Business
Royal Bank of Canada to repurchase up to 30 million of its common shares
Royal Bank of Canada to repurchase up to 30 million of its common shares Canada NewsWir...
About this update from Royal Bank Of Canada
[{"type":"text","content":"\n \n \n \n Royal Bank of Canada to repurchase up to 30 million of its common shares\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 June 10, 2024\n \n \n /CNW/ - Royal Bank of\n \n Canada\n \n (the Bank) (TSX: RY) (NYSE: RY) today announced that the Toronto Stock Exchange (TSX) and the Office of the Superintendent of Financial Institutions (OSFI) have approved its normal course issuer bid to purchase, for cancellation, up to 30 million of its common shares.\n \n \n \n \n \n \n \n \n \n Purchases under the normal course issuer bid may commence on June 12, 2024 and continue until June 11, 2025, when the bid expires, or such earlier date as the Bank may complete its purchases pursuant to the notice of intention filed with the TSX. Purchases may be made through the facilities of the TSX, the New York Stock Exchange (NYSE) and other designated exchanges and alternative Canadian trading systems. The price paid for any such repurchased shares will be the prevailing market price at the time of acquisition.\n \n \n The maximum number of shares that may be repurchased for cancellation represents approximately 2.12% of the 1,415,074,558 common shares issued and outstanding as at May 31, 2024. The amount of purchases on the TSX on any given day will not exceed 1,255,946 common shares, which is 25% of the average daily trading volume on the TSX for the six months ending May 31, 2024. The average daily trading volume of the Bank's shares on the TSX for that six-month period, calculated in accordance with the rules of the TSX for the purposes of the bid, was 5,023,785 shares.\n \n \n The normal course issuer bid will give us the flexibility to manage the Bank's capital position while generating shareholder value.\n \n \n The Bank will establish an automatic share purchase plan on June 12, 2024, under which its broker, RBC Dominion Securities Inc., may periodically purchase its common shares pursuant to the bid within a defined set of criteria. The actual number of common shares...