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MONTRÉAL, May 25, 2015 /PRNewswire/ - CGI Group Inc. (TSX: GIB.A) (NYSE: GIB) announced today that it intends to purchase for cancellation, on or before February 10, 2016, up to 5,940,000 of its Class A subordinate voting shares ("Class A Shares") pursuant to private agreements between CGI and arm's length third-party sellers. These purchases will be made pursuant to issuer bid exemption orders issued by the Ontario Securities Commission. The price that CGI will pay for Class A Shares purchased under such agreements will be negotiated between CGI and the seller and will be at a discount to the prevailing market price of CGI's Class A Shares on the Toronto Stock Exchange ("TSX") at the time of the purchase.
These purchases will be made under CGI's normal course issuer bid ("NCIB"), the renewal of which was announced on January 28, 2015. The NCIB allows for purchases outside the facilities of the TSX by private agreements pursuant to exemption orders issued by securities regulatory authorities. The maximum number of Class A Shares which may be purchased by way of private agreements cannot exceed 6,350,735 Class A Shares, being one-third of the 19,052,207 Class A Shares that CGI is authorized to purchase under its NCIB before February 10, 2016. As at May 22, 2015, 342,000 Class A Shares had been purchased under the current NCIB.
Information regarding each purchase by way of private agreement, including the number of Class A Shares purchased and aggregate price paid, will be available on the SEDAR website at www.sedar.com following the completion of any such purchase.
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 of C$20 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Website: www.cgi.com.
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.