08:28 AM EDT, 07/09/2024 (MT Newswires) -- CI Financial Corp. ( CIXXF ) on Tuesday announced that the Toronto Stock Exchange ("TSX") has accepted its Notice of Intention to make a Normal Course Issuer Bid and Automatic Securities Purchase Plan ("ASPP").

Separately, the company announced the preliminary results of its substantial issuer bid, which expired at 5:00 p.m. on July 8, 2024.

On the renewed Normal Course Issuer Bid and Automatic Securities Purchase Plan, CI intends to purchase up to 12,607,916 of its common shares by way of a NCIB, through the facilities of the TSX and/or alternative Canadian trading systems or by such other means as may be permitted by the applicable securities regulator. Common shares may be purchased by CI or purchased by a trustee, to satisfy obligations under equity-based compensation or employee share purchase plans for CI. All common shares purchased by CI (but not those purchased by such a trustee or non-independent broker) will be cancelled. The 12,607,916 common shares represent 10% of the total public float for CI (126,079,165) as at July 5, 2024. As of July 5, 2024, there were 151,383,085 issued and outstanding common shares of CI.

It is expected that the purchases under the Normal Course Issuer Bid may commence on July 11, 2024 and will terminate on July 10, 2025, or on such earlier date as CI completes its purchases or provides notice of termination. Purchases will be effected through the facilities of the TSX at prevailing market prices, or such other means as may be permitted by the Ontario Securities Commission or Canadian Securities Administrators, and through alternative Canadian trading systems. CI is permitted to purchase up to 108,117 common shares daily, being 25% of the average daily trading volume of the common shares for the six months ended as of June 30, 2024 (432,469). On June 28, 2024, 3,035 common shares were purchased by a trustee to satisfy obligations under equity-based compensation or employee share purchase plans for CI at a price of $14.33 per share, which amount will count toward the Normal Course Issuer Bid commencing on July 11, 2024.

CI said it believes that the market price of the common shares may, at certain times throughout the duration of the NCIB, be undervalued based on CI's financial performance and prospects, and accordingly, the Board of Directors are of the opinion that the purchase of common shares is an appropriate use of funds in order to increase shareholder value.