Colliers Announces Normal Course Issuer Bid

TORONTO, July 17, 2023 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) (“Colliers”) announced today that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by Colliers of its intention to make a normal course issuer bid (the “NCIB”) with respect to its outstanding subordinate voting shares (the “Subordinate Voting Shares”).

The notice provides that Colliers may, during the twelve month period commencing July 20, 2023 and ending no later than July 19, 2024, purchase through the facilities of the TSX, alternative Canadian Trading Systems or The NASDAQ Stock Market (“Nasdaq”) up to 4,000,000 Subordinate Voting Shares in total, being approximately 10% of the 40,066,978 shares comprising the “public float” as of July 17, 2023 of such class of shares. Purchases of Subordinate Voting Shares through Nasdaq will be made in the normal course and will not, during the twelve month period ending July 19, 2024 exceed, in the aggregate, 5% of the outstanding Subordinate Voting Shares as at the commencement of the NCIB. The price which Colliers will pay for any such shares will be the market price at the time of acquisition. During the period of this NCIB, Colliers may make purchases under the NCIB by means of open market transactions or otherwise as permitted by the Ontario Securities Commission, Canadian Securities Administrators and/or Nasdaq. The actual number of Subordinate Voting Shares which may be purchased pursuant to the NCIB and the timing of any such purchases will be determined by senior management of Colliers. The average daily trading volume on the TSX from January 1, 2023 to June 30, 2023 was 66,248 Subordinate Voting Shares. Daily purchases under the NCIB will be limited to 16,562 Subordinate Voting Shares, other than block purchases. All shares purchased by Colliers under the NCIB will be cancelled.

As of July 17, 2023, there were 45,853,682 Subordinate Voting Shares and 1,325,694 multiple voting shares of Colliers outstanding.

Colliers may purchase its Subordinate Voting Shares, from time to time, if it believes that the market price of its Subordinate Voting Shares is attractive and that the purchase would be an appropriate use of corporate funds and in the best interests of Colliers.

Colliers’ previous NCIB authorized the purchase of up to 3,500,000 Subordinate Voting Shares and expires on July 19, 2023. As of the date hereof, Colliers has purchased 427,274 of its Subordinate Voting Shares under this NCIB (including Subordinate Voting Shares purchased through NASDAQ during the period of this NCIB).