Business
Great-West Lifeco announces preliminary results of substantial issuer bid
Great-West Lifeco announces preliminary results of substantial issuer bid Canada N...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n\n\n\nGreat-West Lifeco announces preliminary 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 15, 2019\n\n\n\nTSX:GWO\nAll figures are expressed in Canadian dollars, except as noted.\n WINNIPEG, April 15, 2019 /CNW/ - Great-West Lifeco Inc. (Great-West Lifeco or the Company) today announced the preliminary results of its Substantial Issuer Bid (the Offer) to repurchase for cancellation up to $2.0 billion of its common shares (the Shares) from shareholders for cash. The Offer expired at 11:59 p.m. (Eastern time) on April 12, 2019.\nIn accordance with the terms and conditions of the Offer and based on a preliminary count by Computershare Trust Company of Canada (the Depositary), Great-West Lifeco expects to take up and purchase for cancellation 59,700,974 Shares (including those tendered by way of a notice of guaranteed delivery) at a purchase price of $33.50 per Share (the Purchase Price), for aggregate consideration of $2.0 billion. Shares expected to be 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 Offer, approximately 928,685,699 Shares are expected to be issued and outstanding. \n\"We are pleased with the preliminary results of our substantial issuer bid,\" said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco. \"These results indicate the 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.\"\nBased on the Depositary's preliminary count, approximately 716 million Shares were tendered to the Offer (including Shares tendered on a proportionate basis and those tendered by way of a notice of guaranteed delivery). As the Offer was oversubscribed, shareholders who made auction tenders at a price of $33.50 or less per Share and purchase price tenders are expected to have approximately...