Colliers Announces Normal Course Issuer Bid
July 17 2023 - 4:30PM
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI)
(“Colliers”) announced today that the Toronto Stock Exchange (the
“TSX”) has accepted a notice filed by Colliers of its intention to
make a normal course issuer bid (the “NCIB”) with respect to its
outstanding subordinate voting shares (the “Subordinate Voting
Shares”).
The notice provides that Colliers may, during
the twelve month period commencing July 20, 2023 and ending no
later than July 19, 2024, purchase through the facilities of the
TSX, alternative Canadian Trading Systems or The NASDAQ Stock
Market (“Nasdaq”) up to 4,000,000 Subordinate Voting Shares in
total, being approximately 10% of the 40,066,978 shares comprising
the “public float” as of July 17, 2023 of such class of shares.
Purchases of Subordinate Voting Shares through Nasdaq will be made
in the normal course and will not, during the twelve month period
ending July 19, 2024 exceed, in the aggregate, 5% of the
outstanding Subordinate Voting Shares as at the commencement of the
NCIB. The price which Colliers will pay for any such shares will be
the market price at the time of acquisition. During the period of
this NCIB, Colliers may make purchases under the NCIB by means of
open market transactions or otherwise as permitted by the Ontario
Securities Commission, Canadian Securities Administrators and/or
Nasdaq. The actual number of Subordinate Voting Shares which may be
purchased pursuant to the NCIB and the timing of any such purchases
will be determined by senior management of Colliers. The average
daily trading volume on the TSX from January 1, 2023 to June 30,
2023 was 66,248 Subordinate Voting Shares. Daily purchases under
the NCIB will be limited to 16,562 Subordinate Voting Shares, other
than block purchases. All shares purchased by Colliers under the
NCIB will be cancelled.
As of July 17, 2023, there were 45,853,682
Subordinate Voting Shares and 1,325,694 multiple voting shares of
Colliers outstanding.
Colliers may purchase its Subordinate Voting
Shares, from time to time, if it believes that the market price of
its Subordinate Voting Shares is attractive and that the purchase
would be an appropriate use of corporate funds and in the best
interests of Colliers.
Colliers’ previous NCIB authorized the purchase
of up to 3,500,000 Subordinate Voting Shares and expires on July
19, 2023. As of the date hereof, Colliers has purchased 427,274 of
its Subordinate Voting Shares under this NCIB (including
Subordinate Voting Shares purchased through NASDAQ during the
period of this NCIB).
About ColliersColliers (NASDAQ,
TSX: CIGI) is a leading diversified professional services and
investment management company. With operations in 66 countries, our
18,000 enterprising professionals work collaboratively to provide
expert real estate and investment advice to clients. For more than
28 years, our experienced leadership with significant inside
ownership has delivered compound annual investment returns of
approximately 20% for shareholders. With annual revenues of $4.5
billion and $98 billion of assets under management, Colliers
maximizes the potential of property and real assets to accelerate
the success of our clients, our investors and our
people. Learn more at corporate.colliers.com,
Twitter @Colliers or LinkedIn.
Forward-looking StatementsThis
press release includes forward-looking statements. Forward-looking
statements include the Company’s financial performance outlook and
statements regarding goals, beliefs, strategies, objectives, plans
or current expectations. These statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results to be materially different from any future results,
performance or achievements contemplated in the forward-looking
statements. Such factors include: economic conditions, especially
as they relate to commercial and consumer credit conditions and
consumer spending, particularly in regions where our business may
be concentrated; commercial real estate property values, vacancy
rates and general conditions of financial liquidity for real estate
transactions; trends in pricing and risk assumption for commercial
real estate services; the effect of significant movements in
average capitalization rates across different property types; a
reduction by companies in their reliance on outsourcing for their
commercial real estate needs, which would affect revenues and
operating performance; competition in the markets served by the
Company; the ability to attract new clients and to retain major
clients and renew related contracts; the ability to retain and
incentivize producers; increases in wage and benefit costs; the
effects of changes in interest rates on the cost of borrowing;
unexpected increases in operating costs, such as insurance,
workers’ compensation and health care; changes in the frequency or
severity of insurance incidents relative to historical experience;
the effects of changes in foreign exchange rates in relation to the
US dollar on the Company’s Canadian dollar, Euro, Australian dollar
and UK pound sterling denominated revenues and expenses; the impact
of pandemics on client demand for the Company’s services, the
ability of the Company to deliver its services and the health and
productivity of its employees; the impact of global climate change;
the impact of political events including elections, referenda,
trade policy changes, immigration policy changes, hostilities and
terrorism on the Company’s operations; the ability to identify and
make acquisitions at reasonable prices and successfully integrate
acquired operations; the ability to execute on, and adapt to,
information technology strategies and trends; the ability to comply
with laws and regulations related to our global operations,
including real estate and mortgage banking licensure, labour and
employment laws and regulations, as well as the anti-corruption
laws and trade sanctions; and changes in government laws and
policies at the federal, state/provincial or local level that may
adversely impact the business.
Additional information and risk factors are
identified in the Company’s other periodic filings with Canadian
and US securities regulators (which factors are adopted herein and
a copy of which can be obtained at www.sedar.com). Forward looking
statements contained in this press release are made as of the date
hereof and are subject to change. All forward-looking statements in
this press release are qualified by these cautionary statements.
Except as required by applicable law, Colliers undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
COMPANY CONTACTS:
Christian MayerCFO(416) 960-9500
Colliers (NASDAQ:CIGI)
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