This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Royal Bank Of Canada To Repurchase Up To 30 Million Of Its Common Shares

TORONTO, Oct. 28, 2013 /CNW/ - Royal Bank of Canada (TSX: RY) (NYSE: RY) today announced that the Toronto Stock Exchange has approved its normal course issuer bid to purchase, for cancellation, up to 30 million of its common shares.

The shares that may be repurchased represent approximately 2.1 per cent of the bank's outstanding common shares. As of October 18, 2013 there were 1,440,955,597 common shares of the bank outstanding.

Purchases under the normal course issuer bid may commence on November 1, 2013 and continue until October 31, 2014, when the bid expires. Purchases may be made through the Toronto Stock Exchange, the New York Stock Exchange and other designated exchanges and published markets in both Canada and the U.S. The price paid for any repurchased shares will be the prevailing market price at the time of acquisition.

The bank will only initiate purchases under the bid after consulting with the Office of the Superintendent of Financial Institutions (OSFI). The amount of purchases on any given day will not exceed 611,400 common shares, which is 25 per cent of the average daily trading volume on the Toronto Stock Exchange for the six months ending September 30, 2013. The average daily trading volume of the bank's shares on the Toronto Stock Exchange for that six-month period, calculated in accordance with the rules of the Toronto Stock Exchange for the purposes of the bid, was 2,445,706 shares.

The purchase of common shares under the normal course issuer bid will enable the bank to balance the imperatives of maintaining strong capital ratios with the ongoing need to generate shareholder value.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,047.18 +12.25 0.07%
S&P 500 2,106.99 +6.59 0.31%
NASDAQ 5,022.8560 +28.2540 0.57%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs