QUEBEC
CITY, May 9, 2024 /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 October 31, 2023 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 October 31,
2023. No other terms of the NCIB have been amended.
Purchases under the NCIB began on November 14, 2023 and will not continue beyond
November 13, 2024. 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.
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
the last six complete calendar months ending October 31, 2023. Accordingly, unless a block
purchase meeting the block purchase exception under TSX rules is
made, the Corporation is entitled to purchase up to 51,944 common
shares on any trading day.
Other than to reflect the increase in the maximum number of
common shares that may be repurchased under the NCIB, the automatic
share repurchase plan ("Automatic Plan") entered into by the
Corporation with a designated broker remains unchanged. The
Automatic Plan, which has been pre-cleared by the TSX, provides for
the potential repurchase of common shares at any time, including
when the Corporation ordinarily would not be active in the market
due to its self-imposed trading blackout periods, insider trading
rules, or otherwise.
During the period from November 14,
2023 to May 3, 2024, 3,845,560
common shares were repurchased through the facilities of the
Toronto Stock Exchange and alternative Canadian trading systems and
cancelled. The weighted average price paid for the 3,845,560
common shares was approximately $86.41 per common share.
Shareholders may obtain a copy of the documents filed with the
TSX concerning this bid by writing to the Corporate Secretary of iA
Financial Group.
About iA Financial
Group
iA Financial Group is one of the largest insurance and wealth
management groups in Canada, with
operations in the United States.
Founded in 1892, it is one of Canada's largest public companies and is
listed on the Toronto Stock Exchange under the ticker symbols IAG
(common shares) and IAF (preferred shares).
To receive iA Financial Group news releases by email, you can
sign up for our newsletter on our website at ia.ca.
iA Financial Group is a business name and trademark of iA
Financial Corporation Inc. and Industrial Alliance Insurance
and Financial Services Inc.
SOURCE iA Financial Group