TORONTO, 04 Feb. 10, 2022 (GLOBE NEWSWIRE) — AGF Management Limited (“AGF”) today announced that the Toronto Stock Exchange (“TSX”) has approved AGF’s notice of intention to renew its public offering of redemption in the ordinary course of its Class B Non-Voting Shares (AGF.b).
As of February 2, 2022, there were 69,853,7391 Issued and outstanding Class B Non-Voting Shares and free float consisting of 48,896,306 Class B non-voting shares.
Under the announced normal course issuer bid, AGF is permitted to purchase up to 4,889,630 Class B non-voting shares, representing approximately 10% of the public float of such shares as of January 25, 2022. Purchases under the normal course issuer bid may begin on February 8, 2022 and continue continue until February 7, 2023, when the offer expires. Pursuant to AGF’s Articles of Association, Class B Non-Voting Shares may not be purchased by AGF at a price that exceeds more than 15% of the weighted average price at which the Class B Shares traded on the TSX during the ten trading days immediately preceding the date of such purchase.
AGF has announced that it will enter into an automatic purchase plan (the “Plan”) with a broker during the normal course issuer bid. The plan becomes effective on February 8, 2022 and is expected to expire concurrently with the normal course issuer bid. The plan allows AGF to purchase its Class B non-voting shares during certain pre-determined blackout periods, subject to certain parameters. Outside of these pre-determined blackout periods, shares will be purchased at management’s discretion.
Under the announced normal course issuer bid, purchases may be made through the facilities of the TSX, Canadian alternative trading systems/other published markets, or otherwise authorized by the Regulators Canadian Securities Regulators or the Ontario Securities Commission. The average daily trading volume of the Class B Non-Voting Shares (for the six-month period ended January 31, 2022) on the TSX was 96 155. Under TSX rules, AGF has the right to redeem on a single trading day on the TSX up to 25% of the ARV of its Class B non-voting shares, i.e. 24,038 unless reliance is placed on the TSX bulk purchase exemption.
Class B non-voting shares purchased under the issuer bid will be canceled or purchased and held by AGF Employee Benefit Trust for settlement of AGF stock-settled incentive plans. The directors believe that the purchase for cancellation of Class B Non-Voting Shares is a desirable use of capital when, in the opinion of management, the value of the Class B Non-Voting Shares is attractive relative to the trading price of said shares. . AGF’s purchase for cancellation of outstanding Class B non-voting shares may also be used to offset the dilutive effect of treasury shares released for the employee trust and shares issued under stock option plans and AGF’s dividend reinvestment plan.
In connection with its normal course issuer bid, which expires on February 7, 2022, AGF has sought and obtained the approval of the TSX for the purchase of 5,067,167 Class B non-voting shares . During the period from February 8, 2021 to February 2, 2022, AGF acquired 1,840,060 Class B Non-Voting Shares at a weighted average price of 7.78.
ABOUT AGF MANAGEMENT LIMITED
Founded in 1957, AGF Management Limited (AGF) is an independent, globally diversified asset management company. AGF takes a disciplined approach to delivering excellence in investment management through its fundamental, quantitative, alternative and wealth businesses focused on delivering an exceptional client experience. AGF’s portfolio of investment solutions spans a wide range of clients globally, from financial advisors and individual investors to institutional investors, including pension plans, corporate plans, sovereigns, endowments and foundations.
AGF has investment operations and customer service teams on the ground in North America, Europe and Asia. With over $42 billion in assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF is listed on the Toronto Stock Exchange under the symbol AGF.B.
Director, Corporate Communications
1 Includes treasury shares for an amount of 798,043