Excluding significant items, quarterly
earnings per common share of $0.11
(1)
First quarter dividend of
$0.085 per common share
TORONTO, Aug. 5, 2022 /PRNewswire/ -- Canaccord Genuity
Group Inc. (Canaccord Genuity Group, the Company) (TSX: CF) today
announced its financial results for the first fiscal quarter ended
June 30, 2022.
"The abrupt deceleration in global markets impacted first fiscal
quarter financial performance in all of our capital markets
businesses and to a lesser degree, our wealth management
businesses," said Dan Daviau,
President & CEO of Canaccord Genuity Group Inc. "In addition to
the more challenging backdrop, our quarterly results were impacted
by markdowns of certain inventory positions held in connection with
supporting our capital markets clients in Australia and Canada."
"Looking forward, we expect that economic conditions will
continue to tighten before they improve but we continue to be
active globally and we feel good about our market position, the
outlook for our wealth management businesses and a continuance of
strong M&A activity in our capital markets businesses."
First fiscal quarter highlights:
(All dollar
amounts are stated in thousands of Canadian dollars unless
otherwise indicated)
- First quarter revenue excluding significant items(1)
of $328.8 million, a decrease of
37.2% over the same period in the prior year
- First quarter net income before taxes excluding significant
items(1) of $27.5 million,
a decrease of 75.9% ($1.9 million and
a quarter-over-quarter decrease of 98.1% on an IFRS basis)
- Diluted earnings per common share excluding significant
items(1) for the first fiscal quarter of $0.11 per share (diluted loss per common share of
$0.14 on an IFRS basis), a decrease
of 84.9% compared to the first quarter of fiscal 2022
- Advisory revenue in the Company's global capital markets
division increased 8.7% year-over-year reflecting increased
contributions from our US and UK & Europe businesses
- Capital markets revenues were impacted by sharp declines in the
market value of certain inventory and warrant positions related to
our investment banking activities in Canada and Australia as well as certain market value
adjustments related to our facilitation activity in Canada
- On May 31, 2022, the Company
completed its acquisition of Punter Southall Wealth Limited (PSW)
to increase the long-term value and market position of its wealth
management position in the UK & Crown Dependencies
- Total client assets(1) in our global wealth
management business of $90.7 billion,
a decrease of 4.4% from Q1/22 reflecting year-over-year decreases
of 2.1% in Canada and 6.2% in the
UK & Crown Dependencies, primarily attributable to the decline
in market values during the three-month period and the impact of
changes in foreign exchange rates on the value of client assets
recorded in GBP, partially offset by the addition of new assets in
connection with the acquisition of PSW
- Purchased 502,000 common shares for cancellation under the
normal course issuer bid (NCIB) during the three months ended
June 30, 2022
- First quarter common share dividend of $0.085 per share
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_________________________________________
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(1) See
Non-IFRS Measures on page 5
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Three months ended
June 30
|
Year-over-year
change
|
Three months
ended March 31
|
Quarter-over-
quarter change
|
|
Q1/23
|
Q1/22
|
|
Q4/22
|
|
First fiscal quarter
highlights- adjusted1
|
Revenue excluding
significant items1
|
$328,817
|
$523,831
|
(37.2) %
|
$490,793
|
(33.0) %
|
Expenses excluding
significant items1
|
$301,365
|
$409,874
|
(26.5) %
|
$396,268
|
(23.9) %
|
Diluted earnings per
common share
excluding significant items1
|
$0.11
|
$0.73
|
(84.9) %
|
$0.52
|
(78.8) %
|
Net Income excluding
significant items1
|
$19,935
|
$84,654
|
(76.5) %
|
$66,822
|
(70.2) %
|
Net Income attributable
to common
shareholders excluding significant
items1,3
|
$11,879
|
$81,251
|
(85.4) %
|
$54,678
|
(78.3) %
|
First fiscal quarter
highlights- IFRS
|
Revenue
|
$317,370
|
$518,831
|
(38.8) %
|
$499,793
|
(36.5) %
|
Expenses
|
$315,476
|
$419,130
|
(24.7) %
|
$403,245
|
(21.8) %
|
Diluted (loss) earnings
per common share
|
$(0.14)
|
$0.63
|
(122.2) %
|
$0.53
|
(126.4) %
|
Net
Income2
|
$(3,004)
|
$73,053
|
(104.1) %
|
$68,995
|
(104.4) %
|
Net (Loss) income
attributable to
common shareholders,3
|
$(12,564)
|
$69,650
|
(118.0) %
|
$56,266
|
(122.3) %
|
1. Figures excluding
significant items are non-IFRS measures. See Non-IFRS Measures on
page 5
2. Before non-controlling interests and preferred share dividends
paid on the Series A and Series C Preferred Shares
3. Net income (loss) attributable to common shareholders is
calculated as the net income adjusted for non-controlling interests
and preferred share dividends
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Core business performance
highlights:
Canaccord Genuity Wealth Management
The Company's combined global wealth management operations
earned revenue of $162.2 million for
the first fiscal quarter, a year-over-year decrease of 16.8%. Net
income before taxes excluding significant items(1) for
this segment decreased by 48.8% year-over-year.
