CI Financial Corp. (TSX:CIX) announces a share repurchase program. Under the substantial issuer bid, the company will repurchase up to 4,857,142 shares, for CAD 85 million.

The shares will be tendered at a price of CAD 17.5 per share. The shares purchased under the offer will be cancelled. If the offer is oversubscribed, the company will accept such shares on a pro-rata basis after giving effect to ?odd lot?

tenders, which will not be subject to pro-ration. The purpose of the offer is makin use of available cash resources, its ongoing cash requirements and access to capital markets, as well as the fact that the corporation believes its Shares are undervalued. The repurchases will be funded from from cash on-hand and advances under the revolving portion of the Credit Facility.

The bid will expire on April 2, 2024, unless extended or withdrawn.