TORONTO, Aug. 18,
2022 /CNW/ - Canaccord Genuity Group Inc. (TSX: CF)
(the "Company") 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 4,959,281 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% of the
Company's outstanding common shares. As of August 8, 2022, there were 99,185,630 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 5,342,990 of its common shares for the
period from August 21, 2021 to
August 20, 2022, the Company has
purchased, as of July 31, 2022,
2,252,700 common shares for cancellation under the normal course
issuer bid at a volume weighted average price of approximately
$13.24 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 at the
discretion of the Company and are expected to be able to commence
on August 21, 2022 and will continue
for one year (to August 20, 2023).
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 76,881 common shares of the Company (which is 25% of the
average daily trading volume (ADTV) of common shares of the Company
on the TSX in the six calendar months from February 2022 to July
2022 of 307,527 common shares).
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. The Company's
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.
www.cgf.com/investor-relations
SOURCE Canaccord Genuity Group Inc.