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Canaccord Genuity Group Inc
Symbol CF
Shares Issued 115,750,177
Close 2019-08-12 C$ 5.12
Recent Sedar Documents

Canaccord Genuity to take up 7.27M shares in issuer bid

2019-08-12 08:53 ET - News Release

An anonymous director reports

CANACCORD GENUITY GROUP INC. ANNOUNCES PRELIMINARY RESULTS OF SUBSTANTIAL ISSUER BID

Canaccord Genuity Group Inc. has released the preliminary results of its substantial issuer bid to repurchase for cancellation up to $40-million of its common shares. The offer expired at 5 p.m. ET on Aug. 9, 2019.

In accordance with the terms and conditions of the offer and based on a preliminary count by Computershare Trust Company of Canada, the company expects to take up and purchase for cancellation 7,272,727 common shares at a purchase price of $5.50 per common share for aggregate consideration of $39,999,998.50. The common shares expected to be purchased under the offer represent approximately 6.28 per cent of the issued and outstanding common shares on a non-diluted basis as at July 3, 2019, the time the offer was announced. After giving effect to the offer, approximately 108,474,831 common shares are expected to be issued and outstanding.

The offer was made by way of a modified Dutch auction which allowed shareholders who chose to participate in the offer to individually select the price, within a price range of not less than $5.50 per common share and not more than $6.30 per common share (in increments of 10 cents per common share), at which they were willing to sell their common shares.

Based on the depositary's preliminary count, approximately 18,917,010 common shares were tendered to the offer. As the offer was oversubscribed, shareholders who made auction tenders at a price of $5.50 per common share and purchase price tenders are expected to have approximately 59 per cent of their successfully tendered common shares purchased by the company, other than odd-lot tenders, which are not subject to proration. Shareholders who made auction tenders at a price in excess of $5.50 per common share will have their common shares returned by the depositary.

The number of common shares to be purchased under the offer and the purchase price is preliminary, subject to verification by the depositary and assume that all common shares tendered through notice of guaranteed delivery will be delivered within the two-trading-day settlement period. The company will announce the final results following completion of take-up of the common shares.

The full details of the offer are described in the offer to purchase and issuer bid circular dated July 3, 2019, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR.

About Canaccord Genuity Group Inc.

Through its principal subsidiaries, Canaccord Genuity Group is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets.

We seek Safe Harbor.

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