TORONTO, Aug. 28, 2014 /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
shares, or approximately 2% of its outstanding common shares over a 12
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 or suspend. 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 9, 2013 and August 26, 2014, CIBC purchased 4.21
million of its common shares for cancellation at an average price of
$91.06 per share 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.
CIBC is a leading Canadian-based global financial institution with
nearly 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.
SOURCE CIBC - Investor Relations