AGF Management Limited - Normal Course Issuer Bid
06 Februar 2023 - 2:00PM
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 January 26, 2023, there were 65,644,7721
Class B Non-Voting Shares issued and outstanding and the public
float consisted of 43,979,233 Class B Non-Voting
Shares.
Under the announced normal course issuer bid, AGF is permitted
to purchase up to 4,397,923 Class B Non-Voting
Shares, representing approximately 10% of the public float for such
shares as of January 26, 2023. Purchases under the normal course
issuer bid may commence on February 8, 2023 and continue until
February 7, 2024, 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, 2023 and should
terminate together with the normal course issuer bid. The Plan
allows for purchases by AGF of its Class B Non-Voting Shares,
subject to certain parameters.
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,
2023) on the TSX was 127,221. 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 31,805 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, 2023, AGF sought and received approval from the TSX to
purchase 4,889,630 Class B Non-Voting Shares. During the period
from February 8, 2022 to February 2, 2023, AGF acquired
2,460,123 Class B Non-Voting Shares at a weighted
average price of $6.87.
About AGF Management Limited
Founded in 1957, AGF Management Limited (AGF) is an independent
and globally diverse asset management firm delivering excellence in
investing in the public and private markets through its three
distinct business lines: AGF Investments, AGF Private Capital and
AGF Private Wealth.
AGF brings a disciplined approach focused on providing an
exceptional client experience and incorporating sound responsible
and sustainable practices. The firm’s investment solutions, driven
by its fundamental, quantitative and private investing
capabilities, extends globally to a wide range of clients, from
financial advisors and their clients to high-net worth and
institutional investors including pension plans, corporate plans,
sovereign wealth funds, endowments and foundations.
Headquartered in Toronto, Canada, AGF has investment operations
and client servicing teams on the ground in North America and
Europe. 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
1,098,043
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