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Intact Financial Corporation announces approval for normal course issuer bid
Intact Financial Corporation announces approval for normal course issuer bid Canada New...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n\n\n\n Intact Financial Corporation announces approval for 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 TORONTO\n \n\n ,\n \n\n Feb. 13, 2025\n \n\n /CNW/ - Intact Financial Corporation (TSX: IFC) (the \"Company\") announced today that a normal course issuer bid (\"NCIB\") authorized by its Board of Directors to purchase for cancellation during the next 12 months up to 5,350,283 common shares, representing approximately 3% of its issued and outstanding common shares as at the close of business on\n \n February 3, 2025\n \n , has been approved by the Toronto Stock Exchange (\"TSX\").\n \n\n At the close of business on\n \n February 3, 2025\n \n , there were 178,342,768 common shares issued and outstanding. The actual number of common shares which will be purchased for cancellation and the timing of any such purchases will be determined by the Company. The Company believes that its NCIB provides a flexible means of distributing a portion of its excess capital to shareholders who choose to participate in the program. Under the Company's NCIB during the preceding 12-month period, a maximum of 5,349,626 common shares were approved for purchase (representing 3% of the Company's issued and outstanding common shares as at\n \n February 7, 2024\n \n ) and the Company purchased 132,121 common shares for a weighted average price of\n \n $225.52\n \n , on the open market through the facilities of the TSX and Canadian alternative trading systems.\n \n\n Purchases under the NCIB will be made by means of open market transactions through the facilities of the TSX as well as through other designated exchanges and alternative trading systems in\n \n Canada\n \n . The TSX's rules permit the Company to purchase a daily maximum of 64,153 common shares through TSX facilities, subject to any block purchases made in accordance with TSX rules, which is 25% of the average daily trading volume of common shares for the six months ending on\n \n January 31, 2025\n \n .\n \n\n The Company has entered into an automatic share purch...