AGF Management Limited - Normal Course Issuer Bid
05 February 2022 - 12:00AM
AGF Management Limited (“AGF”) announced today that the Toronto
Stock Exchange (“TSX”) has approved AGF’s notice of intention to
renew its normal course issuer bid in respect of its Class B
Non-Voting Shares (AGF.b).
As at February 2, 2022, there were 69,853,7391
Class B Non-Voting Shares issued and outstanding and the public
float consisted of 48,896,306 Class B Non-Voting
Shares.
Under the announced normal course issuer bid, AGF is permitted
to purchase up to 4,889,630 Class B Non-Voting
Shares, representing approximately 10% of the public float for such
shares as of January 25, 2022. Purchases under the normal course
issuer bid may commence on February 8, 2022 and continue until
February 7, 2023, when the bid expires. Pursuant to the Articles of
AGF, the Class B Non-Voting Shares may not be purchased by AGF at a
price which exceeds more than 15% of the weighted average price at
which the Class B Shares traded on the TSX during the ten trading
days immediately preceding the date of any such purchase.
AGF announced that it will be entering into an automatic
purchase plan (the “Plan”) with a broker during the normal course
issuer bid. The Plan is effective as of February 8, 2022 and should
terminate together with the normal course issuer bid. The Plan
allows for purchases by AGF of its Class B Non-Voting Shares during
certain pre-determined black-out periods, subject to certain
parameters. Outside of these pre-determined black-out periods,
shares will be purchased in accordance with management’s
discretion.
Under the announced normal course issuer bid, purchases may be
made through the facilities of TSX, alternative Canadian trading
systems /other published markets, or as otherwise permitted by the
Canadian Securities Administrators or Ontario Securities
Commission. The average daily trading volume (“ADTV”) of the Class
B Non-Voting Shares (for the six-month period ended January 31,
2022) on the TSX was 96,155. Under the rules of
the TSX, AGF is entitled to repurchase during the same trading day
on the TSX up to 25% of the ADTV of its Class B Non-Voting Shares,
being 24,038 except where reliance is placed on
the TSX’s block purchase exemption.
Class B Non-Voting Shares purchased under the NCIB will be
canceled or purchased and held by the AGF Employee Benefit Trust
for the settlement of equity settled incentive plans by AGF. The
directors believe that the purchase for cancellation of Class B
Non-Voting Shares represents a desirable use of capital when, if in
the opinion of management, the value of the Class B Non-Voting
shares is attractive relative to the trading price of said
shares. Purchase for cancellation by AGF of outstanding Class
B Non-Voting Shares may also be used to offset the dilutive effect
of treasury stock released for the employee benefit trust and of
shares issued through AGF’s stock option plans and dividend
reinvestment plan.
Under its existing normal course issuer bid, which expires on
February 7, 2022, AGF sought and received approval from the TSX to
purchase 5,067,167 Class B Non-Voting Shares. During the period
from February 8, 2021 to February 2, 2022, AGF acquired
1,840,060 Class B Non-Voting Shares at a weighted
average price of 7.78.
ABOUT AGF MANAGEMENT LIMITED
Founded in 1957, AGF Management Limited (AGF) is an independent
and globally diverse asset management firm. AGF brings a
disciplined approach to delivering excellence in investment
management through its fundamental, quantitative, alternative and
high-net-worth businesses focused on providing an exceptional
client experience. AGF’s suite of investment solutions extends
globally to a wide range of clients, from financial advisors and
individual investors to institutional investors including pension
plans, corporate plans, sovereign wealth funds and endowments and
foundations.
AGF has investment operations and client servicing teams on the
ground in North America, Europe and Asia. With over $42 billion in
total assets under management and fee-earning assets, AGF serves
more than 800,000 investors. AGF trades on the Toronto Stock
Exchange under the symbol AGF.B.
Media Contact
Amanda MarchmentDirector, Corporate
Communications416-865-4160amanda.marchment@agf.com
1 Includes treasury stock in the amount of
798,043
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