The Toronto Stock Exchange reports that CI Financial Corp. has made an offer dated Nov. 10, 2023, to purchase up to $100-million of its shares pursuant to a modified Dutch auction, consisting of: (i) auction tenders in which the tendering shareholders specify a price of not less than $13.64 per share and not more than $15.28 per share; or (ii) purchase price tenders in which the tendering shareholders do not specify a price per share but rather agree to a specified number of shares purchased at a price to be determined once all tenders have been received. Shares tendered pursuant to the purchase price tender will be deemed to have been tendered at a price of $13.64 per share.

According to the TSX, the offer will expire at 5 p.m. Eastern Time on Dec. 18, 2023, unless withdrawn or extended. If required, validly tendered shares will be purchased on a pro rata basis according to the number of shares tendered by each shareholder (with adjustments to avoid the purchase of fractional shares). Shareholders who own fewer than 100 shares as of the expiration time will not be subject to pro ration. An odd lot is a deposit by a shareholder owning in aggregate less than 100 shares at the close of business at the expiry time.

To tender to the offer, shareholders must return the letter of transmittal together with share certificates to Computershare Investor Services Inc. at its principal offices in Toronto or follow the procedures for book entry transfer set out in the offer document. Shareholders whose shares are represented by a direct registration system (DRS) advice do not need to return the DRS advice and are only required to complete the letter of transmittal and return it to the depositary. The notice of guaranteed delivery must be completed and received by the depositary on or prior to the expiration time. The letter of transmittal along with the shares pertaining to the notice of guaranteed delivery must be received in Toronto prior to 5 p.m. Eastern Time on or before the second TSX trading day after the expiration time. Trades on Dec. 18, 2023, will settle on Dec. 19, 2023.