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iA Financial Group Announces an Amendment to its Normal Course Issuer Bid
iA Financial Group Announces an Amendment to its Normal Course Issuer Bid Canada NewsWi...
About this update from Ia Financial Corporation Inc.
[{"type":"text","content":"\n \n \n \n iA Financial Group Announces an Amendment to its Normal Course Issuer Bid\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n QUEBEC CITY\n \n \n ,\n \n \n May 9, 2024\n \n \n /CNW/ - With the approval of the Toronto Stock Exchange (\"TSX\") and the Autorité des marchés financiers, the board of directors of iA Financial Corporation Inc. (TSX: IAG) (\"iA Financial Group\" or the \"Corporation\") has authorized the Corporation to amend the normal course issuer bid (\"NCIB\") announced previously. The amendment increases the maximum number of common shares that may be purchased for cancellation under the NCIB from 5,046,835 shares representing approximately 5% of the Corporation's 100,936,705 issued and outstanding common shares as at\n \n October 31, 2023\n \n to 8,074,936 common shares, representing approximately 8.01% of the 100,795,937 common shares that constituted the Corporation's \"public float\" as at\n \n October 31, 2023\n \n . No other terms of the NCIB have been amended.\n \n \n Purchases under the NCIB began on\n \n November 14, 2023\n \n and will not continue beyond\n \n November 13, 2024\n \n . The purchases under the NCIB will be made at market price at the time of purchase through the facilities of the TSX or an alternative Canadian trading system, in accordance with market rules and policies. The common shares purchased will be cancelled. iA Financial Group believes that the purchase of its common shares represents an appropriate use of its funds and remains in the best interests of the Corporation and its shareholders.\n \n \n Under TSX rules, the Corporation is entitled to purchase up to the greater of: 25% of the average daily trading volume (\"ADTV\") of the common shares; or 1,000 common shares on any trading day; or a larger number of common shares per calendar week, subject to the maximum number that may be acquired under the NCIB if the transaction meets the block purchase exception under TSX rules. The ADTV of the Corporation's common shares was 207,776 on the TSX over th...