Industrial Alliance Announces the Purchase of 280,634 Additional Shares of Clarington
As part of its take-over bid for Clarington Corporation ("Clarington"), Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance") announced that today it purchased on the open market, through the Toronto Stock Exchange, 280,634 shares of Clarington, at prices ranging from $14.96 to $14.99, for an average price of $14.9839 per share. This purchase brings the total number of Clarington shares owned by Industrial Alliance to 1,162,134, which represents 7.85% of Clarington’s outstanding shares on a fully diluted basis.
Industrial Alliance also entered into lock-up agreements pursuant to which certain Clarington shareholders have agreed to deposit, to date, 3,771,712 Clarington shares, which represents 25.49% of Clarington’s outstanding shares on a fully diluted basis. In total, Industrial Alliance exercises control over 4,933,846 Clarington shares, which represents 33.34% of Clarington’s outstanding shares on a fully diluted basis.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company that offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services. The fifth largest life and health insurance company in Canada, Industrial Alliance is at the head of a large financial group – the Industrial Alliance Group – which has operations across Canada as well as in the Northwestern United States. Industrial Alliance insures over 1.7 million Canadians, employs more than 2,600 people and manages and administers over $32 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG. Industrial Alliance is among the 100 largest public companies in Canada.
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Vice-President, Investor Relations
Office phone: (418) 684-5275
Cell phone: (418) 576-3624