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Canaccord Genuity Group Inc
Symbol CF
Shares Issued 117,827,294
Close 2019-06-27 C$ 5.19
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Canaccord to buy back up to $40M of shares

2019-06-28 12:36 ET - News Release

Ms. Christina Marinoff reports


Canaccord Genuity Group Inc. has authorized the initiation of a substantial issuer bid, pursuant to which the company will offer to repurchase for cancellation up to $40-million of its common shares.

The company expects to announce the terms of the offer and commence the offer on July 3, 2019, and that the bid will be completed by Aug. 9, 2019, unless extended or withdrawn.

"We are pleased to provide this opportunity for our shareholders, which reflects increased confidence in the sustainability and direction of our earnings," said Dan Daviau, president and chief executive officer of Canaccord. "In addition to our recently revised dividend policy, this initiative allows us to provide enhanced returns for our shareholders, while maintaining sufficient excess capital for disciplined investment in our ongoing strategic priorities."

The offer is expected to proceed by way of a modified Dutch auction, which will allow shareholders who choose to participate in the offer to select the price, within a price range of not less than $5.50 and not more than $6.30 per common share (in increments of 10 cents per common share). Upon expiry of the offer, the company will determine the lowest purchase price (which will not be more than $6.30 per common share and not less than $5.50 per common share) that will allow the company to purchase the maximum number of common shares properly tendered to the offer, having an aggregate purchase price not exceeding $40-million.

The directors and officers of the company have advised that they will not tender any of their shares pursuant to the offer.

The offer will not be conditional upon any minimum number of common shares being tendered. The offer will, however, be subject to other conditions and the company will reserve the right, subject to applicable laws, to withdraw or amend the offer if, at any time prior to the payment of deposited common shares, certain events occur.

The company has engaged Kingsdale Advisors to act as information agent for the offer and Computershare Trust Company of Canada to act as the depositary for the offer. Questions about the offer can be directed to Kingsdale Advisors at 1-800-775-3159.

During the six months ended June 27, 2019, the closing prices the common shares on the Toronto Stock Exchange have ranged from a low of $4.98 to a high of $6.65. The closing price of the common shares on the TSX on June 27, 2019 (the last full trading day before the company announced its intention to make the offer) was $5.19.

About Canaccord Genuity Group Inc.

Through its principal subsidiaries, Canaccord Genuity is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the company has been driven by an unwavering commitment to building lasting client relationships. The company achieves this by generating value for its individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services.

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