TORONTO, Sept. 1, 2016 /CNW/ - Canaccord Genuity
Group Inc. (the "Company") (TSX:CF, CF.PR.A, CF.PR.C) announced
today the applicable dividend rates for its Cumulative 5-Year Rate
Reset First Preferred Shares, Series A (the "Series A Preferred
Shares") and its Cumulative Floating Rate First Preferred Shares,
Series B (the "Series B Preferred Shares"), further to its press
release dated August 12, 2016
announcing that it does not intend to exercise its right to redeem
all or any part of the currently outstanding Series A Preferred
Shares and, as a result of which, subject to certain conditions,
the holders of the Series A Preferred Shares have the right to
convert all or any part of their Series A Preferred Shares into
Series B Preferred Shares on a one-for-one basis.
With respect to any Series A Preferred Shares that remain
outstanding after September 30, 2016,
holders thereof will be entitled to receive quarterly fixed,
cumulative, preferential cash dividends, if, as and when declared
by the Board of Directors of the Company, subject to the provisions
of the Business Corporations Act (British Columbia). The dividend rate for the
five-year period commencing on October 1,
2016 and ending on and including September 30, 2021 will be 3.885% per annum,
being equal to the sum of the five year Government of Canada bond yield determined as of today, plus
3.21%, in accordance with the terms of the Series A Preferred
Shares.
With respect to any Series B Preferred Shares that may be issued
on September 30, 2016, holders
thereof will be entitled to receive quarterly floating rate,
cumulative, preferential cash dividends, if, as and when declared
by the Board of Directors of the Company, subject to the provisions
of the Business Corporations Act (British Columbia). The dividend rate for the
three-month period commencing on October 1,
2016 and ending on and including December 31, 2016 will be 3.722% per annum, being
equal to the sum of the three-month Government of Canada Treasury
Bill yield determined as of today, plus 3.21% (calculated on the
basis of the actual number of days elapsed during such quarterly
period divided by 365), in accordance with the terms of the Series
B Preferred Shares. The quarterly floating dividend rate will be
reset every quarter.
Beneficial owners of Series A Preferred Shares who wish to
exercise their conversion right should communicate as soon as
possible with their broker or other nominee to ensure their
instructions are followed for exercising such right on or prior to
the deadline for exercise, which is 5:00
p.m. (Toronto time) on
September 15, 2016.
The Series A Preferred Shares and the Series B Preferred Shares
have not been and will not be registered under the U.S. Securities
Act of 1933, as amended (the U.S. Securities Act) or the
securities laws of the United
States. Accordingly, the Series A Preferred Shares and the
Series B Preferred Shares may not be offered or sold within
the United States or to, or for
the account or benefit of, U.S. persons, except pursuant to
transactions exempt from registration under the U.S. Securities Act
or under the securities laws of the applicable state. This press
release does not constitute an offer to sell or a solicitation of
an offer to buy any security.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
This press release may contain "forward-looking statements" (as
defined under applicable securities laws). These statements relate
to future events or future performance and reflect management's
expectations, beliefs, plans, estimates, intentions and similar
statements concerning anticipated future events, results,
circumstances, performance or expectations that are not historical
facts, including business and economic conditions and Canaccord
Genuity Group's growth, results of operations, performance and
business prospects and opportunities. Specifically, this press
release contains forward-looking statements with respect to the
Company, the Series A Preferred Shares and the Series B Preferred
Shares, including but not limited to future dividends. Such
forward-looking statements reflect management's current beliefs and
are based on information currently available to management. In some
cases, forward-looking statements can be identified by terminology
such as "may", "will", "should", "expect", "plan", "anticipate",
"believe", "estimate", "predict", "potential", "continue",
"target", "intend", "could" or the negative of these terms or other
comparable terminology. By their very nature, forward-looking
statements involve inherent risks and uncertainties, both general
and specific, and a number of factors could cause actual events or
results to differ materially from the results discussed in the
forward-looking statements. In evaluating these statements, readers
should specifically consider various factors that may cause actual
results to differ materially from any forward-looking statement.
These factors include, but are not limited to, market and general
economic conditions, the nature of the financial services industry
and the risks and uncertainties discussed from time to time in the
Company's interim condensed and annual consolidated financial
statements, its annual report and its annual information form
("AIF") filed on www.sedar.com as well as the factors
discussed in the sections entitled "Risk Management" and "Risk
Factors" in the AIF, which include market, liquidity, credit,
operational, legal and regulatory risks. Material factors or
assumptions that were used by the Company to develop the
forward-looking statements contained in this press release include,
but are not limited to, those set out in the Fiscal 2017 Outlook
section in the annual MD&A and those discussed from time to
time in the Company's interim condensed and annual consolidated
financial statements, its annual report and the AIF filed on
www.sedar.com. The preceding list is not exhaustive of all possible
risk factors that may influence actual results. Readers are
cautioned that the preceding list of material factors or
assumptions is not exhaustive.
Although the forward-looking statements contained in this press
release are based upon what management believes are reasonable
assumptions, there can be no assurance that actual results will be
consistent with these forward-looking statements. The
forward-looking statements contained in this press release are made
as of the date of this press release and should not be relied upon
as representing the Company's views as of any date subsequent to
the date of this press release. Except as may be required by
applicable law, the Company does not undertake, and specifically
disclaims, any obligation to update or revise any forward-looking
statements, whether as a result of new information, further
developments or otherwise.
ABOUT CANACCORD GENUITY GROUP INC.:
Through its principal subsidiaries, Canaccord Genuity Group Inc.
(the "Company") 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
offices in 10 countries worldwide, including 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 Canada, the US, the UK, France, Ireland, Hong Kong,
China, Australia and
Dubai. To us there are no foreign
markets.TM
Canaccord Genuity Group Inc. is publicly traded under the symbol
CF on the TSX.
SOURCE Canaccord Genuity Group Inc.
