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CI Financial's share buyback plan gets TSX approval

The Toronto Stock Exchange has accepted CI Financial Corp.'s plan for a normal course issuer bid for the repurchase of up to 20 million of its common shares.

The shares may be purchased starting June 18 until June 17, 2019, through the facilities of the Toronto Stock Exchange and alternative Canadian trading systems. The Toronto-based asset manager is permitted daily purchases of up to 119,866 common shares.

The shares being offered in the normal course issuer bid represent 7.89% of CI Financial's total public float. As of June 12, the company has 263,204,751 issued and outstanding common shares.

The company's most recent share buyback plan, which purchased 19,332,334 shares at a weighted average price of $27.78 apiece, ended June 12.