MONTREAL, July 13, 2020 /CNW Telbec/ - Fiera Capital Corporation ("Fiera Capital" or the "Company") (TSX: FSZ) announces that the Toronto Stock Exchange (the "TSX") has approved the Company's normal course issuer bid ("NCIB") to purchase for cancellation up to a maximum of 2,000,000 class A subordinate voting shares (the "Class A Shares"), representing approximately 2.4% of its 84,124,711 issued and outstanding Class A Shares as at July 8, 2020. The NCIB will begin on July 15, 2020 and will end at the latest on July 14, 2021.
The Board of Directors of the Company believes that the repurchase of Class A Shares, which the Company may carry out from time to time, represents a responsible investment and the NCIB will provide Fiera Capital with the flexibility to purchase Class A Shares from time to time as it considers advisable.
The purchases under the NCIB will be made on the open market through the facilities of the TSX and through alternative trading systems, as well as outside the facilities of the TSX pursuant to exemptions available under applicable securities legislation or exemption orders issued by securities regulatory authorities. The price that the Company will pay for the Class A Shares will be the market price of such shares at the time of the acquisition, except for purchases effected outside the facilities of the TSX pursuant to exemptions available under applicable securities legislation or exemption orders issued by securities regulatory authorities which, for the purchases made pursuant to exemption orders issued by securities regulatory authorities, will be at a discount to the prevailing market price.
The average daily trading volume (the "ADTV") of the Class A Shares over the last six complete calendar months was 284,490 Class A Shares. Accordingly, under TSX rules and policies, Fiera Capital is entitled on any trading day to purchase on the TSX up to 71,122 Class A Shares. Fiera Capital may also purchase, once a week and in excess of the foregoing daily repurchase limit of 25% of the ADTV, blocks of Class A Shares that are not owned by any insiders, in accordance with the TSX rules and policies. During the last 12 months, the Company has not purchased any Class A Shares.
About Fiera Capital Corporation
Fiera Capital is a leading independent global asset management firm with approximately C$158.1 billion in assets under management as of March 31, 2020. The Company provides institutional, retail and private wealth clients with access to full-service integrated money management solutions across traditional and alternative asset classes. Fiera Capital's depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of investment management science to create sustainable wealth for clients. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange. www.fieracapital.com
Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, with regional hubs in New York (U.S.), London (UK), and Hong Kong.
In the U.S., asset management services are provided by the Company's U.S. affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) or exempt from registration. Registration with the SEC does not imply a certain level of skill or training. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult this webpage.
Additional information about Fiera Capital Corporation, including the Company's annual information form, is available on SEDAR at www.sedar.com.
SOURCE Fiera Capital Corporation