CI Financial Completes Major Share Buyback

CI Financial (TSE:CIX) has released an update.

CI Financial Corp. has successfully concluded a substantial issuer bid, purchasing 5 million of its common shares at $15.50 each, totaling approximately $77.5 million. This acquisition represents about 3.3% of its outstanding shares, reducing the total to 146,383,085 shares. The transaction may affect Canadian shareholders’ taxes, being treated as an ‘eligible dividend’ for those who sold shares back to the company.

For further insights into TSE:CIX stock, check out TipRanks’ Stock Analysis page.