Scotiabank to conduct normal course issuer bid to purchase Common Shares
04 Gennaio 2006 - 3:11PM
PR Newswire (US)
TORONTO, Jan. 4 /PRNewswire-FirstCall/ -- Scotiabank announced
today that the Toronto Stock Exchange (TSX) has accepted its notice
of intention to conduct a normal course issuer bid to enable it to
purchase up to 50 million Bank of Nova Scotia (BNS) Common Shares.
This represents approximately five per cent of the 988,093,325
Common Shares outstanding as of December 31, 2005. Scotiabank
believes that the purchase of its common shares at market prices
may be an appropriate use of its funds in light of the potential
benefits to remaining shareholders and as a means of offsetting
dilution resulting from stock option exercises. Purchases under the
bid may commence on January 6, 2006 and will terminate on January
5, 2007, or on such earlier date as Scotiabank may complete its
purchases pursuant to the notice of intention to make a normal
course issuer bid filed with the TSX. Purchases will be made on the
open market by Scotiabank through the facilities of the TSX in
accordance with the rules and policies of the Exchange. The price
that Scotiabank will pay for any such shares will be the market
price of such shares on the TSX at the time of acquisition. Common
Shares purchased under the bid will be cancelled. Scotiabank has
purchased 23,920,400 of its Common Shares within the past 12 months
at an average price of $41.47 per share pursuant to its normal
course issuer bid commenced on January 6, 2005. Scotiabank is one
of North America's premier financial institutions and Canada's most
international bank. With more than 50,000 employees, Scotiabank
Group and its affiliates serve about 10 million customers in some
50 countries around the world. Scotiabank offers a diverse range of
products and services including personal, commercial, corporate and
investment banking. With $314 billion in assets (as at October 31,
2005), Scotiabank trades on the Toronto (BNS) and New York (BNS)
Stock Exchanges. For more information please visit
http://www.scotiabank.com/. DATASOURCE: Scotiabank CONTACT: Luc
Vanneste, Executive Vice-President and Chief Financial Officer,
(416) 933-3250 or Frank Switzer, Public Affairs, (416) 866-7238
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