Mr. Scott Davidson reports
CANACCORD GENUITY GROUP INC. DISCLOSES NORMAL COURSE ISSUER BID/BUY-BACK PROGRAMME
Canaccord Genuity Group Inc. has filed for a
normal course issuer bid (NCIB)/buyback program to purchase common
shares of the company through the facilities of the Toronto Stock Exchange, and on
alternative trading systems in accordance with the requirements of the
TSX. The company has filed a notice for a normal course issuer bid to
provide the choice of purchasing up to a maximum of 5,100,049 of its
common shares through the facilities of the TSX. The purpose of the
purchase of common shares under the normal course issuer bid is to
enable the company to acquire shares for cancellation. The shares that
may be repurchased represent 5 per cent of the company's outstanding common
shares. As of July 31, 2014, there were 102,000,988 common shares of
the company issued and outstanding. The company purchased 2,634,304
common shares at a weighted-average price per share of $6.7546 under
the normal course issuer bid, which commenced on Aug. 13, 2013, and
ends on Aug. 12, 2014.
The company has also entered into a predefined plan with a designated
broker to allow for the repurchase of its common shares under this
normal course issuer bid. The company's broker may repurchase the
common shares under the plan on any trading day during the normal course
issuer bid, including during the company's internal trading blackout
periods. The plan has been reviewed by the TSX, and
will terminate on the earlier of the termination of the plan by the
company in accordance with its terms and the expiry of the bid.
Purchases under the normal course issuer bid are expected to be able to
commence on Aug. 13, 2014, and will continue for one year (to Aug. 12, 2015). The maximum consideration will be the market price of the
securities at the time of acquisition. In order to comply with the
trading rules of the TSX and the conditions for trading under the European Union buyback and stabilization regulation, the daily purchases are limited
to 77,383 common shares of the company (which is the lesser of (a) 25 per cent
of the average daily trading volume of common shares of the company on
the TSX in the six calendar months from February, 2014, to July, 2014, and
(b) 25 per cent of the average daily trading volume of common shares of the
company on the TSX in the month of July, 2014). To fulfill its
regulatory reporting requirements in Canada and in the United Kingdom, Canaccord
will issue a press release no later than the end of the seventh daily
market session following the date of execution of the purchases.
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