TORONTO, Aug. 27, 2015 /CNW/ - CIBC (TSX: CM)
(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 New York
Stock Exchange, 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.
Between September 18,
2014 and August 26, 2015, CIBC
did not purchase any of its common shares for cancellation pursuant
to its current normal course issuer bid.
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 Wholesale Banking - 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. You
can find other news releases and information about CIBC in our
Media Centre on our corporate website at
www.cibc.com/ca/media-centre/.
SOURCE CIBC - Investor Relations