TORONTO, Dec. 2, 2021 /CNW/ - CIBC (TSX: CM) (NYSE:
CM) today announced its intention to purchase for cancellation up
to ten million common shares under a normal course issuer bid,
subject to the approval of the Toronto Stock Exchange (TSX). Common
shares that may be purchased for cancellation represent
approximately 2.2% of outstanding common shares as at October 31, 2021.
CIBC will file a notice of intention to make a normal course
issuer bid with the TSX and this bid would commence following TSX's
acceptance of this notice and continue for up to one year.
The normal course issuer bid will provide CIBC additional
flexibility in managing its capital position and generate
shareholder value.
Purchases would be made through the facilities of the TSX,
alternative Canadian trading systems or the NYSE, in accordance
with applicable regulatory requirements. CIBC may periodically
establish an automatic program under which its broker, CIBC Capital
Markets, would repurchase CIBC shares pursuant to the bid within a
defined set of criteria determined by CIBC. The price paid for the
common shares will be the market price at the time of the
purchase.
CIBC's previous normal course issuer bid for the purchase
of up to nine million common shares commenced on June 4, 2019 and expired on June 3, 2020. Over the term of the previous bid,
CIBC purchased 3.2 million of its common shares for
cancellation at an average price of $106.97 per share.
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, 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 North American financial institution with 11
million personal banking, business, public sector and institutional
clients. Across Personal and 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 https://www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC