TORONTO, May 31, 2018 /CNW/ - CIBC (TSX/NYSE: CM)
announced today that the Toronto Stock Exchange (TSX) has accepted
notice of CIBC's intention to make a normal course issuer bid
(NCIB). On May 23, 2018, CIBC
announced its intention to seek TSX approval for a new NCIB. This
approval would permit CIBC to purchase for cancellation from time
to time up to nine million common shares, representing
approximately 2% of CIBC's 444,819,584 issued and outstanding
common shares as of May 22, 2018.
The average daily trading volume for the six months ended
April 30, 2018 and the maximum amount
of common shares that could be purchased each day, calculated
pursuant to the rules of the TSX for the purposes of the NCIB, were
1,316,709 and 329,177 common shares, respectively.
CIBC's purchase of common shares under a NCIB is consistent with
the bank's priority of maintaining balance sheet strength, while
generating shareholder value through a balanced capital deployment
strategy.
Purchases under the bid may commence through the TSX on or after
June 4, 2018 and may also be made
through alternative Canadian trading systems and the NYSE.
The bid will be completed upon the earlier of (i) CIBC purchasing 9
million common shares, (ii) CIBC providing a notice of termination,
or (iii) June 3, 2019. CIBC
Capital Markets has been retained to act as designated broker to
repurchase CIBC shares pursuant to the bid under automatic share
purchase plans established periodically. Each plan would
define a prearranged set of criteria determined by CIBC. The price
paid for the common shares will be the market price at the time of
the purchase. The common shares purchased under the NCIB will be
cancelled.
CIBC's previous normal course issuer bid for the purchase of up
to eight million common shares commenced on March 14, 2017 and expired on March 13, 2018. Over the term of the
previous bid, CIBC did not purchase any of its common shares for
cancellation.
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, business, public sector and
institutional clients. Across Personal and Small Business Banking,
Commercial Banking and Wealth Management, and Capital Markets
businesses, CIBC offers a full range of advice, solutions and
services through its leading digital banking network, and locations
across Canada, in the United States and around the
world. Ongoing news releases and more information about CIBC can be
found at www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC - Investor Relations