TMX Group Inc. ("TMX Group") announced today that a normal course issuer bid ("NCIB") has been accepted by Toronto Stock Exchange ("TSX").
TMX Group intends to purchase up to 7,595,585 of its common shares by way of normal course purchases on Toronto Stock Exchange, representing 10% of the public float on August 5, 2008. Daily repurchases will be limited to 117,890 common shares, other than block purchase exceptions.
The purchases may commence on August 18, 2008 and will terminate on August 17, 2009, or on such earlier date as TMX Group completes its purchases.
Purchases will be made by TMX Group in accordance with TSX requirements and the price which TMX Group will pay for any such common shares will be the market price of such shares at the time of acquisition. All purchases will be effected through the facilities of TSX or other Canadian marketplaces. TMX Group may enter into one or more private agreements to purchase common shares, provided that it first obtains an order from the relevant securities regulatory authority to permit such agreements. All purchased common shares will be cancelled.
TMX Group intends to enter into a pre-defined plan with its designated broker to allow for the repurchase of common shares at times when TMX Group ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise.
TMX Group believes that the market price of its common shares could be such that their purchase may be an attractive and appropriate use of corporate funds in light of potential benefits to remaining shareholders. TMX Group has purchased 6,841,051 common shares in the last 12 months under its previous NCIB at a weighted average price per share of $42.79.
To the knowledge of TMX Group, no director, senior officer or other insider of TMX Group currently intends to sell any common shares under this bid. However, sales by such persons through the facilities of TSX may occur if the personal circumstances of any such person change or any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose shares are purchased would be the same as the benefits available to all other holders whose shares are purchased.
