferred shares in the form of CIBC common
shares. Canadian resident shareholders may also purchase
additional common shares under the Share Purchase Option.
Under the Plan, CIBC is entitled to determine whether common
shares for the Plan are purchased in the secondary market or issued
from treasury. CIBC has elected to issue common shares from
treasury, starting with the dividend payable on October 28, 2016, to common and preferred
shareholders of record at the close of business on September 28, 2016. Common shares issued on and
after October 28, 2016 under the
Dividend Reinvestment Option and the Stock Dividend Option will be
issued at a 2% discount from the Average Market Price (as
defined in the Plan). The discount will not apply to common
shares purchased under the Share Purchase Option of the Plan.
Previously, common shares received by participants under the Plan
were purchased in the secondary market with no discount from the
Average Market Price.
Ongoing participants in the Plan will automatically have the
discount applied to the reinvestment of their dividends on the
October 28, 2016 dividend payment
date. Registered shareholders resident in Canada or the United
States wishing to join the Plan can obtain an enrolment form
from CIBC's agent, CST Trust Company by calling 416-682-3860 in
Toronto, or toll-free at
1-800-387-0825 from elsewhere in Canada or the United
States. Eligible beneficial or non-registered shareholders
must contact their financial institution or broker to find out
details on how they can participate.
In order to participate in time for the October 28, 2016 dividend payment date,
enrolment forms from registered shareholders must be received by
CST Trust Company before the close of business on September 21, 2016. Eligible beneficial or
non-registered shareholders should contact their financial
institution or broker well in advance of the above date for
instructions on how to enrol in the Plan.
A copy of the Plan offering circular describing the terms and
conditions applicable to the Plan is available from the Investor
Relations section of www.cibc.com or from the agent at
www.canstockta.com or by e-mail at inquiries@canstockta.com.
The securities being offered have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements. This press release shall not
constitute an offer to sell or an invitation to purchase or
subscribe for any securities in the
United States or in any other jurisdiction where such offer
is unlawful.
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