(May 11 – 09:15 ET) – Sun Life Financial Services of Canada Inc. is announcing a proposed buyback of 5% of its shares.

Assuming the move is approved by regulators, the firm will buy up to 21,084,422 common shares under a normal course issuer bid running from May 15 to May 14, 2001.

The buyback will be made at market prices on the Toronto Stock Exchange, although the firm is also listed in London, New York and the Phillipines. The shares acquired by the company will be cancelled.

The firm says it is buying the shares because its price “doesn’t fully reflect the value of the Company’s business and its future business prospects.”
-IE Staff