Readers are referred to the section "Forward-Looking Statements"
at the end of this release.
MONTRÉAL, Feb. 23, 2021 /CNW
Telbec/ - Power Corporation of Canada (TSX: POW) ("Power Corporation" or the
"Corporation") announced today that it has filed with the Toronto
Stock Exchange (the "TSX"), and the TSX has accepted, the
Corporation's notice of intention to make a normal course issuer
bid (the "NCIB").
Under the NCIB, the Corporation may purchase for cancellation,
on the open market, at its discretion during the period commencing
on February 25, 2021 and ending on
the earlier of February 24, 2022 and
the completion of purchases under the NCIB, up to 30,000,000
subordinate voting shares of the Corporation (the "Subordinate
Voting Shares"), representing approximately 5.3% of the "public
float" of the Subordinate Voting Shares (within the meaning of the
rules of the TSX), subject to the normal terms and limitations of
such bids.
Daily purchases on the TSX under the NCIB will be limited to
541,416 Subordinate Voting Shares, other than purchases made
pursuant to the block purchase exception, based on the average
daily trading volume for six months ending January 31, 2021 of 2,165,667. The actual number
of Subordinate Voting Shares which may be purchased under the NCIB
and the timing of any such purchases will be determined by the
management of the Corporation, subject to applicable law and the
rules of the TSX. Pursuant to a previous notice of intention to
conduct a normal course issuer bid, under which Power Corporation
sought approval of the TSX to purchase 30,000,000 Subordinate
Voting Shares and which was approved by the TSX on
February 18, 2020 and expired on February 19, 2021, Power Corporation purchased
7,352,500 Subordinate Voting Shares on the open market at an
average purchase price of $26.27 per
share.
Purchases under the NCIB are expected to be made through the
facilities of the TSX or through alternative trading systems in
Canada, at prevailing market
prices. The NCIB will be funded using Power Corporation's existing
cash resources, and any Subordinate Voting Shares repurchased by
the Corporation under the NCIB will be cancelled.
As of February 17, 2021, the
Corporation had 622,630,508 issued and outstanding Subordinate
Voting Shares and a "public float" (within the meaning of the rules
of the TSX) of 571,409,610 Subordinate Voting Shares.
Power Corporation believes that the NCIB will provide the
flexibility to manage the Corporation's capital position while
generating value for shareholders.
Power Corporation may enter into an automatic share purchase
plan (an "ASPP") with a designated broker to allow for the purchase
of Subordinate Voting Shares under the NCIB at times when the
Corporation would ordinarily not be permitted to purchase shares
due to regulatory restrictions or self-imposed blackout
periods.
About Power Corporation
Power Corporation is an international management and holding
company that focuses on financial services in North America, Europe and Asia. Its core holdings are leading insurance,
retirement, wealth management and investment businesses, including
a portfolio of alternative asset investment platforms. Power
Corporation's head office is located at 751 Victoria Square,
Montréal, Québec. To learn more, visit
www.PowerCorporation.com.
Forward-Looking Statements
Certain statements in this news release, other than statements
of historical fact, are forward-looking statements based on certain
assumptions and reflect the Corporation's current expectations.
Forward-looking statements are provided to present information
about management's current expectations and plans relating to the
future and the reader is cautioned that such statements may not be
appropriate for other purposes. These statements may include,
without limitation, statements regarding the operations, business,
financial condition, expected financial results, performance,
prospects, opportunities, priorities, targets, goals, ongoing
objectives, strategies and outlook of the Corporation and
statements related to the Corporation's intention to commence the
NCIB and regarding a potential ASPP, and the timing and quantity of
any purchases of Subordinate Voting Shares thereunder.
Forward-looking statements include statements that are predictive
in nature, depend upon or refer to future events or conditions, or
include words such as "expects", "anticipates", "plans",
"believes", "estimates", "seeks", "intends", "targets", "projects",
"forecasts" or negative versions thereof and other similar
expressions, or future or conditional verbs such as "may", "will",
"should", "would" and "could".
By its nature, this information is subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors, many of
which are beyond the Corporation's and its subsidiaries' control,
affect the operations, performance and results of the Corporation
and its subsidiaries and their businesses, and could cause actual
results to differ materially from current expectations of estimated
or anticipated events or results. These factors include, but are
not limited to: the impact or unanticipated impact of general
economic, political and market factors in North America and internationally,
fluctuations in interest rates, inflation and foreign exchange
rates, monetary policies, business investment and the health of
local and global equity and capital markets, management of market
liquidity and funding risks, risks related to investments in
private companies and illiquid securities, risks associated with
financial instruments, changes in accounting policies and methods
used to report financial condition (including uncertainties
associated with significant judgments, estimates and assumptions),
the effect of applying future accounting changes, business
competition, operational and reputational risks, technological
changes, cybersecurity risks, changes in government regulation and
legislation, changes in tax laws, unexpected judicial or regulatory
proceedings, catastrophic events, manmade disasters, terrorist
attacks, wars and other conflicts, or an outbreak of a public
health pandemic or other public health crisis (such as COVID-19),
the Corporation's and its subsidiaries' ability to complete
strategic transactions, integrate acquisitions and implement other
growth strategies, and the Corporation's and its subsidiaries'
success in anticipating and managing the foregoing factors.
The reader is cautioned to consider these and other factors,
uncertainties and potential events carefully and not to put undue
reliance on forward-looking statements. Information contained in
forward-looking statements is based upon certain material
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including, without limitation, the
availability of cash for repurchases of outstanding Subordinate
Voting Shares under the NCIB, the existence of alternative uses for
the Corporation's cash resources which may be superior to effecting
repurchases under the NCIB, compliance by third parties with their
contractual obligations, compliance with applicable laws and
regulations pertaining to the NCIB, management's perceptions of
historical trends, current conditions and expected future
developments, as well as other considerations that are believed to
be appropriate in the circumstances, including that the list of
factors in the previous paragraph, collectively, are not expected
to have a material impact on the Corporation and its subsidiaries.
While the Corporation considers these assumptions to be reasonable
based on information currently available to management, they may
prove to be incorrect.
Other than as specifically required by applicable Canadian law,
the Corporation undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which such statement is made, or to reflect the
occurrence of unanticipated events, whether as a result of new
information, future events or results, or otherwise.
Additional information about the risks and uncertainties of the
Corporation's business and material factors or assumptions on which
information contained in forward-looking statements is based is
provided in its disclosure materials, including its most recent
Management's Discussion and Analysis and Annual Information Form,
filed with the securities regulatory authorities in Canada and available at www.sedar.com.
SOURCE Power Corporation of Canada