Winnipeg, November 24, 2000 ... Great-West Lifeco Inc. of Winnipeg announced that a further normal course issuer bid has been accepted by the Toronto Stock Exchange. The bid will commence on December 1, 2000 and will terminate on November 30, 2001.
The Corporation intends to purchase for cancellation, during the course of the bid, up to but not more than 4,800,000 common shares of the Corporation, representing 1.28% of its 372,718,945 common shares outstanding as of November 21, 2000. Any common shares purchased by the Corporation under the bid will be cancelled.
Purchases will be made through the facilities of the Toronto Stock Exchange. The price which the Corporation will pay for common shares acquired by it will be the market price of the common shares at the time of acquisition.
It is expected that the purchase of common shares pursuant to the bid will enhance the value of the holdings of the remaining shareholders of the Corporation by providing such shareholders with a greater percentage interest in the Corporation.
During the past 12 months, the Corporation purchased 2,258,700 common shares pursuant to its previous normal course issuer bids, at an average price of $25.53 per share.
Great-West Lifeco Inc. is a member of the Power Financial Corporation group of companies.
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Director, Media & Public Relations
(204) 946-7705
