TSX:GWO
WINNIPEG, MB, Jan. 25,
2024 /CNW/ - Great-West Lifeco Inc. (the
"Corporation") announced today that it has received approval from
the Toronto Stock Exchange ("TSX") for the renewal of its Normal
Course Issuer Bid ("NCIB").
Under the renewed NCIB, the Corporation may purchase for
cancellation up to 20,000,000 common shares ("Common Shares"),
representing approximately 2.14% of its 932,568,127 issued and
outstanding Common Shares on January 16,
2024. The term of the NCIB will commence on January 29, 2024 and continue until January 28, 2025, when the bid expires, or such
earlier date as the Corporation completes its purchases pursuant to
the notice of intention filed with the TSX. The average daily
trading volume during the six-month period preceding January 16, 2024 was 2,503,932 Common
Shares (excluding purchases by the Corporation under its automatic
share purchase plan). Consequently, daily purchases will be limited
to 625,982 Common Shares, subject to the TSX rules permitting block
purchases. Purchases may be made through the facilities of the TSX
and alternative Canadian trading systems or by such other means as
may be permitted under applicable law. The price paid for any such
repurchased shares will be the prevailing market prices at the time
of acquisition. Any Common Shares purchased by the Corporation
pursuant to the NCIB will be cancelled. Purchases under the NCIB
will be made by the Corporation's broker based upon the parameters
prescribed by the TSX and by applicable law.
The Corporation's Board of Directors has authorized the renewed
NCIB because, in the Board's opinion, such purchases constitute an
appropriate use of funds which will benefit both the Corporation
and its shareholders. The Corporation will utilize the renewed NCIB
to acquire Common Shares in order to mitigate the dilutive effect
of issuing securities under the Corporation's Stock Option Plan and
for other capital management purposes.
Under its prior NCIB, the Corporation received approval from the
TSX to purchase up to 20,000,000 common shares for the period of
January 27, 2023 to January 26, 2024. The Corporation purchased
6,000,000 Common Shares at the weighted average price of
$38.77 under its prior NCIB. A
non-independent trustee purchased 63,185 Common Shares which were
required to be counted against the NCIB limits in accordance
with section 629(j) of the TSX Company Manual, with no impact on
the number of shares outstanding. Those Common Shares were bought
at the weighted average price of $38.69.
About Great-West Lifeco
Inc.
Great-West Lifeco is an international financial services
holding company with interests in life insurance, health insurance,
retirement and investment services, asset management and
reinsurance businesses. We operate in Canada, the United
States and Europe under the
brands Canada Life, Empower, and Irish
Life. At the end of 2022, our companies had approximately
31,000 employees, 234,500 advisor relationships, and thousands of
distribution partners – all serving over 38 million customer
relationships across these regions. Great-West Lifeco trades on the
Toronto (TSX) Stock Exchange under
the ticker symbol GWO and is a member of the Power Corporation
group of companies. To learn more, visit greatwestlifeco.com.
SOURCE Great-West Lifeco Inc.