Guardian Capital Group Limited Renews Normal Course Issuer Bid
December 15 2022 - 7:00AM
Guardian Capital Group Limited (“Guardian”) (TSX:GCG) (TSX:GCG.A)
announced today that it has received approval from the Toronto
Stock Exchange (“TSX”) for its Normal Course Issuer Bid, pursuant
to which it intends to purchase, during the period from December
19, 2022 to December 18, 2023, up to 137,468 or 5% of its
outstanding Common Shares, entitled to one vote per share, and up
to 1,623,612 or 10% of its public float of Non-Voting Class A
Shares (“Class A Shares”) as at December 5, 2022. Shares may also
be purchased by the trustee (the “Trustee”) for Guardian’s employee
profit sharing plan, which purchases will count against the maximum
numbers of shares which may be purchased by Guardian. In each case,
these shares will be purchased at market prices, on the TSX, other
designated exchanges and/or alternative Canadian trading systems.
All shares purchased by Guardian (but not those purchased by the
Trustee) will be cancelled. Guardian intends to purchase the shares
because it believes that, from time to time, the shares may become
undervalued at prevailing market prices, based on Guardian’s
earnings and prospects and accordingly, Guardian is of the opinion
that the purchase of shares for cancellation is an appropriate use
of corporate funds to increase shareholder value.
Pursuant to its most recent Normal Course Issuer
Bid, under which Guardian sought and received approval from the TSX
to purchase up to 137,469 Common Shares and 1,706,357 Class A
Shares for the period from November 23, 2021 to November 22, 2022,
Guardian and the Trustee purchased, 0 Common Shares and 872,743
Class A Shares at an average purchase price of $33.68 per Class A
Share. These shares were purchased on the TSX and alternative
Canadian trading systems.
As of December 5, 2022, there were 2,749,379
Common Shares and 23,497,207 Class A Shares issued and outstanding
and the public float of the Class A Shares was 16,236,126 shares.
The average daily trading volume for Guardian’s shares on the TSX
during the period from June 1, 2022 to November 30, 2022, excluding
purchases made by Guardian under its Normal Course Issuer Bid and
by the Trustee during the same period, was as follows: 406 Common
Shares; and 5,725 Class A Shares. Except as otherwise permitted by
the TSX, daily purchases under the bid will be limited to 1,000
Common Shares and 1,431 Class A Shares, other than block purchase
exceptions.
About Guardian Capital Group
LimitedGuardian is a diversified, global financial
services company operating in two main business segments:
Investment Management and Wealth Management. As at September 30,
2022, Guardian had C$47.8 billion of assets under management and
C$26.8 billion of assets under administration, while managing a
proprietary investment portfolio with a fair market value of C$648
million. Through its subsidiaries, Guardian provides extensive
investment management solutions to institutional and private wealth
clients, while offering comprehensive wealth management services to
financial advisors in its national mutual fund dealer, securities
dealer and insurance distribution network. Founded in 1962,
Guardian’s reputation for steady growth, long-term relationships
and its core values of trustworthiness, integrity and stability
have been key to its success over six decades. Its Common and Class
A shares are listed on the Toronto Stock Exchange as GCG and GCG.A,
respectively. To learn more about Guardian, visit
www.guardiancapital.com.
For further information, please contact:
C. Verner
Christensen |
or |
George
Mavroudis |
(416) 947-4093 |
|
(416) 364-8341 |
Caution Concerning Forward-Looking
Statements
Guardian may, from time to time, make
“forward-looking statements” in press releases, annual and
quarterly reports, and in other documents prepared for shareholders
or filed with securities regulators. These statements,
characterized by such words as “goal”, “outlook”, “intends”,
“expects”, “plan”, “prospects”, “are confident”, “believe” and
“anticipate”, are intended to reflect Guardian’s objectives, plans,
expectations, estimates, beliefs and intentions.
By their nature, forward-looking statements
involve risks and uncertainties. There is a risk that the
expectations reflected in such forward-looking statements will not
be achieved. Undue reliance should not be placed on these
statements, as a number of factors could cause actual results to
differ materially from Guardian’s objectives, plans, expectations
and estimates reflected in the forward-looking statements. Factors
which could cause actual results to differ from expectations
include, among other things, the economic and global financial
impact of the COVID-19 pandemic, general economic and market
conditions, including interest rates, business competition, changes
in government regulations or in tax laws, and other factors.
TSX Symbol: GCG, GCG.A
Guardian Capital (TSX:GCG)
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