Sun Life Announces Intention to Launch Normal Course Issuer Bid
- Sun Life Financial's normal course issuer bid allows for the purchase of up to 17,000,000 common shares.
- The bid represents approximately 2.9% of the total common shares issued and outstanding.
- The purpose of the bid is to provide flexibility for capital management and returning capital to shareholders.
- The bid is expected to commence on August 21, 2023.
- Shares may be purchased through various trading platforms at prevailing market rates.
- None.
The NCIB will provide the Company with the flexibility to acquire common shares in order to return capital to shareholders as part of its overall capital management strategy.
The NCIB is expected to commence on August 21, 2023, or such earlier date determined by the Company following receipt of applicable approvals by OSFI and the TSX, and will end at the latest on the date that is 12 months after the commencement of the NCIB. Purchases under the NCIB may be made through the facilities of the TSX, other Canadian stock exchanges and/or alternative Canadian trading platforms, at prevailing market rates. Subject to regulatory approval, purchases under the NCIB may also be made by way of private agreements or share repurchase programs under issuer bid exemption orders issued by securities regulatory authorities. Any purchases made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price. The actual number of common shares purchased under the NCIB, and the timing of such purchases (if any), will be determined by the Company. Any common shares purchased by the Company pursuant to the NCIB will be cancelled or used in connection with certain equity settled incentive arrangements.
From time to time, when the Company does not possess material non-public information about itself or its securities, it may enter into a pre-defined plan with its broker to allow for the repurchase of common shares of the Company at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with the Company's broker will be adopted in accordance with applicable Canadian securities laws.
Forward-Looking Statements
From time to time, the Company makes written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements contained in this news release include statements (i) relating to the Company's potential normal course issuer bid (including, but not limited to, statements relating to the entrance into a pre-defined plan with its broker), (ii) that are predictive in nature or that depend upon or refer to future events or conditions, and (iii) that include words such as "intends", "expects", "will" and similar expressions. The forward-looking statements made in this news release are stated as at August 8, 2023, represent the Company's current expectations, estimates and projections regarding future events and are not historical facts. These statements are not a guarantee of future performance and involve assumptions and risks and uncertainties that are difficult to predict. Some of these assumptions and risks and uncertainties are described further in the Company's management's discussion and analysis for the year ended December 31, 2022 under the heading "Forward-looking Statements", in the risk factors set out in the Company's annual information form for the year ended December 31, 2022 under the heading "Risk Factors", and in the Company's interim management's discussion and analysis for the quarter ended June 30, 2023 under the heading "Risk Management", in the other factors detailed in the Company's annual and interim financial statements and in the Company's other filings with Canadian and
The Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, except as required by law.
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including
Sun Life Financial Inc. trades on the
Note to editors: All figures in Canadian dollars
Media Relations Contact:
Krista Wilson
Director
Corporate Communications
T. 226-751-2391
krista.wilson@sunlife.com
Investor Relations Contact:
David Garg
Senior Vice-President, Capital
Management and Investor Relations
T. 416-408-8649
david.garg@sunlife.com
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SOURCE Sun Life Financial Inc.
FAQ
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