DEFINITY FINANCIAL CORPORATION RENEWS NORMAL COURSE ISSUER BID
WATERLOO, ON ,
Pursuant to Definity's notice of intention to make a normal course issuer bid, Definity may, during the 12-month period commencing
As of
Purchases of Common Shares will be made in open market transactions on the TSX or through alternative trading systems in
Definity has also entered into an automatic purchase plan agreement (the "APP Agreement") with an independent designated broker in order to facilitate purchases of Common Shares at times when Definity would ordinarily not be permitted to purchase Common Shares under the NCIB due to regulatory restrictions or self-imposed blackout periods. The APP Agreement has been approved by the TSX and is effective
Definity will also be permitted to purchase its Common Shares from HOOPP in accordance with an exemption granted by the TSX pursuant to its rules, regulations, and policies in connection with the NCIB in order to maintain HOOPP's proportionate shareholding percentage at or below 19.90% of the issued and outstanding Common Shares. The maximum number of Common Shares that may be purchased pursuant to the NCIB will be reduced by the number of Common Shares purchased by Definity from HOOPP.
Purchases from HOOPP will be made during the TSX's Special Trading Session pursuant to an automatic disposition plan agreement between Definity's broker, Definity and HOOPP (the "ADP Agreement"). Purchases from HOOPP will be made on trading days, as required by the ADP Agreement, that Definity makes a purchase from other shareholders. In the event that HOOPP does not sell Common Shares on any trading day as required by the terms of the ADP Agreement (other than as a result of certain market disruption events), the TSX exemption will cease to apply and Definity will not be permitted to make any further purchases from HOOPP under the terms of the NCIB.
Pursuant to Definity's previous normal course issuer bid, which commenced on
This news release may contain forward-looking information within the meaning of applicable securities laws, which reflects Definity's current expectations regarding future events, including statements relating to the purchase of Common Shares, the APP Agreement and the ADP Agreement. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Definity's control. Such risks and uncertainties are included in the "Cautionary Note Regarding Forward-looking Information" and "Risk Management and Corporate Governance" sections of Definity's management's discussion and analysis for the year ended
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1 "Gross written premiums" is a supplementary financial measure composed of the total premiums for sale of insurance during a specified period including premiums assumed. |
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