The Toronto Stock Exchange reports that Canaccord Genuity Group Inc. has made an offer to purchase up to $40-million of its common shares, pursuant to a modified Dutch auction. Through this procedure, the company will determine a single price per share, of at least $5.50 and not more than $6.30, that it will pay for shares validly deposited under the offer and not properly withdrawn. The offer will expire at 5 p.m. Toronto time on Aug. 9, 2019.

According to the TSX, shareholders who wish to accept the offer may: (i) make an auction tender pursuant to which they agree to sell to the company, at a specified price within the range noted above, a specified number of shares owned by them; or (ii) make a purchase price tender in which the tendering shareholders do not specify a price per share but rather agree to have a specified number of shares purchased at the purchase price, to be determined pursuant to the offer, understanding that if they make a purchase price tender, such shares will be deemed to have been tendered at the minimum price of $5.50 per share.

The TSX notes that if required, successfully tendered shares will be purchased on a pro rata basis according to the number of shares deposited by each shareholder. Shareholders who own odd lots will not be subject to proration. An odd lot is a deposit by a shareholder owning in total less than 100 shares at the close of business on the expiration date. According to the TSX, trades on Aug. 9, 2019, will settle on Aug. 12, 2019.