Colliers Announces Entry Into Automatic Share Purchase Plan
On October 3, 2022, Colliers International Group (NASDAQ: CIGI) announced the implementation of an Automatic Share Purchase Plan (ASPP) as part of its Normal Course Issuer Bid (NCIB) for buying back its subordinate voting shares. This plan allows Colliers to make share purchases during blackout periods, adhering to TSX regulations, starting October 3, 2022, and ending on October 28, 2022. The NCIB, which began on July 20, 2022, is set to conclude no later than July 19, 2023. All shares purchased under the ASPP will count towards the NCIB total.
- Implementation of ASPP to facilitate share repurchases during blackout periods.
- Share buybacks may enhance shareholder value through improved stock performance.
- None.
TORONTO, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) (“Colliers”) announced today that it has established an automatic share purchase plan (“ASPP”) in connection with its previously announced normal course issuer bid (the “NCIB”) applicable to its outstanding subordinate voting shares (the “Subordinate Voting Shares”). The ASPP is intended to allow for the purchase of Subordinate Voting Shares under the NCIB at times when Colliers would ordinarily not be permitted to purchase its securities due to regulatory restrictions and customary self-imposed blackout periods.
Pursuant to the ASPP, purchases will be made by Colliers’ designated broker based on pre-established purchasing parameters, without further instructions by Colliers, in compliance with the rules of the Toronto Stock Exchange (“TSX”), applicable securities laws and the terms of the ASPP. The ASPP has been pre-cleared by the TSX and will be implemented beginning on October 3, 2022 and, if not terminated sooner based on the terms of the ASPP, will terminate on October 28, 2022.
The NCIB commenced on July 20, 2022 and will end not later than July 19, 2023. All purchases made under the ASPP will be included in computing the number of Subordinate Voting Shares purchased under the NCIB.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 63 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of
Forward-looking Statements
This 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 Mayer
CFO
(416) 960-9500
FAQ
What is the purpose of Colliers' Automatic Share Purchase Plan (ASPP)?
When does the Automatic Share Purchase Plan (ASPP) for CIGI start and end?
How does the Automatic Share Purchase Plan impact the Normal Course Issuer Bid (NCIB) for CIGI?
What are the regulations surrounding the Automatic Share Purchase Plan for CIGI?
