CIBC seeks approval from TSX for normal course issuer bid
CIBC announced its intention to seek Toronto Stock Exchange approval for a normal course issuer bid. Purchases of common shares for cancellation will be made subject to CIBC's ongoing capital requirements. Such purchases will not exceed 9M common shares, or approximately 2% of its outstanding common shares over a 12 month period. CIBC will file a notice of intention to make a normal course issuer bid with the TSX and this bid would commence following TSX acceptance of this notice and continue for up to one year. Purchases would be made through the facilities of the TSX, alternative Canadian trading systems or the NYSE, in accordance with applicable regulatory requirements. CIBC intends to periodically establish an automatic program under which its broker, CIBC Capital Markets, would repurchase CIBC shares pursuant to the bid within a defined set of criteria determined by CIBC. The price paid for the common shares will be the market price at the time of the purchase. The common shares repurchased under the normal course issuer bid will be cancelled.