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TSX Group Inc. ("TSX Group") announced today that a normal course issuer bid ("NCIB") has been accepted by Toronto Stock Exchange ("TSX").
TSX Group intends to purchase up to 6,841,051 of its Common Shares by way of normal course purchases on Toronto Stock Exchange, representing 10% of the public float on July 24, 2007. Daily repurchases will be limited to 94,885 Common Shares, other than block purchase exceptions.
The purchases may commence on August 7, 2007 and will terminate on August 6, 2008, or on such earlier date as TSX Group completes its purchases.
Purchases will be made by TSX Group in accordance with TSX requirements and the price which TSX 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. Purchased Shares will be cancelled.
The Company also entered into a pre-defined plan with its designated broker to allow for the repurchase of Common Shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise.
TSX 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. TSX Group has not purchased any of its Common Shares in the last twelve months.
To the knowledge of TSX Group, no director, senior officer or other insider of TSX Group currently intends to sell any Common Shares under this bid. However, sales by such persons through the facilities of the 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.
