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Great-West Lifeco announces final results of substantial issuer bid
Great-West Lifeco announces final results of substantial issuer bid Canada NewsWir...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n\n\n\nGreat-West Lifeco announces final results of substantial issuer bid\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\n\n\n\n\n\n\nCanada NewsWire\nWINNIPEG, April 17, 2019\n\n\n\nTSX:GWO\nAll figures are expressed in Canadian dollars, except as noted.\n WINNIPEG, April 17, 2019 /CNW/ - Great-West Lifeco Inc. (Great-West Lifeco or the Company) announced that it will take up and purchase for cancellation today 59,700,974 of its common shares (the Shares) at a purchase price of $33.50 per Share (the Purchase Price) under the Company's Substantial Issuer Bid (the Offer), for aggregate consideration of $2.0 billion.\nShares purchased under the Offer represent approximately 6.04% of the issued and outstanding Shares on a non-diluted basis as at the time that the Offer was announced. After giving effect to the repurchase, the number of issued and outstanding Shares is 928,755,699 on a non-diluted basis.\nA total of approximately 716 million Shares were properly tendered to the Offer (including Shares tendered on a proportionate basis) and not withdrawn. As the Offer was oversubscribed, shareholders who made auction tenders at a price of $33.50 or less per Share and purchase price tenders will have approximately 99.63% of their successfully tendered Shares purchased by Great-West Lifeco, other than \"odd lot\" tenders, which are not subject to proration. In addition, shareholders who made auction tenders at a price in excess of $33.50 per Share will have their Shares returned by Computershare Trust Company of Canada (the Depositary).\n\"We are pleased with the final results of our substantial issuer bid,\" said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco. \"This transaction has achieved the desired outcome of returning capital to shareholders while maintaining significant excess capital to fund strategic investments, including acquisitions, to drive growth and profitability.\"\nPayment for the purchased Shares will be effected by the Depositary in accordance with the Offer and applicable law. \...