TORONTO, Aug. 12, 2019 /PRNewswire/ - Canaccord Genuity
Group Inc. (the "Company") (TSX: CF) wishes to announce the filing
of a normal course issuer bid (NCIB) to purchase common shares of
the Company through the facilities of the TSX 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 5,423,872 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% of the
Company's outstanding common shares. As of August 9, 2019, there were 108,477,450 common
shares of the Company issued and outstanding after taking into
consideration the Company's obligation to acquire 7,272,727 shares
under a substantial issuer bid that expired on August 9, 2019. The Company previously commenced
a bid on August 15, 2018 to purchase
up to a maximum of 5,677,589 of its common shares and to date has
purchased 1,226,800 common shares for cancellation under the bid at
a volume weighted average price of approximately $6.11 per common share.
The Company has also entered into a pre-defined 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 expected to be
able to commence on August 15, 2019
and will continue for one year (to August
14, 2020). 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 47,589 common shares of the Company (which
is 25% of the average daily trading volume of common shares of the
Company on the TSX (ADTV) in the six calendar months from
February 2019 to July 2019 (25% of the ADTV of 190,357)).
ABOUT CANACCORD GENUITY GROUP INC.
Through its principal subsidiaries, Canaccord Genuity Group Inc.
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. We achieve
this by generating value for our 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 UK, Guernsey, Jersey, the Isle of
Man and Australia. Canaccord
Genuity, the international capital markets division, operates in
North America, UK &
Europe, Asia, Australia and the Middle East.
Canaccord Genuity Group Inc. is publicly traded under the symbol
CF on the TSX.
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SOURCE Canaccord Genuity Group Inc.