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TSX approves Canadian Western Bank's normal course issuer bid

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TSX approves Canadian Western Bank's normal course issuer bid

The Toronto Stock Exchange approved Canadian Western Bank's normal course issuer bid to purchase for cancellation up to 1,740,000 common shares, representing about 2% of the bank's issued and outstanding common shares.

Purchases of common shares may start on or about Oct. 1 and will expire on the earlier of Sept. 30, 2020, or the date on which the bank has either acquired the maximum number of common shares allowable or otherwise decided not to make any further repurchases.

The bank had 87,216,984 common shares issued and outstanding at the close of business Sept. 16. It will determine the actual number of common shares that will be purchased for cancellation and the timing of any such purchases.

Other than block purchase exceptions made under TSX rules, daily purchases will be limited to a maximum of 57,844 common shares, which is 25% of the average daily trading volume of common shares for the six months ended Aug. 31.

The bank's normal course issuer bid for the purchase of up to 3,534,000 common shares, as amended April 10, ends Sept. 30.