Press Releases

AGF Management Limited - Normal Course Issuer Bid

February 6, 2024 • Announcements

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 26, 2024, there were 64,360,7481 Class B Non-Voting Shares issued and outstanding and the public float consisted of 47,352,690 Class B Non-Voting Shares.

Under the announced normal course issuer bid, AGF is permitted to purchase up to 4,735,269 Class B Non-Voting Shares, representing approximately 10% of the public float for such shares as of January 26, 2024. Purchases under the normal course issuer bid may commence on February 8, 2024 and continue until February 7, 2025, 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 8, 2024 and should terminate together with the normal course issuer bid. The Plan allows for purchases by AGF of its Class B Non-Voting Shares, subject to certain parameters.

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, 2024) on the TSX was 68,717. 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 17,179 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 7, 2024, AGF sought and received approval from the TSX to purchase 4,397,923 Class B Non-Voting Shares. During the period from February 8, 2023 to February 5, 2024, AGF acquired 1,832,300 Class B Non-Voting Shares at a weighted average price of $7.61.

1Includes treasury stock in the amount of 15,000

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three distinct business lines: AGF Investments, AGF Private Capital and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $43 billion in total assets under management and fee-earning assets, AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

Media Contact

Amanda Marchment
Director, Corporate Communications

Media Contact

Amanda Marchment
Director, Corporate Communications
Phone: 416-865-4160

Meaghan Kelly
Chief Marketing & Product Officer
Phone: 416-865-4161