CGI Inc. renews Normal Course Issuer Bid

CGI announced that its board of directors has authorized the renewal of its Normal Course Issuer Bid, or NCIB, subject to approval by the Toronto Stock Exchange, or TSX. CGI’s management and board of directors believe that the purchase for cancellation of the company’s Class A subordinate voting shares is a proper use of funds, and the NCIB will provide the flexibility to purchase Class A Shares from time to time as the company considers it advisable, as part of its efforts to increase shareholder value. At the close of business on January 23, there were 206,327,788 Class A Shares outstanding, of which approximately 99.2% were widely held. Under the terms of the NCIB, subject to TSX approval, the company may purchase for cancellation on the open market through the facilities of the TSX and the NYSE and through alternative trading systems in Canada, as well as outside the facilities of the TSX pursuant to exemption orders issued by securities regulators, up to 20,457,737 Class A Shares, representing approximately 10% of the company’s public float as of the close of business on January 23. The average daily trading volume of the Class A Shares on the TSX for the six-month period ended December 31, 2023 was 337,203. Consequently, and in accordance with the requirements of the TSX, the daily purchase limit under the NCIB on the TSX will be 84,300 Class A Shares, representing 25% of the ADTV. All Class A Shares will be purchased at their market price at the time of acquisition, except for purchases effected outside the facilities of the TSX pursuant to exemption orders issued by securities regulators which will be at a discount to the market price as provided in such exemption orders. All Class A Shares purchased under the NCIB will be cancelled.