Royal Bank of Canada (RBC) (“RY” on TSX and NYSE) yesterday announced the completion of its share repurchase program (the “Program”), as required by the conditions of the issuer bid exemption order issued to RBC by the Ontario Securities Commission on October 11, 2017, in respect of the Program.
Under the Program agreement, between October 16, 2017 and October 30, 2017, RBC repurchased its own common shares directly from a third party, subject to daily trading limits and to an overall maximum of 5,000,000 common shares. The Program formed part of RBC’s normal course issuer bid announced on March 9, 2017.
RBC purchased a total of 5,000,000 common shares under the Program for an aggregate purchase price of $462.8 million. All common shares acquired under the Program were cancelled upon purchase by RBC.