Royal Bank of Canada to repurchase up to 20 million common
TORONTO, October 29, 2009 — Royal Bank of Canada
(RY on TSX and NYSE) today announced that the Toronto Stock
Exchange has approved its normal course issuer bid to purchase,
for cancellation, up to 20 million of its common shares through
the facilities of the Toronto Stock Exchange.
The purchase of common shares under the normal course issuer
bid forms part of RBC's capital management program and will
enable the bank to balance the imperatives of maintaining
strong capital ratios with the ongoing need to generate shareholder
The shares that may be repurchased represent approximately
1.4 per cent of the bank's outstanding common shares. As of
October 21, 2009, there were 1,417,573,298 common shares of
the bank outstanding.
Purchases under the normal course issuer bid may commence
on November 1, 2009, and will terminate on October 31, 2010.
The bank will only initiate purchases under the bid after
consulting with the Office of the Superintendent of Financial
Institutions (OSFI). The price paid for any repurchased shares
will be the market price of such shares on the TSX at the
time of acquisition. The average daily trading volume of the
Bank's shares on the Toronto Stock Exchange for the 6 months
ended September 30, 2009, calculated in accordance with the
rules of the Toronto Stock Exchange for the purposes of the
bid, was 4,290,093 shares.
As of October 21, 2009, the bank had not purchased any common
shares under the bank's current normal course issuer bid,
which will expire on October 31, 2009.
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Alethea Rasquinha, (416) 955-7807
Stephanie Lu, (416) 974-5506