Business
CGI announces intent to repurchase 939 thousand of its shares held by CDPQ
CGI announces intent to repurchase 939 thousand of its shares held by CDPQ Cana...
About this update from Cgi Inc. Class A
[{"type":"text","content":"\n \n \n \n CGI announces intent to repurchase 939 thousand of its shares held by CDPQ\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Stock Market Symbols\n \n \n \n GIB.A (TSX)\n \n \n \n GIB (NYSE)\n \n \n \n cgi.com/en/newsroom\n \n \n \n \n MONTRÉAL\n \n ,\n \n \n Aug. 1, 2022\n \n \n /CNW/ - CGI (TSX: GIB.A) (NYSE: GIB) announced today that it intends to enter into a private agreement with CDPQ for the purchase for cancellation of 938,914 of its Class A subordinate voting shares (\"Class A Shares\") held by CDPQ for a price of\n \n $106.51\n \n per Class A Share, which represents a discount to the closing price on\n \n July 29, 2022\n \n of the Class A Shares on the Toronto Stock Exchange (\"TSX\").\n \n \n The transaction will be made in connection with the periodic portfolio rebalancing of CDPQ. Once completed, CDPQ will continue to hold approximately 22.5 million Class A Shares, representing approximately 9.5% of CGI's total outstanding shares.\n \n \n \"Once again this year, CGI produced excellent results for its shareholders and this repurchase of shares is an opportunity to monetize a portion of our investment to the benefit of our depositors\" said\n \n Kim Thomassin\n \n , Executive Vice-President and Head of Québec at CDPQ. \"Following this transaction, CDPQ will continue to be one of the main shareholders of CGI, and we intend to remain so to support the long-term growth of this information technology leader.\"\n \n \n \"This transaction is consistent with our value creation strategy and is immediately accretive to our shareholders,\" said\n \n Julie Godin\n \n , Co-Chair of the Board, CGI. \"CGI has the strength and capital resources to execute on our Build and Buy profitable growth strategy given our strong balance sheet and excellent cash generation, combined with\n \n $2.3 billion\n \n of cash readily available at the end of\n \n June 2022\n \n .\"\n \n \n A favourable decision was obtained from the Autorité des marchés financiers (AMF) to exempt CGI from ...