Stock Market Symbols
GIB.A (TSX)
GIB (NYSE)
www.cgi.com/newsroom
MONTREAL,
Jan. 28, 2015 /PRNewswire/ - CGI
Group Inc. (TSX: GIB.A) (NYSE: GIB) (the "Company") announced today
that its Board of Directors has authorized the renewal of its
Normal Course Issuer Bid ("NCIB"), subject to acceptance by the
Toronto Stock Exchange (the "TSX").
The Company's management and Board of Directors
believe that the repurchase of Class A subordinate voting shares
("Class A Shares") of the Company is a proper use of the Company's
funds, and the NCIB will provide the Company with the flexibility
to purchase Class A Shares from time to time as the Company
considers it advisable, as part of its strategy to increase
shareholder value.
At the close of business on January 23, 2015, there were 280,820,895 Class A
Shares outstanding, of which approximately 68% were widely held
(representing a public float of 190,522,071 Class A Shares for TSX
purposes).
Under the terms of the NCIB, subject to TSX
acceptance, the Company may purchase for cancellation on the open
market through the facilities of the TSX and the New York Stock
Exchange and through alternative trading systems, as well as
outside the facilities of the TSX pursuant to exemption orders
issued by securities regulatory authorities, up to 19,052,207 Class
A Shares, representing approximately 10% of the Company's public
float as of the close of business on January
23, 2015. The average daily trading volume (the "ADTV") of
the Class A Shares on the TSX for the six month period ended
December 31, 2014 was 722,439 Class A
Shares. Consequently and in accordance with the requirements of the
TSX, the daily purchase limit under the NCIB on the TSX will be
180,609 Class A Shares, representing 25% of the ADTV. All Class A
Shares will be purchased at their market price at the time of
acquisition, except for purchases effected outside the facilities
of the TSX pursuant to exemption orders issued by securities
regulatory authorities which will be at a discount to the market
price as provided in such exemption orders. All shares purchased
under the NCIB will be cancelled.
Purchases of Class A Shares may commence on
February 11, 2015 and will end on the
earlier of February 10, 2016 or the
date on which the Company has either acquired the maximum number of
Class A Shares allowable under the NCIB or otherwise decided not to
make any further repurchases under the NCIB.
The current NCIB commenced on February 11, 2014 and will end on February 10, 2015. As at January 23, 2015, no Class A Shares have been
purchased under the current NCIB.
About CGI
Founded in 1976, CGI Group Inc. is the fifth largest independent
information technology and business process services firm in the
world. Approximately 68,000 professionals serve thousands of global
clients from offices and delivery centers across the Americas,
Europe and Asia Pacific, leveraging a comprehensive
portfolio of services including high-end business and IT
consulting, systems integration, application development and
maintenance, infrastructure management as well as a wide range of
proprietary solutions. With annual revenue in excess of
C$10 billion and an order backlog
exceeding C$18 billion, CGI shares
are listed on the TSX (GIB.A) and the NYSE (GIB). Website:
www.cgi.com.
Forward-Looking Statements
All statements in this press release that do not directly and
exclusively relate to historical facts constitute "forward-looking
statements" within the meaning of that term in Section 27A of the
United States Securities Act of 1933, as amended, and Section 21E
of the United States Securities Exchange Act of 1934, as amended,
and are "forward-looking information" within the meaning of
Canadian securities laws. These statements and this information
represent CGI's intentions, plans, expectations and beliefs, and
are subject to risks, uncertainties and other factors, of which
many are beyond the control of the Company. These factors could
cause actual results to differ materially from such forward-looking
statements or forward-looking information. These factors include
but are not restricted to: the timing and size of new contracts;
acquisitions and other corporate developments; the ability to
attract and retain qualified members; market competition in the
rapidly evolving IT industry; general economic and business
conditions; foreign exchange and other risks identified in the
press release, in CGI's annual and quarterly Management's
Discussion and Analysis ("MD&A"), in CGI's Annual Report, in
CGI's Annual Report on Form 40-F filed with the U.S. Securities and
Exchange Commission (filed on EDGAR at www.sec.gov), and in the
Company's Annual Information Form filed with the Canadian
securities authorities (filed on SEDAR at www.sedar.com), as well
as assumptions regarding the foregoing. The words "believe",
"estimate", "expect", "intend", "anticipate", "foresee", "plan",
and similar expressions and variations thereof, identify certain of
such forward-looking statements or forward-looking information,
which speak only as of the date on which they are made. In
particular, statements relating to future performance are
forward-looking statements and forward-looking information. CGI
disclaims any intention or obligation to publicly update or revise
any forward-looking statements or forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable law. Readers are cautioned not to
place undue reliance on these forward-looking statements or on this
forward-looking information.
SOURCE CGI Group Inc.