SECURITIES
AND EXCHANGE COMMISSION
Washington, DC 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of: May 2019 | Commission File Number: 002-09048 |
THE BANK OF NOVA SCOTIA
(Name of registrant)
44 King Street West, Scotia Plaza 8 th floor, Toronto, Ontario, M5H 1H1
Attention: Secretary's Department (Tel.: (416) 866-3672)
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F Form 40-F X
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
THE BANK OF NOVA SCOTIA | ||
Date: May 30, 2019 | By: | /s/ Meigan Terry |
Name: Meigan Terry | ||
Title: SVP, Global Communications |
EXHIBIT INDEX
Exhibit | Description of Exhibit |
99.1 | News Release dated May 30, 2019 - Scotiabank Receives Approval to Repurchase Up to 24 Million of its Common Shares |
Exhibit 99.1
Scotiabank Receives Approval to Repurchase Up to 24 Million of its Common Shares
/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES/
TORONTO, May 30, 2019 /CNW/ - The Bank of Nova Scotia ("Scotiabank") (TSX, NYSE: "BNS") announced today that the Toronto Stock Exchange ("TSX") and the Office of the Superintendent of Financial Institutions ("OSFI") have approved its normal course issuer bid to purchase up to 24 million of its Common Shares. This represents approximately two per cent of the 1,222,156,667 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.
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 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.
Based on the average daily trading volume of 2,809,771 Common Shares during the last six calendar months on the TSX, daily purchases will be limited to 702,442 Common Shares, other than block purchase exceptions. Common Shares purchased under the bid will be canceled.
Scotiabank will establish an automatic repurchase plan on June 4, 2019, under which its broker, Scotia Capital Inc., may periodically purchase its Common Shares pursuant to the normal course issuer bid within a defined set of criteria which Scotiabank would not vary or suspend. The actual number of Common Shares purchased under the automatic repurchase plan, the timing of purchases and the price at which the Common Shares are bought will depend upon future market conditions. On a quarterly basis, Scotiabank will notify OSFI prior to making purchases.
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.
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
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2019/30/c9825.html
%CIK: 0000009631
For further information: Investor Relations, (416) 775-0798, investor.relations@scotiabank.com; For media enquiries only: Clancy Zeifman, Global Communications, (416) 520-3906, clancy.zeifman@scotiabank.com
CO: Scotiabank
CNW 07:30e 30-MAY-19