TORONTO, June 10,
2024 /CNW/ - Royal Bank of Canada (the Bank) (TSX: RY) (NYSE: RY)
today announced that the Toronto Stock Exchange (TSX) and the
Office of the Superintendent of Financial Institutions (OSFI) have
approved its normal course issuer bid to purchase, for
cancellation, up to 30 million of its common shares.
Purchases under the normal course issuer bid may commence on
June 12, 2024 and continue until June 11, 2025, when the
bid expires, or such earlier date as the Bank may complete its
purchases pursuant to the notice of intention filed with the TSX.
Purchases may be made through the facilities of the TSX, the New
York Stock Exchange (NYSE) and other designated exchanges and
alternative Canadian trading systems. The price paid for any such
repurchased shares will be the prevailing market price at the time
of acquisition.
The maximum number of shares that may be repurchased for
cancellation represents approximately 2.12% of the 1,415,074,558
common shares issued and outstanding as at May 31, 2024. The
amount of purchases on the TSX on any given day will not exceed
1,255,946 common shares, which is 25% of the average daily trading
volume on the TSX for the six months ending May 31, 2024. The
average daily trading volume of the Bank's shares on the TSX for
that six-month period, calculated in accordance with the rules of
the TSX for the purposes of the bid, was 5,023,785 shares.
The normal course issuer bid will give us the flexibility to
manage the Bank's capital position while generating shareholder
value.
The Bank will establish an automatic share purchase plan on
June 12, 2024, under which its broker, RBC Dominion Securities
Inc., may periodically purchase its common shares pursuant to the
bid within a defined set of criteria. The actual number of common
shares purchased under the automatic share purchase plan, the
timing of purchases, and the price at which the common shares are
bought will depend upon future market conditions.
Caution regarding forward-looking statements
This press release contains forward-looking statements within
the meaning of certain securities laws, including the "safe
harbour" provisions of the United States Private Securities
Litigation Reform Act of 1995 and any applicable Canadian
securities legislation, with respect to RBC's beliefs, plans,
expectations and estimates. Forward-looking statements in this
press release may include, but are not limited to, statements with
respect to the normal course issuer bid by Royal Bank of
Canada. Forward-looking statements
are typically identified by words such as "believe", "expect",
"suggest", "seek", "foresee", "forecast", "schedule", "anticipate",
"intend", "estimate", "goal", "commit", "target", "objective",
"plan", "outlook", "timeline" and "project" and similar expressions
of future or conditional verbs such as "will", "may", "might",
"should", "could", "can" or "would" or negative or grammatical
variations thereof.
By their very nature, forward-looking statements require us to
make assumptions and are subject to inherent risks and
uncertainties, both general and specific in nature, which give rise
to the possibility that our predictions, forecasts, projections,
expectations or conclusions will not prove to be
accurate, that our assumptions may not be correct, that our
forward-looking statements, including statements about the proposed
normal course issuer bid by Royal Bank of Canada, will not be achieved and that our
actual results may differ materially from such predictions,
forecasts, projections, expectations or conclusions.
We caution readers not to place undue reliance on our
forward-looking statements as a number of risk factors could cause
our actual results to differ materially from the expectations
expressed in such forward-looking statements. These factors – many
of which are beyond our control and the effects of which can be
difficult to predict – include: credit, market, liquidity and
funding, insurance, operational, regulatory compliance (which could
lead to us being subject to various legal and regulatory
proceedings, the potential outcome of which could include
regulatory restrictions, penalties and fines), strategic,
reputation, legal and regulatory environment, competitive, model,
systemic risks and other risks discussed in the risk sections of
our annual report for the fiscal year ended October 31, 2023 (the 2023 Annual Report) and the
Risk management section of our Q2 2024 Report to Shareholders,
including business and economic conditions in the geographic
regions in which we operate, Canadian housing and household
indebtedness, information technology, cyber and third-party risks,
geopolitical uncertainty, environmental and social risk (including
climate change), digital disruption and innovation, privacy and
data related risks, regulatory changes, culture and conduct risks,
the effects of changes in government fiscal, monetary and other
policies, tax risk and transparency, and our ability to anticipate
and successfully manage risks arising from all of the foregoing
factors. Additional factors that could cause actual results to
differ materially from the expectations in such forward-looking
statements can be found in the risk sections of our 2023 Annual
Report and the Risk management section of our Q2 2024 Report to
Shareholders, as may be updated by subsequent quarterly
reports.
We caution that the foregoing list of risk factors is not
exhaustive and other factors could also adversely affect our
results. When relying on our forward-looking statements to make
decisions with respect to us, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events, as well as the inherent uncertainty of
forward-looking statements. Material economic assumptions
underlying the forward-looking statements contained in this press
release are set out in the Economic, market and regulatory review
and outlook section and for each business segment under the
Strategic priorities and Outlook headings in our 2023 Annual
Report, as updated by the Economic, market and regulatory review
and outlook section of our Q2 2024 Report to Shareholders. Such
sections may be updated by subsequent quarterly reports.
Any forward-looking statements contained in this press release
represent the views of RBC only as of the date hereof. Except as
required by law, RBC does not undertake to update any
forward-looking statement, whether written or oral, that may be
made from time to time by us or on our behalf.
SOURCE Royal Bank of Canada