An anonymous director reports
CANACCORD GENUITY GROUP INC. DISCLOSES NORMAL COURSE ISSUER BID
Canaccord Genuity Group Inc. has filed a normal course issuer bid (NCIB) to purchase common shares of the company through the facilities of the Toronto Stock Exchange and on alternative Canadian 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 5,390,674 of its common shares through the facilities of the TSX or alternative Canadian trading systems. The purpose of the purchase of common shares under the normal course issuer bid is to enable the company to acquire shares for cancellation, and any shares acquired will be cancelled. The shares that may be repurchased represent 5.0 per cent of the company's outstanding common shares. As of Aug. 17, 2020, there were 107,813,482 common shares of the company issued and outstanding. Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which the company sought and received approval from the TSX to purchase up to 5,423,872 of its common shares for the period from Aug. 15, 2019, to Aug. 14, 2020, the company has purchased, as of Aug. 14, 2020, 1,467,656 common shares for cancellation under the bid at a volume-weighted average price of approximately $4.89 per common share.
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 Toronto Stock Exchange 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 at the discretion of the company and are expected to be able to commence on Aug. 21, 2020, and will continue for one year (to Aug. 20, 2021). The maximum consideration will be the market price of the securities at the time of acquisition. Subject to the once per calendar week block purchase exemption, the daily purchases are limited to 76,127 common shares of the company (which are 25 per cent of the average daily trading volume of common shares of the company on the TSX (ADTV) in the six calendar months from February, 2020, to July, 2020 (25 per cent of the ADTV of 304,508).
About Canaccord Genuity Group Inc.
Through its principal subsidiaries, Canaccord Genuity Group is a leading independent, full-service financial service 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. It achieves this by generating value for its individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The company has wealth management offices located in Canada, the United Kingdom, Guernsey, Jersey, the Isle of Man and Australia. The company's international capital market division operates in North America, U.K. and Europe, Asia, Australia, and the Middle East.
Canaccord Genuity Group is publicly traded under the symbol CF on the TSX.
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