TORONTO, March 10, 2017 /CNW/ - CIBC
(TSX/NYSE: CM) announced today that the Toronto Stock Exchange
(TSX) has accepted notice of CIBC's intention to make a normal
course issuer bid (NCIB). On February
23, 2017, CIBC announced its intention to seek TSX approval
for a new NCIB. This approval would permit CIBC to purchase for
cancellation from time to time up to eight million common shares,
representing approximately 2% of CIBC's 399,757,598 issued and
outstanding common shares as of March 2,
2017. The average daily trading volume for the six
months ended February 28, 2017 and
the maximum amount of common shares that could be purchased each
day, calculated pursuant to the rules of the TSX for the purposes
of the NCIB, were 1,175,853 and 293,963 common shares,
respectively.
CIBC's purchase of common shares under a NCIB is consistent with
the bank's priority of maintaining balance sheet strength, while
generating shareholder value through a balanced capital deployment
strategy.
Purchases under the bid may commence through the TSX on or after
March 14, 2017 and may also be made
through alternative Canadian trading systems and the NYSE.
The bid will be completed upon the earlier of (i) CIBC purchasing 8
million common shares, (ii) CIBC providing a notice of termination,
or (iii) March 13, 2018. CIBC
World Markets Inc. has been retained to act as designated broker to
repurchase CIBC shares pursuant to the bid under automatic share
purchase plans established periodically. Each plan would
define a prearranged set of criteria which CIBC would not vary. The
price paid for the common shares will be the market price at the
time of the purchase. The common shares purchased under the NCIB
will be cancelled.
Over the term of the previous NCIB which commenced on
September 18, 2015 and expired on
September 17, 2016, CIBC purchased
3,197,200 of its common shares for cancellation at an average price
of $87.83 per share.
A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we
make written or oral forward-looking statements within the meaning
of certain securities laws, including in this press release report,
in other filings with Canadian securities regulators or the U.S.
Securities and Exchange Commission and in other communications.
These statements include, but are not limited to, statements about
our potential normal course issuer bid purchases and about our
financial condition, priorities, targets, ongoing objectives,
strategies and outlook. Forward-looking statements are subject to
inherent risks and uncertainties that may be general or specific. A
variety of factors, many of which are beyond our control, could
cause actual results to differ materially from the expectations
expressed in any of our forward-looking statements, including
general business and economic conditions worldwide; amendments to,
and interpretations of, risk-based capital guidelines; and changes
in monetary and economic policy. We do not undertake to
update any forward-looking statement except as required by law.
About CIBC
CIBC is a leading Canadian-based global financial institution with
11 million personal banking and business clients. Through our three
major business units - Retail and Business Banking, Wealth
Management and Capital Markets - CIBC offers a full range of
products and services through its comprehensive electronic banking
network, branches and offices across Canada with offices in the United States and around the world.
Ongoing news releases and more information about CIBC can be found
at www.cibc.com/ca/media-centre/ or by following on
Twitter @CIBC, Facebook (www.facebook.com/CIBC) and
Instagram @CIBCNow.
SOURCE Canadian Imperial Bank of Commerce