Colliers Announces Normal Course Issuer Bid
TORONTO, July 15 2022 (GLOBE NEWSWIRE) — Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) (“Colliers”) today announced that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by Colliers of its intention to make a normal course issuer bid (“NCIB”) in respect of its outstanding subordinate voting shares (the “Subordinate Voting Shares”).
The Notice provides that Colliers may, during the twelve month period commencing on July 20, 2022 and ending no later than July 19, 2023, purchase through the facilities of the TSX, other Canadian trading systems or the NASDAQ Stock Market (“Nasdaq”) up to 3,500,000 subordinate voting shares in total, or 9.85% of the 35,522,093 shares comprising the “public float” as of July 15, 2022 of this class of shares . Purchases of Subordinate Voting Shares through the Nasdaq will be made in the normal course and will not exceed, during the twelve month period ending July 19, 2023, in the aggregate, 5% of the Shares subordinate voting rights outstanding at the start of the issuer bid. The price Colliers will pay for these shares will be the market price at the time of acquisition. During the term of this OPRCNA, Colliers may make purchases under the OPRCNA through open market transactions or otherwise as permitted by the Ontario Securities Commission, the Canadian Securities Administrators securities and/or the Nasdaq. The actual number of subordinate voting shares that may be purchased under the issuer bid and the timing of such purchases will be determined by senior management of Colliers. The average daily trading volume on the TSX from January 1, 2022 to June 30, 2022 was 87,648 subordinate voting shares. Daily purchases under the issuer bid will be limited to 21,912 subordinate voting shares, other than bulk purchases. All shares purchased by Colliers under the OPRA will be cancelled.
As of July 15, 2022, there were 41,951,236 subordinate voting shares and 1,325,694 multiple voting shares of Colliers outstanding.
Colliers may purchase its Subordinate Voting Shares from time to time if it believes that the market price of its Subordinate Voting Shares is attractive and that the purchase would be an appropriate use of Company funds and in the best interest of Colliers.
Colliers’ previous issuer bid permitted the purchase of up to 3,200,000 subordinate voting shares and expires on July 19, 2022 (period of this ORNA).
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management firm. With operations in 62 countries, our 17,000 enterprising professionals work together to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant internal ownership has generated 20% compound annual returns for shareholders. With annual revenues of $4.3 billion and $77 billion in assets under management, Colliers maximizes the potential of properties and real estate assets to accelerate the success of our clients, investors and people. Learn more about company.colliers.comTwitter @Necklaces Where LinkedIn.
This press release contains forward-looking statements. Forward-looking statements include the company’s outlook for financial performance and statements regarding current goals, beliefs, strategies, objectives, plans or expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from any future results, performance or achievements contemplated in the forward-looking statements. These factors include: economic conditions, particularly with respect to commercial and consumer credit conditions and consumer spending, particularly in regions where our operations may be concentrated; commercial real estate values, vacancy rates and general financial liquidity conditions for real estate transactions; pricing and risk assumption trends for commercial real estate services; the effect of large movements in average capitalization rates on different types of properties; a reduction by companies in their reliance on outsourcing for their commercial real estate needs, which would affect revenues and operational performance; competition in the markets served by the Company; the ability to attract new customers, retain major customers and renew related contracts; the ability to retain and incentivize producers; increases in salary costs and benefits; the effects of changes in interest rates on the cost of borrowing; unexpected increases in operating costs, such as insurance, workers’ compensation and health care; changes in the frequency or severity of insurance incidents compared to historical experience; the effects of changes in exchange rates against the US dollar on the Company’s Canadian dollar, euro, Australian dollar and British pound denominated revenues and expenses; the impact of pandemics on customer demand for the Company’s services, the Company’s ability to provide its services and the health and productivity of its employees; the impact of global climate change; the impact of political events, including elections, referendums, trade policy changes, immigration policy changes, hostilities and terrorism on the Company’s operations; the ability to identify and complete acquisitions at reasonable prices and successfully integrate acquired operations; the ability to execute and adapt to information technology strategies and trends; the ability to comply with laws and regulations related to our global operations, including real estate and mortgage licensing, labor and employment laws and regulations, and anti-corruption laws and trade sanctions; and changes in federal, state/provincial, or local government laws and policies that may adversely impact the business.
Additional information and risk factors are identified in the Company’s other periodic filings with Canadian and United States securities authorities (which factors are adopted herein and a copy of which may be obtained at www.sedar.com) . The forward-looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements contained in this press release are qualified by these cautionary statements. Except as required by applicable law, Colliers undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.