TORONTO, Oct. 11, 2017 /CNW/ - Royal Bank of Canada (RBC) ("RY" on TSX and NYSE) today
announced that it will repurchase shares under a specific share
repurchase program (the "Program"). RBC will enter into an
agreement (the "Agreement") with a third party to repurchase common
shares through daily purchases that will take place between
October 16, 2017 and October 30, 2017, subject to a maximum of
5,000,000 common shares. The Program will form part of RBC's
Normal Course Issuer Bid for up to 30,000,000 common shares (the
"NCIB") announced on March 9,
2017.
Pursuant to the terms of the Agreement, and subject to the terms
of an issuer bid exemption order issued by the Ontario Securities
Commission (the "Order"), the third party will purchase RBC's
common shares on Canadian markets for the purpose of enabling the
third party to fulfil its delivery obligations to RBC under the
Agreement. The price that RBC will pay for any common shares
purchased by it from the third party under the Agreement will be
negotiated by RBC and the third party and will be at a discount to
the prevailing market price of RBC's common shares on the Canadian
markets at the time of purchase. RBC currently intends to
purchase the maximum of 5,000,000 common shares under the Program,
however the number of common shares purchased pursuant to the
Program may be less than the Program maximum if, among other
things, it is not possible to purchase common shares within the
price range established prior to commencement of the Program, if
trading is suspended, or as a result of market factors. In
accordance with the terms of the Order, immediately following the
completion of the Program, RBC will issue a news release providing
information regarding the purchases made pursuant to the Program
including the number of common shares purchased and aggregate
purchase price paid.
Pursuant to the terms of the Agreement and the Order, all
purchases made by the third party or its agents on the TSX and
other Canadian markets pursuant to the Program will be made in
accordance with the TSX rules applicable to the normal course
issuer bid, subject to limited exceptions as provided in the Order.
RBC will acquire common shares from the third party pursuant to the
Agreement as part of the normal course issuer bid and such common
shares will be cancelled upon purchase by RBC.
Caution regarding forward-looking statements
Certain statements contained in this press release may be deemed
to be forward-looking statements within the meaning of certain
securities laws, including the "safe harbour" provisions of the
United States Private Securities Litigation Reform Act of
1995 and any applicable Canadian securities legislation. These
forward-looking statements include, but are not limited to,
statements with respect to the specific share repurchase program
forming part of Royal Bank of Canada's normal course issuer bid.
Forward-looking statements are typically identified by words such
as "believe", "expect", "foresee", "forecast", "anticipate",
"intend", "estimate", "goal", "plan" and "project" and similar
expressions of future or conditional verbs such as "will", "may",
"should", "could" or "would".
By their very nature, forward-looking statements require us to
make assumptions and are subject to inherent risks and
uncertainties, which give rise to the possibility that our
predictions, forecasts, projections, expectations or conclusions
will not prove to be accurate, that our assumptions may not be
correct and that our forward-looking statements, including
statements about the specific share repurchase program forming part
of the normal course issuer bid by Royal Bank of Canada, will not be achieved. We caution
readers not to place undue reliance on these statements as a number
of risk factors could cause our actual results to differ materially
from the expectations expressed in such forward-looking statements.
These factors – many of which are beyond our control and the
effects of which can be difficult to predict – include: credit,
market, liquidity and funding, insurance, operational, regulatory
compliance, strategic, reputation, legal and regulatory
environment, competitive and systematic risks and other risks
discussed in the Risk management and Overview of other risks
sections of our 2016 Annual Report and in the Risk management
section of our Q3 2017 Report to Shareholders; global uncertainty,
the Brexit vote to have the United
Kingdom leave the European Union, weak oil and gas prices,
cyber risk, anti-money laundering, exposure to more volatile
sectors, technological innovation and new Fintech entrants,
increasing complexity of regulation, data management, litigation
and administrative penalties, the business and economic conditions
in the geographic regions in which we operate, the effects of
changes in government fiscal, monetary and other policies; tax risk
and transparency; and environmental risk.
We caution that the foregoing list of risk factors is not
exhaustive and other factors could also adversely affect our
results. When relying on our forward-looking statements to make
decisions with respect to us, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. Material economic assumptions underlying the
forward looking-statements contained in this press release are set
out in the Overview and outlook section and for each business
segment under the heading Outlook and priorities in our 2016 Annual
Report, as updated by the Overview and outlook section in our Q3
2017 Report to Shareholders. Except as required by law, we do not
undertake to update any forward-looking statement contained in this
press release.
SOURCE Royal Bank of Canada