/NOTE TO EDITORS: NOT FOR DISSEMINATION OR
DISTRIBUTION IN THE UNITED
STATES/
TORONTO, May 28, 2019 /CNW/ - The Bank of
Nova Scotia ("Scotiabank") (TSX,
NYSE: "BNS") announced today its intention to seek Toronto Stock
Exchange ("TSX") approval for a normal course issuer bid to
purchase up to 24 million of its Common Shares. This represents
approximately two per cent of the Common Shares issued and
outstanding as of May 24, 2019.
Scotiabank believes that the purchase of its Common Shares at
market prices may be an appropriate use of its funds to generate
shareholder value, as well as for capital management purposes.
Subject to regulatory approvals, purchases under the bid may
commence on June 4, 2019, and will
terminate on June 3, 2020, or on such
earlier date as Scotiabank may complete its purchases pursuant to
the notice of intention to make a normal course issuer bid that is
to be filed with the TSX. Purchases will be made on the open market
by Scotiabank through the facilities of the TSX, as well as
alternative Canadian trading systems. The price that Scotiabank
will pay for any such Common Shares will be the market price of
such Common Shares at the time of acquisition. Purchases may also
be made through other means permitted by the TSX and applicable
securities laws, including by private agreements or under specific
share repurchase programs pursuant to issuer bid exemption orders
issued by applicable securities regulatory authorities. Any
purchases made under an exemption order issued by a securities
regulatory authority will generally be at a discount to the
prevailing market price.
Under its current normal course issuer bid for the purchase of
up to 24 million Common Shares which expires on June 3, 2019, Scotiabank purchased 13,908,400
Common Shares for cancelation at a volume weighted average price of
approximately $73.73 per Common Share
as of May 24, 2019.
Caution Regarding Forward-Looking Statements
From time to time, our public communications often include oral
or written forward-looking statements. Statements of this type are
included in this document, and may be included in other filings
with Canadian securities regulators or the U.S. Securities and
Exchange Commission, or in other communications. In addition,
representatives of the Bank may include forward-looking statements
orally to analysts, investors, the media and others. All such
statements are made pursuant to the "safe harbor" provisions of the
U.S. Private Securities Litigation Reform Act of 1995 and any
applicable Canadian securities legislation. Forward-looking
statements may include, but are not limited to, statements made in
this document, the Management's Discussion and Analysis in the
Bank's 2018 Annual Report under the headings "Outlook" and in other
statements regarding the Bank's objectives, strategies to achieve
those objectives, the regulatory environment in which the Bank
operates, anticipated financial results, and the outlook for the
Bank's businesses and for the Canadian, U.S. and global economies.
Such statements are typically identified by words or phrases such
as "believe," "expect," "foresee," "forecast," "anticipate,"
"intend," "estimate," "plan," "goal," "project," and similar
expressions of future or conditional verbs, such as "will," "may,"
"should," "would" and "could."
By their very nature, forward-looking statements require us to
make assumptions and are subject to inherent risks and
uncertainties, which give rise to the possibility that our
predictions, forecasts, projections, expectations or conclusions
will not prove to be accurate, that our assumptions may not be
correct and that our financial performance objectives, vision and
strategic goals will not be achieved. We caution readers not to
place undue reliance on these statements as a number of risk
factors, many of which are beyond our control and effects of which
can be difficult to predict, could cause our actual results to
differ materially from the expectations, targets, estimates or
intentions expressed in such forward-looking statements.
The future outcomes that relate to forward-looking statements
may be influenced by many factors, including but not limited to:
general economic and market conditions in the countries in which we
operate; changes in currency and interest rates; increased funding
costs and market volatility due to market illiquidity and
competition for funding; the failure of third parties to comply
with their obligations to the Bank and its affiliates; changes in
monetary, fiscal, or economic policy and tax legislation and
interpretation; changes in laws and regulations or in supervisory
expectations or requirements, including capital, interest rate and
liquidity requirements and guidance, and the effect of such changes
on funding costs; changes to our credit ratings; operational and
infrastructure risks; reputational risks; the accuracy and
completeness of information the Bank receives on customers and
counterparties; the timely development and introduction of new
products and services; our ability to execute our strategic plans,
including the successful completion of acquisitions and
dispositions, including obtaining regulatory approvals; critical
accounting estimates and the effect of changes to accounting
standards, rules and interpretations on these estimates; global
capital markets activity; the Bank's ability to attract, develop
and retain key executives; the evolution of various types of fraud
or other criminal behaviour to which the Bank is exposed;
disruptions in or attacks (including cyber-attacks) on the Bank's
information technology, internet, network access, or other voice or
data communications systems or services; increased competition in
the geographic and in business areas in which we operate, including
through internet and mobile banking and non-traditional
competitors; exposure related to significant litigation and
regulatory matters; the occurrence of natural and unnatural
catastrophic events and claims resulting from such events; and the
Bank's anticipation of and success in managing the risks implied by
the foregoing. A substantial amount of the Bank's business involves
making loans or otherwise committing resources to specific
companies, industries or countries. Unforeseen events affecting
such borrowers, industries or countries could have a material
adverse effect on the Bank's financial results, businesses,
financial condition or liquidity. These and other factors may cause
the Bank's actual performance to differ materially from that
contemplated by forward-looking statements. The Bank cautions that
the preceding list is not exhaustive of all possible risk factors
and other factors could also adversely affect the Bank's results,
for more information, please see the "Risk Management" section of
the Bank's 2018 Annual Report, as may be updated by quarterly
reports.
Material economic assumptions underlying the forward-looking
statements contained in this document are set out in the 2018
Annual Report under the headings "Outlook", as updated by quarterly
reports. The "Outlook" sections are based on the Bank's views and
the actual outcome is uncertain. Readers should consider the
above-noted factors when reviewing these sections. When relying on
forward-looking statements to make decisions with respect to the
Bank and its securities, investors and others should carefully
consider the preceding factors, other uncertainties and potential
events. Any forward-looking statements contained in this document
represent the views of management only as of the date hereof and
are presented for the purpose of assisting the Bank's shareholders
and analysts in understanding the Bank's financial position,
objectives and priorities, and anticipated financial performance as
at and for the periods ended on the dates presented, and may not be
appropriate for other purposes. Except as required by law, the Bank
does not undertake to update any forward-looking statements,
whether written or oral, that may be made from time to time by or
on its behalf.
Additional information relating to the Bank, including the
Bank's Annual Information Form, can be located on the SEDAR website
at www.sedar.com and on the EDGAR section of the SEC's website at
www.sec.gov.
About Scotiabank
Scotiabank is Canada's international bank and a leading
financial services provider in the Americas. We are dedicated to
helping our more than 25 million customers become better off
through a broad range of advice, products and services, including
personal and commercial banking, wealth management and private
banking, corporate and investment banking, and capital markets.
With a team of more than 99,000 employees and assets of over
$1 trillion (as at April 30, 2019), Scotiabank trades on the Toronto
Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS).
For more information, please visit www.scotiabank.com and follow us
on Twitter @ScotiabankViews.
SOURCE Scotiabank