AGF Management Limited - Normal Course Issuer Bid

TORONTO, Feb. 02, 2018 (GLOBE NEWSWIRE) -- AGF Management Limited (“AGF”) announced today that the Toronto Stock Exchange (“TSX”) has approved AGF’s notice of intention to renew its normal course issuer bid in respect of its Class B Non-Voting Shares (AGF.b).

As at January 23, 2018, there were 79,604,1861 Class B Non-Voting Shares issued and outstanding and the public float consisted of 61,240,519 Class B Non-Voting Shares.

Under the announced normal course issuer bid, AGF is permitted to purchase up to 6,124,051 Class B Non-Voting Shares, representing approximately 10% of the public float for such shares as of January 23, 2018. Purchases under the normal course issuer bid may commence on February 6, 2018 and continue until February 5, 2019, when the bid expires.  Pursuant to the Articles of AGF, the Class B Non-Voting Shares may not be purchased by AGF at a price which 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 any such purchase.

AGF announced that it will be entering into an automatic purchase plan (the “Plan”) with a broker during the normal course issuer bid.  The Plan is effective as of February 6, 2018 and should terminate together with the normal course issuer bid.  The Plan allows for purchases by AGF of its Class B Non-Voting Shares during certain pre-determined black-out periods, subject to certain parameters. Outside of these pre-determined black-out periods, shares will be purchased in accordance with management’s discretion.

Under the announced normal course issuer bid, purchases may be made through the facilities of TSX, alternative Canadian trading systems /other published markets, or as otherwise permitted by the Canadian Securities Administrators or Ontario Securities Commission.  The average daily trading volume (“ADTV”) of the Class B Non-Voting Shares (for the six month period ended January 31, 2018) on the TSX was 137,329∙.   Under the rules of the TSX, AGF is entitled to repurchase during the same trading day on the TSX up to 25% of the ADTV of its Class B Non-Voting Shares, being 34,332 except where reliance is placed on the TSX’s block purchase exemption.

Class B Non-Voting Shares purchased under the NCIB will be canceled or purchased and held by the AGF Employee Benefit Trust for the settlement of equity settled incentive plans by AGF. The directors believe that the purchase for cancellation of Class B Non-Voting Shares represents a desirable use of capital when, if in the opinion of management, the value of the Class B Non-Voting shares is attractive relative to the trading price of said shares.  Purchase for cancellation by AGF of outstanding Class B Non-Voting Shares may also be used to offset the dilutive effect of treasury stock released for the employee benefit trust and of shares issued through AGF’s stock option plans and dividend reinvestment plan.

Under its existing normal course issuer bid, which expires on February 5, 2018, AGF sought and received approval from the TSX to purchase 4,899,168 Class B Non-Voting Shares. During the period from February 6, 2017 to February 2, 2018, AGF acquired 470,000 Class B Non-Voting Shares at a weighted average price of $7.42


Founded in 1957, AGF Management Limited (AGF) is a diversified global asset management firm with retail, institutional, alternative and high-net-worth businesses. As an independent firm, AGF brings a disciplined approach to delivering excellence in investment management and providing an exceptional client experience. AGF’s suite of diverse investment solutions extends globally to a wide range of clients, from financial advisors and individual investors to institutional investors including pension plans, corporate plans, sovereign wealth funds and endowments and foundations.

AGF has investment operations and client servicing teams on the ground in North America, Europe and Asia. With approximately $37 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

AGF Management Limited shareholders, analysts, and media, please contact:

Adrian Basaraba
Senior Vice-President and Chief Financial Officer

Paul Francis
Director, Corporate Development & Investor Relations

Caution Regarding Forward-Looking Statements

This press release includes forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘expects,’ ‘estimates,’ ‘anticipates,’ ‘intends,’ ‘plans,’ ‘believes’ or negative versions thereof and similar expressions, or future or conditional verbs such as ‘may,’ ‘will,’ ‘should,’ ‘would’ and ‘could.’ In addition, any statement that may be made concerning future financial performance (including income, revenues, earnings or growth rates), ongoing business strategies or prospects, fund performance, and possible future action on our part, is also a forward-looking statement. Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, business prospects, business performance and opportunities. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the financial services industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us due to, but not limited to, important risk factors such as level of assets under our management, volume of sales and redemptions of our investment products, performance of our investment funds and of our investment managers and advisors, client-driven asset allocation decisions, pipeline, competitive fee levels for investment management products and administration, and competitive dealer compensation levels and cost efficiency in our investment management operations, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, technological changes, cybersecurity, catastrophic events, and our ability to complete strategic transactions and integrate acquisitions, and attract and retain key personnel. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other than specifically required by applicable laws, we are under no obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete discussion of the risk factors that may impact actual results, please refer to the ‘Risk Factors and Management of Risk’ section of the 2017 Annual MD&A.


1 Includes treasury stock in the amount of 80,167