Le Lézard
Classified in: Business

CWB receives TSX approval for normal course issuer bid

EDMONTON, ALBERTA--(Marketwired - Oct. 2, 2017) - Canadian Western Bank (TSX:CWB) ("CWB") announced today that a normal course issuer bid ("NCIB") authorized by its Board of Directors to purchase for cancellation during the next 12 months up to 1,767,000 common shares, representing approximately 2% of the issued and outstanding common shares, has been approved by the Toronto Stock Exchange ("TSX").

At the close of business on September 27, 2017, there were 88,404,288 common shares issued and outstanding. The actual number of common shares which will be purchased for cancellation and the timing of any such purchases will be determined by CWB.

Management believes CWB's very strong capital position provides the company with various capital deployment options, including dividend increases, potential acquisitions, and, under the appropriate circumstances, common share repurchases through a NCIB.

Purchases under the NCIB may be made by means of open market transactions through the facilities of the TSX or alternative Canadian trading systems. Other than block purchase exceptions made in accordance with TSX rules, daily purchases will be limited to a maximum of 101,302 common shares, which is approximately 25% of the average daily trading volume of common shares for the six months ending August 31, 2017, being 405,210. 

CWB will establish an automatic securities purchase plan under which its arm's length broker may purchase common shares of CWB pursuant to the NCIB. The plan defines a prearranged set of criteria under which its broker may make share purchases. The plan will enable the purchase of CWB's common shares at any time, including when CWB would not otherwise make purchases because of internal trading blackout periods, insider trading rules or otherwise. The plan will terminate on the earliest of: the date on which the purchase limits specified in the plan have been attained, the date on which the normal course issuer bid terminates, or the date on which the plan is terminated by either CWB or its broker in accordance with its terms.

Purchases of common shares may commence on or about October 4, 2017 and will expire on the earlier of September 30, 2018 or the date on which the CWB has either acquired the maximum number of common shares allowable or otherwise decided not to make any further repurchases.

About CWB Group

CWB Group (CWB) is a diversified financial services organization serving businesses and individuals across Canada. Operating from its headquarters in Edmonton, Alberta, CWB's key business lines include full-service business and personal banking offered through 42 branches of Canadian Western Bank and Internet banking services provided by Motive Financial. Highly responsive specialized financing is delivered under the banners of CWB Equipment Financing, National Leasing, CWB Maxium Financial, CWB Franchise Finance and CWB Optimum Mortgage. Trust Services are offered through Canadian Western Trust. Comprehensive wealth management offerings are provided through CWB Wealth Management, which includes the businesses of Adroit Investment Management, McLean & Partners Wealth Management and Canadian Western Financial. As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" (Series 5 Preferred Shares) and "CWB.PR.C" (Series 7 Preferred Shares). Learn more at www.cwb.com.

These press releases may also interest you

at 08:00
Lowcarinsurancequotes.info has released a new blog post explaining the importance of documenting a car crash when claiming auto insurance benefits. In case of an accident, a driver should call his or her agency as soon as possible. The agent will...

at 06:00
On February 14th, an armed gunman shot and killed 17 people at Marjory Stoneman Douglas High School, in Parkland, Florida.   The March for Our Lives Montreal is part of an international movement to stand in solidarity with the young Americans....

at 05:00
SAN FRANCISCO, March 24, 2018 /PRNewswire-PRWeb/ -- Safe Harbor LLP, a San Francisco CPA firm focusing on tax issues for businesses and high net worth individuals, is proud to announce updates to its information pages on expatriate tax preparation...

at 03:00
A new era for SMEs as SMRT Tokens enable efficient, transparent and borderless business transactions  - Enables small businesses to be born global   - Smart contracts offer frictionless trade   - Pre- ICO launch for bulk purchase...

at 01:00
LISLE, Ill., March 24, 2018 /PRNewswire-PRWeb/ -- Verenia today announced it will be a Gold sponsor at SuiteWorld18, an annual celebration of NetSuite customers and partners. Now in its 8th year, SuiteWorld is the preeminent Cloud ERP conference...

23 mar 2018
ClaimsFiler, a FREE shareholder information service, reminds investors that they have until April 10, 2018 to file lead plaintiff applications in a securities class action lawsuit against LJM Funds Management Ltd., if they purchased shares of the LJM...

News published on 2 october 2017 at 07:03 and distributed by: