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April 29, 2014 /CNW/ - Genworth MI Canada Inc. (the "Company") (TSX: MIC) announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Company's Notice of Intention to Make a Normal Course Issuer Bid ("NCIB"). Pursuant to the NCIB, Genworth Canada may, if considered advisable, purchase through the facilities of the TSX or through other permitted means (including through other published markets), from time to time over the next 12 months, up to an aggregate of 4,746,504 of its issued and outstanding common shares (the "Common Shares"), being approximately 5% of the Common Shares as of
April 22, 2014.
Purchases may commence through the TSX on
May 5, 2014 and will conclude on the earlier of the date on which purchases under the bid have been completed and
May 4, 2015. Daily purchases under the NCIB will be limited to a maximum of 38,776 Common Shares, other than purchases made in compliance with the provisions of the block purchase exemption of the TSX rules and purchases from Genworth Financial, Inc., the Company's majority shareholder, and its affiliates (collectively, "Genworth Financial").
Genworth Financial, will be permitted to sell its Common Shares to the Company in accordance with an exemption granted by the TSX pursuant to its rules, regulations and policies in connection with the NCIB in order to maintain its proportionate percentage ownership at approximately 57.4%. Genworth Financial has advised the Company that it intends to participate in the NCIB. The maximum number of Common Shares that may be purchased pursuant to the NCIB will also be reduced by the number of Common Shares purchased by the Company from Genworth Financial.
The Board of Directors of Genworth Canada believes that any purchases pursuant to the NCIB, if considered advisable, will be in the best interests of the Company and will be a desirable use of corporate funds. All Common Shares purchased by Genworth Canada will be cancelled.