- Wealth management operations in the UK & Crown Dependencies
generated first quarter revenue of $73.3
million, a decrease of 8.7% compared to Q4/22 and unchanged
compared to the same period last year. Measured in local currency
(GBP), revenue was £45.7 million in Q1/23 compared to £42.7 million
in Q1/22, an increase of 7.0% compared to the same quarter last
year. Because the acquisition of PSW closed mid-way through the
quarter, revenue associated with PSW will be fully reflected in the
results of our next fiscal quarter (Q2/23) compared to the current
quarter (Q1/23). Net income before taxes excluding significant
items(1) for this business was $18.7 million in Q1/23, down 3.5%
year-over-year.
- Canaccord Genuity Wealth Management (North America) generated $73.0 million in first quarter revenue, a
decrease of 4.2% compared to Q4/22, and because revenue in Q1/22
was at an elevated level with the significant investment banking
revenue in that quarter, Q1/23 revenue represented a year-over-year
decrease of 30.0% compared to Q1/22. Excluding significant
items(1) net income before taxes for this business was
$6.5 million in Q1/23, which
represents a year-over-year decrease of 75.2% because of the
elevated investment banking activity in the comparable quarter and
a sequential increase of 27.4%.
- Wealth management operations in Australia generated $15.9 million in first quarter revenue, a
decrease of 9.1% compared to the first quarter of last year.
Excluding significant items(1) net loss before taxes for
this business was $0.5 million in
Q1/23, down from net income of $2.6
million in Q1/22.
Total client assets in the Company's global wealth management
businesses at the end of the first fiscal quarter amounted to
$90.7 billion, a decrease of
$4.2 billion or 4.4% from Q1/22.
- Client assets in the UK & Crown Dependencies were
$52.2 billion (£33.3 billion) as at
June 30, 2022, a decrease of 1.3%
(increase of 3.5% in local currency) from $52.8 billion (£32.1 billion) at the end of the
previous quarter, and a decrease of 6.2% (increase of 2.6% in local
currency) from $55.6 billion (£32.4
billion) at June 30, 2021 primarily
attributable to the decline in market values, offset by net inflows
and new assets from our acquisition of PSW and, when measured in
CAD, changes in GBP/CAD foreign exchange rates.
- Client assets in North America
were $33.9 billion as at June 30, 2022, a decrease of 10.6% from
$37.9 billion at the end of the
previous quarter and a decrease of 2.1% from $34.6 billion at June 30,
2021 due to the decline in market values, partially offset
by net new inflows and new assets from existing IAs and new
recruits.
- Client assets(1) in Australia were $4.7
billion (AUD 5.3 billion) at June 30,
2022, a decrease of 12.3% from $5.4
billion (AUD 5.7 billion) at the end of the previous
quarter, also reflecting the decline in market values. In addition,
client assets(1) totalling $13.3
billion (AUD 15.0 billion) are also held on record in less
active and transactional accounts through our Australian
platform.
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_________________________________________
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(1) See
Non-IFRS Measures on page 5
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Canaccord Genuity Capital Markets
Globally, Canaccord Genuity Capital Markets earned revenue of
$164.1 million for the first fiscal
quarter, a year-over-year decrease of 49.4%. The decrease primarily
reflected substantially lower investment banking revenues in all
geographies in connection with the significant decline in
industry-wide new issue volumes. In addition to the challenging
backdrop of reduced levels of activity, another headwind for this
quarter's results was the impact of sharp declines in the market
value of certain inventory and warrant positions earned in respect
of our investment banking activities. These valuation changes
primarily impacted our Australian capital markets business, and to
a lesser degree, our Canadian business. Net income before taxes
excluding significant items(1) for this segment was
$4.1 million for the quarter, a
year-over-year decrease of 95.1%.
- Canaccord Genuity Capital Markets participated in 80 investment
banking transactions globally, including led or co-led, raising
total proceeds of $6.2 billion during
Q1/23.
The Company's US capital markets business was the largest
contributor of revenue for the three-month period, with revenue of
$124.1 million, or 75.6% of total
global capital markets revenue. This business contributed advisory
fees revenue of $63.3 million for
Q1/23, an increase of 36.5% from the same period in the prior year.
Commissions and fees revenue for the three-month period increased
by 30.7% year-over-year, to $26.3
million. Investment banking revenue for the three-month
period decreased by 84.0% to $6.3
million when compared to the first quarter of the prior year
because of reduced new issue activity. Principal trading revenue
also decreased by 40.9% from the prior year to $26.6 million in the first quarter due to lower
trading volume, volatility and activity. Excluding
significant items(1), the pre-tax net income
contribution from this business amounted to $19.4 million for the three-month period.
Revenue in our UK & Europe
capital markets operations decreased by 7.3% for the three-month
period driven mainly by lower investment banking revenue. Advisory
revenue in this business increased 59.2% year-over-year to
$16.1 million for the first quarter,
and commissions and fees revenue increased by 8.4% to $4.3 million. Excluding significant
items(1), our UK & Europe capital markets business earned pre-tax
net income of $3.4 million for the
first quarter, a year-over-year improvement of 10.2%. The pre-tax
profit margin in this business was 13.1% for the first quarter, the
strongest result in nine fiscal quarters.
First quarter revenue of $14.3
million in our Canadian capital markets business decreased
by 87.7% when compared to Q1/22. First quarter investment banking,
advisory, and commissions and fees revenue declined by 92.6%, 83.7%
and 91.8% respectively when compared to the same period in the
prior year. The impact of market declines on our revenue in
Canada gave rise to facilitation
losses of about $11 million
offsetting our commission revenue leading to the significant
decline compared to prior quarters. Declines in market values
and net fee share inventory valuation adjustments of about
$7 million reduced investment banking
revenue by that amount and combined with a significant decline in
new issue offerings led to a substantial decrease in investment
banking revenue compared to prior quarters. Notwithstanding the
revenue declines, this business continues to be a top-ranked
domestic underwriter in Canada.
Our Canadian capital markets operations generated a loss before
income taxes of $17.3 million in
Q1/23, a decrease of 138.7% from income before income taxes of
$44.6 million generated in the same
period in the prior year.
First quarter revenue earned by our Australian capital markets
business decreased 101.0% year-over-year, reflecting a 118.7%
decrease in investment banking revenue when compared to the same
period a year ago. In addition to lower new issue activity,
investment banking revenue was negatively impacted by a net loss of
approximately $20 million as a
result of market value declines related to fee share and
warrant inventories. Net loss before income taxes for the first
three months of fiscal 2023 was $1.4
million compared to net income before income taxes of
$6.8 million in the first quarter of
fiscal 2022.
Summary of Corporate
Developments
On May 31, 2022, the Company,
through CGWM UK completed its acquisition of the private client
investment management business of Punter Southall Wealth Limited
(PSW) for a total purchase price on closing of £168.0 million
($267.8 million). In connection with
the completion of the acquisition, CGWM UK modified its existing
banking arrangements and increased its bank loan by an additional
£100 million (C$159.4 million as of
the acquisition date of May 31,
2022). In addition, certain institutional investors made an
additional investment in CGWM UK through the purchase of a new
series of Convertible Preferred Shares in the amount of £65.3
million ($104.1 million as of the
acquisition date of May 31, 2022).
With the issuance of the additional convertible
preferred shares and ordinary shares by CGWM UK in connection with
the transaction, the Company's equity equivalent interest in CGWM
UK on an as-converted basis now stands at 66.9%.
On June 1, 2022, the Company
announced the reset of the dividend rate on its Cumulative 5-year
Rate Reset First Preferred Shares, Series C (the "Series C
Preferred Shares"). Quarterly cumulative cash dividends, as
declared, were paid at an annual rate of 4.993% for the five years
ended June 30, 2022. Commencing
July 1, 2022 and ending on and
including June 30, 2027, quarterly
cumulative dividends, if declared, will be paid at an annual rate
of 6.837%. The dividend rate will be reset every five years at a
rate equal to the five-year Government of Canada yield plus 4.03%. The Company did not
exercise its right to redeem all or any part of the outstanding
Series C Preferred Shares on June 30,
2022.
Subsequent to the end of the quarter, on August 3, 2022, the Company announced that
through its UK & Europe
capital markets business, Canaccord Genuity Limited, it has entered
into an asset purchase agreement to acquire the business of Results
International Group LLP (Results). Results is an independent
advisory firm headquartered in London,
UK which provides M&A and corporate finance services to
entrepreneurs, corporates, private equity firms and investors
focused in the technology and healthcare sectors. This transaction
complements recent investments by the Company to expand its global
Advisory business with the acquisitions of Petsky Prunier (2019)
and Sawaya Partners (2021) and expands its European domain
expertise in the Healthcare and Technology sectors. The transaction
is expected to close in the second quarter of the Company's current
fiscal year, subject to customary closing conditions.
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_________________________________________
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(1) See
Non-IFRS Measures on page 5
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Results for the First Quarter of Fiscal 2023 were impacted by
the following significant items:
- Fair value adjustments on certain illiquid or restricted
marketable securities recorded for IFRS reporting purposes, but
which are excluded for management reporting purposes and are not
used by management to assess operating performance
- Amortization of intangible assets acquired in connection with
business combinations
- Acquisition-related costs in connection with the acquisition of
PSW
- Certain incentive-based costs related to acquisitions
- Certain components of the non-controlling interest expense
associated with CGWM UK
Summary of Results for Q1 Fiscal
2023 and Selected Financial Information Excluding Significant
Items(1):
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Three months ended June 30
|
Quarter-over-
quarter change
|
(C$ thousands, except
per share and % amounts)
|
2022
|
2021
|
|
Revenue
|
|
|
|
Revenue per
IFRS
|
$317,370
|
$518,831
|
(38.8) %
|
Significant items
recorded in Corporate and Other
|
|
|
|
Fair value adjustments
on certain illiquid and restricted
marketable securities
|
11,447
|
$5,000
|
128.9 %
|
Total revenue excluding
significant item
|
$328,817
|
$523,881
|
(37.2) %
|
Expenses
|
|
|
|
Expenses per
IFRS
|
$315,476
|
$419,130
|
(24.7) %
|
Significant items
recorded in Canaccord Genuity Capital Markets
|
Amortization of
intangible assets
|
$1,264
|
$293
|
n.m.
|
Incentive-based costs
related to acquisitions(2)
|
$367
|
-
|
n.m.
|
Significant items
recorded in Canaccord Genuity Wealth Management
|
|
Amortization of
intangible assets
|
$4,312
|
$3,148
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37.0 %
|
Acquisition-related
costs
|
$7,582
|
-
|
n.m.
|
Incentive-based costs
related to acquisitions(2)
|
$586
|
$351
|
67.0 %
|
Significant items
recorded in Corporate and Other
|
|
|
|
Costs in connection
with redemption of convertible
debentures
|
-
|
$5,464
|
(100.0) %
|
Total significant
items – expenses
|
$14,111
|
$9,256
|
52.5 %
|
Total expenses
excluding significant items
|
$301,365
|
$409,874
|
(26.5) %
|
Net income before taxes
excluding significant items(1)
|
$27,452
|
$113,957
|
(75.9) %
|
Income taxes –
adjusted
|
$7,517
|
$29,303
|
(74.3) %
|
Net income excluding
significant items
|
$19,935
|
$84,654
|
(76.5) %
|
Significant items
impacting net income attributable
to common shareholders
|
|
|
|
Non-controlling
interests – IFRS
|
$7,169
|
$1,052
|
n.m.
|
Amortization of equity
component of the non-controlling
interests in CGWM UK and other adjustment
|
$1,504
|
-
|
n.m.
|
Non-controlling
interests (adjusted) (1)
|
$5,665
|
$1,052
|
n.m.
|
Net income attributable
to common shareholders,
excluding significant items
|
$11,879
|
$81,251
|
(85.4) %
|
Earnings per common
share excluding significant items –
basic
|
$0.13
|
$0.84
|
(84.5) %
|
Earnings per common
share excluding significant items –
diluted
|
$0.11
|
$0.73
|
(84.9) %
|
|
1 Figures
excluding significant items are non-IFRS measures. See Non-IFRS
Measures on page 5.
|
2 Incentive-based costs related to
the acquisitions and growth initiatives in the US capital markets
and UK & Crown Dependencies wealth management
business.
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Diluted earnings per common share (diluted EPS) is computed
using the treasury stock method, giving effect to the exercise of
all dilutive elements. The Convertible Preferred Shares issued by
CGWM UK are factored into the diluted EPS by adjusting net income
attributable to common shareholders of the Company to reflect our
proportionate share of CGWM UK's earnings on an as converted basis
if the calculation is dilutive. For the quarter ended
June 30, 2022, the effect of
reflecting our proportionate share of CGWM UK's earnings is
anti-dilutive for diluted EPS purposes under IFRS but dilutive for
the purpose of determining diluted EPS excluding significant
items(1). Accordingly, net income attributable to common
shareholders excluding significant items(1) for the
first quarter of fiscal 2023 reflects the Company's proportionate
share of CGWM UK's net income on an as converted basis.
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_________________________________________
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(1) See
Non-IFRS Measures on page 5
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Financial Condition at the End of
First Quarter Fiscal 2023 vs. Fourth Quarter of Fiscal
2022:
- Cash and cash equivalents balance of $1.0 billion, a decrease of $753.5 million from $1.8
billion
- Working capital of $730.6
million, a decrease of $63.8
million from $794.4
million
- Total shareholders' equity of $1.1
billion, a decrease of $88.1
million from $1.2 billion
Common and Preferred Share
Dividends:
On August 4, 2022, the Board of
Directors approved a dividend of $0.085 per common share, payable on September 15, 2022, with a record date of
September 2, 2022.
On August 4, 2022, the Board
approved a cash dividend of $0.25175
per Series A Preferred Share payable on September 30, 2022 to Series A Preferred
shareholders of record as at September
16, 2022.
On August 4, 2022, the Board
approved a cash dividend of $0.42731
per Series C Preferred Share payable on September 30, 2022 to Series C Preferred
shareholders of record as at September
16, 2022.
Non-IFRS Measures
Certain non-IFRS measures, non-IFRS ratios and supplementary
financial measures are utilized by the Company as measures of
financial performance. Non-IFRS measures, non-IFRS ratios and
supplementary financial measures do not have any standardized
meaning prescribed by IFRS and are therefore unlikely to be
comparable to similar measures presented by other companies.
Management believes that these non-IFRS measures, non-IFRS
ratios and supplementary financial measures allow for a better
evaluation of the operating performance of the Company's business
and facilitate meaningful comparison of results in the current
period to those in prior periods and future periods. Non-IFRS
measures presented in this earnings release include certain figures
from our statement of operations that are adjusted to exclude
significant items. Although figures that exclude significant items
provide useful information by excluding certain items that may not
be indicative of the Company's core operating results, a limitation
of utilizing these figures that exclude significant items is that
the IFRS accounting effects of these items do in fact reflect the
underlying financial results of the Company's business.
Accordingly, these effects should not be ignored in evaluating and
analyzing the Company's financial results. Therefore, management
believes that the Company's IFRS measures of financial performance
and the respective non-IFRS measures should be considered
together.
Non-IFRS Measures (Adjusted Figures)
Figures that exclude significant items provide useful
information by excluding certain items that may not be indicative
of the Company's core operating results. Financial statement items
that exclude significant items are non-IFRS measures. To calculate
these non-IFRS financial statement items, we exclude certain items
from our financial results prepared in accordance with IFRS.
The items which have been excluded are referred to herein as
significant items. The following is a description of the
composition of the non-IFRS measures used in this earnings
release (note that some significant items excluded may not be
applicable to the calculation
of the non-IFRS measures for each comparative period): (i)
revenue excluding significant items, which is composed of
revenue per IFRS less any applicable fair value adjustments on
certain illiquid or restricted marketable securities as recorded
for IFRS reporting purposes but which are excluded for management
reporting purposes and are not used by management to assess
operating performance; (ii) expenses excluding significant
items, which is composed of expenses per IFRS less any
applicable amortization of intangible assets acquired in connection
with a business combination, acquisition-related expense items,
certain incentive-based costs related to the acquisitions and
growth initiatives in CGWM UK and US capital markets and
costs associated with the redemption of convertible
debentures; (iii) net income before taxes excluding significant
items, which is composed of revenue excluding significant
items less expenses excluding significant items; (iv)
income taxes (adjusted), which is composed of income taxes
per IFRS adjusted to reflect the associated tax effect of the
excluded significant items; (v) net income excluding significant
items, which is composed of net income before income taxes
excluding significant items less income taxes (adjusted); (vi)
non-controlling interests (adjusted), which is composed of
non-controlling interests per IFRS less the amortization of the
equity component of non-controlling interests in CGWM UK; and (vii)
net income attributable to common shareholders excluding
significant items, which is composed of net income excluding
significant items less non-controlling interests (adjusted) and
preferred share dividends paid on the Series A and Series C
Preferred Shares.
A reconciliation of non-IFRS measures that exclude significant
items to the applicable IFRS measures from the interim condensed
consolidated financial statements for the first quarter of fiscal
2023 can be found above in the table entitled "Summary of results
for Q1 fiscal 2023 and selected financial information excluding
significant items".
Non-IFRS Ratios
Non-IFRS ratios are calculated using the non-IFRS measures
defined above. For the periods presented herein, we have used the
following non-IFRS ratios: (i) total expenses excluding
significant items as a percentage of revenue, which is
calculated by dividing expenses excluding significant items by
revenue excluding significant items; (ii) earnings per common
share excluding significant items, which is calculated by
dividing net income attributable to common shareholders excluding
significant items by the weighted average number of common shares
outstanding (basic); (iii) diluted earnings per common share
excluding significant items which is calculated by dividing net
income attributable to common shareholders excluding significant
items by the weighted average number of common shares
outstanding (diluted); and (iv) pre-tax profit margin which
is calculated by dividing net income before taxes excluding
significant items by revenue excluding significant items.
Supplementary Financial Measures
Client assets are supplementary financial measures that do not
have any definitions prescribed under IFRS but do not meet the
definition of a non-IFRS measure or non-IFRS ratio. Client
assets, which include both assets under management (AUM) and assets
under administration (AUA), is a measure that is common to the
wealth management business. Client assets is the market value of
client assets managed and administered by the Company from which
the Company earns commissions and fees. This measure includes
funds held in client accounts as well as the aggregate market value
of long and short security positions. The Company's method of
calculating client assets may differ from the methods used by other
companies, and therefore these measures may not be comparable to
other companies. Management uses these measures to assess
operational performance of the Canaccord Genuity Wealth Management
business segment.
ACCESS TO QUARTERLY RESULTS
INFORMATION
Interested parties are invited to listen to Canaccord Genuity's
first fiscal quarter results conference call via live webcast or a
toll-free number. The conference call is scheduled for Friday, August 5, 2022, at 8:00 a.m. Eastern time, 5:00 a.m. Pacific time, 1:00 p.m. UK time, 8:00
p.m. China Standard Time, and 10:00
p.m. Australia EST. During the call, senior executives will
comment on the results and respond to questions from analysts and
institutional investors.
The conference call may be accessed live online and will also be
archived on a listen-only basis at:
www.cgf.com/investor-relations/news-and-events/conference-calls-and-webcasts/
Analysts and institutional investors can call in via telephone
at:
- 416-764-8609 (within Toronto)
- 888-390-0605 (toll free in North
America outside Toronto)
- 0-800-652-2435 (toll free from the United Kingdom)
- 0-800-916-834 (toll free from France)
- 10-800-714-1938 (toll free from Northern China)
- 10-800-140-1973 (toll free from Southern China)
- 1-800-076-068 (toll free from Australia)
- 80-003-570-3632 (toll free from United Arab Emirates)
Please ask to participate in the Canaccord Genuity Group Inc.
Q1/23 results call. If a passcode is requested, please use
55608639.
A replay of the conference call will be made available from
approximately two hours after the live call on August 5, 2022, until October 5, 2022 at 416-764-8677 or 1-888-390-0541
by entering passcode 608639 followed by the (#) key.
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 wealth management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. The Company's international capital
markets division operates in North
America, the UK & Europe, Asia,
Australia and the Middle
East.
Canaccord Genuity Group Inc. is listed under the symbol CF on
the TSX.
FOR FURTHER INFORMATION:
Investor and media relations inquiries:
Christina Marinoff
Vice President, Investor Relations & Communications,
Phone: 416-687-5507, Email: cmarinoff@cgf.com
www.cgf.com/investor-relations
None of the information
on the Company's websites at www.cgf.com should be considered
incorporated herein by reference.
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For further information: Investor and media relations inquiries:
Christina Marinoff, Vice President,
Investor Relations & Communications, Phone: 416-687-5507,
Email:
cmarinoff@cgf.com; www.cgf.com/investor-relations