Manulife-S (00945) has announced that it has received approval from the Toronto Stock Exchange to launch its previously disclosed Normal Course Issuer Bid program. The program permits Manulife to repurchase and cancel up to 42 million common shares, representing approximately 2.5% of its issued and outstanding common shares. As of February 10, 2026, Manulife had a total of 1,676,751,543 issued and outstanding common shares. The Office of the Superintendent of Financial Institutions in Canada had previously approved this Normal Course Issuer Bid.
Under the terms of the program, and in compliance with the Toronto Stock Exchange's block purchase regulations, Manulife may repurchase up to 1,483,481 of its common shares on any trading day on the exchange. This daily maximum represents 25% of the average daily trading volume of 5,933,925 common shares on the exchange for the six-month period ending January 31, 2026.
Repurchases under the Normal Course Issuer Bid may commence on the exchange starting February 24, 2026, and will continue until the bid expires on February 23, 2027, or until Manulife completes the repurchases at an earlier date. The Normal Course Issuer Bid provides Manulife with the flexibility to buy back common shares as part of its capital management strategy. This strategy is designed to maintain strong regulatory capital ratios while also pursuing the objective of creating value for shareholders.
Repurchases executed under the program may be conducted through the Toronto Stock Exchange, the New York Stock Exchange, and alternative trading systems in Canada and the United States, at prevailing market prices or other permitted prices. All common shares acquired by Manulife through the Normal Course Issuer Bid will be cancelled. All repurchase transactions will be subject to applicable Canadian and U.S. federal securities laws.
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