Stock BuybacksBy The Online Investor Staff, updated Tue., Feb. 18, 2:27 PM
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Slide #25. CGI
Share Amount Authorized:
CGI (TSX: GIB.A) (NYSE: GIB) (the "Company" or "CGI") announced today that its Board of Directors has authorized the renewal of its Normal Course Issuer Bid ("NCIB"), subject to approval by the Toronto Stock Exchange (the "TSX"). Under the terms of the NCIB, subject to TSX approval, the Company may purchase for cancellation on the open market through the facilities of the TSX and the New York Stock Exchange and through alternative trading systems, as well as outside the facilities of the TSX pursuant to exemption orders issued by securities regulators, up to 20,149,100 Class A Shares, representing approximately 10% of the Company's public float as of the close of business on January 22, 2020. The average daily trading volume of the Class A Shares on the TSX for the six-month period ended December 31, 2019 was 474,614 (the "ADTV"). Consequently, and in accordance with the requirements of the TSX, the daily purchase limit under the NCIB on the TSX will be 118,653 Class A Shares, representing 25% of the ADTV. All Class A Shares will be purchased at their market price at the time of acquisition, except for purchases effected outside the facilities of the TSX pursuant to exemption orders issued by securities regulators which will be at a discount to the market price as provided in such exemption orders. All Class A Shares purchased under the NCIB will be cancelled.
CGI Group is engaged in managing information technology services, including outsourcing, systems integration and consulting, software licenses and maintenance, as well as business process services to help clients realize their strategies and create added value.
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