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Provider: Wright Reports

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Canadian Western Bank Announces Normal Course Issuer Bid For Preferred Shares

Wednesday, 27 Feb 2013 02:33pm EST 

Canadian Western Bank announced the Toronto Stock Exchange (TSX) and the Office of the Superintendent of Financial Institutions Canada (OSFI) have approved the Bank's normal course issuer bid (NCIB) to purchase, for cancelation, up to 826,120 Non-Cumulative 5-Year Rate Reset Preferred Shares Series 3 (preferred shares). The number of preferred shares to be purchased under the NCIB represents approximately 10% of the 8,390,000 preferred shares issued and outstanding as at February 27, 2013. Purchases under the NCIB may begin on March 1, 2013 and will end no later than February 28, 2014. The price paid for any preferred shares purchased will be the market price of such shares on the TSX at the time of acquisition. Purchases will be effected through the facilities of the TSX and all preferred shares purchased pursuant to the NCIB will be canceled. Apart from block purchase exceptions, the maximum number of preferred shares that may purchased per trading day is 1,538, an amount equal to 25% of the average daily trading volume of the preferred shares on the TSX for the six month period ended January 31, 2013. 

Company Quote

-0.18 -0.55%
24 Dec 2014