TERMIUM Plus^®

Fiche 1,  Justifications,  Anglais

Record number: 1, Textual support number: 1 CONT

Issuer bids are often conducted by way of a modified Dutch auction process whereby security holders are given the ability to elect how many securities they are willing to tender at varying prices within a price range established by the issuer. Modified Dutch auction issuer bids technically breach the proportionate take-up and payment rules, but exemptive relief is routinely granted where certain additional disclosure is included and certain take-up procedures are followed.  3, fiche 1, Anglais, - modified%20Dutch%20auction%20issuer%20bid

Record number: 1, Textual support number: 1 OBS

Based on the prices selected by the shareholders and the number of securities that the issuer wishes to repurchase, a clearing price is established and all securities tendered at or below the clearing price are taken up and paid for at the said price.  4, fiche 1, Anglais, - modified%20Dutch%20auction%20issuer%20bid

Fiche 1,  Justifications,  Français

Record number: 1, Textual support number: 1 DEF

Offre publique de rachat aux termes de laquelle les porteurs indiquent à l'émetteur le nombre d'actions qu'ils souhaitent déposer ainsi que le prix minimum de rachat à l'intérieur d'une fourchette de prix établie par l'émetteur; le cours du rachat étant fixé par l'émetteur en fonction du plus bas prix nécessaire au rachat du plus grand nombre d'actions.  1, fiche 1, Français, - offre%20publique%20de%20rachat%20par%20ench%C3%A8res%20au%20rabais%20modifi%C3%A9es

Fiche 1,  Justifications,  Espagnol