Royal Bank of Canada Announces Specific Share Repurchase Program as Part of its Normal Course Issuer Bid

Royal Bank of Canada (TSX:RY) announced that the Toronto Stock Exchange has accepted RBC’s amended notice of intention to make a Normal Course Issuer Bid. The notice has been amended to permit the repurchase by RBC of its common shares pursuant to issuer bid exemption orders issued by securities regulatory authorities including under specific share repurchase programs.
As quoted in the press release:

RBC also announced that it will repurchase common shares under a specific share repurchase program (the “Program”). RBC will enter into an agreement (the “Agreement”) with a third party to repurchase common shares through daily purchases that will take place between February 1, 2017 and March 31, 2017 subject to a maximum of 14,185,000 common shares. The Program will form part of RBC’s Normal Course Issuer Bid for up to 20,000,000 common shares (the “NCIB”) announced on May 26, 2016.
Pursuant to the terms of the Agreement, and subject to the terms of an issuer bid exemption order issued by the Ontario Securities Commission (the “Order”), the third party will purchase RBC’s common shares on Canadian markets for the purpose of fulfilling its delivery obligations to RBC under the Agreement. The price that RBC will pay for any common shares purchased by it from the third party under the Agreement will be negotiated by RBC and the third party and will be at a discount to the prevailing market price of RBC’s common shares on the Canadian markets at the time of purchase. Information regarding the number of common shares purchased and aggregate price paid will be available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, following the completion of the Program.

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