SUBSTANTIAL ISSUER BID FOR UP TO $100.0 M OF COMMON SHARES TORONTO, Dec. 16, 2021 /PRNewswire/ - Canaccord Genuity Group Inc. (TSX: CF) (the "Company") announces today that its board of directors has authorized the initiation of a substantial issuer bid (the "Offer") pursuant to which the Company will offer to repurchase for cancellation up to $100.0 million of its common shares (the "Common Shares").
The Company expects to announce the terms of the Offer and commence the Offer on December 22, 2021 and that the bid would then expire on January 27, 2022 at 5:00 pm Eastern Time, unless extended or withdrawn.
The Offer is expected to proceed by way of a modified Dutch auction, which will allow shareholders who choose to participate in the Offer to select the price, within a price range of not less than $15.50 and not more than $16.50 per Common Share (in increments of $0.10 per Common Share). Upon expiry of the Offer, the Company will determine the lowest purchase price (which will not be more than $16.50 per Common Share and not less than $15.50 per Common Share) that will allow the Company to purchase the maximum number of Common Shares properly tendered to the Offer, having an aggregate purchase price not exceeding $100.0 million.
The directors and officers of the Company have advised that they will not tender any of their Common Shares pursuant to the Offer.
The Offer will not be conditional upon any minimum number of Common Shares being tendered. The Offer will, however, be subject to other conditions and the Company will reserve the right, subject to applicable laws, to withdraw or amend the Offer, if, at any time prior to the payment for deposited Common Shares, certain events occur.
The Company has engaged Kingsdale Advisors to act as information agent for the Offer and Computershare Investor Services Inc. to act as the depositary for the Offer. Questions about the Offer can be directed to Kingsdale Advisors at 1-800-775-3159 or by emailing contactus@kingsdaleadvisors.com.
During the six months ended December 15, 2021, the closing prices of the Common Shares on the Toronto Stock Exchange ("TSX") have ranged from a low of $12.63 to a high of $16.52. The closing price of the Common Shares on the TSX on December 15, 2021 (the last full trading day before the Company announced its intention to make the Offer) was $14.86.
This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Details of the Offer, including instructions for tendering Common Shares, will be included in the formal offer to purchase and issuer bid circular, letter of transmittal and notice of guaranteed delivery (collectively, the "Offer Documents"). The Offer Documents will be mailed to shareholders, filed with applicable Canadian securities regulatory authorities and made available on SEDAR at www.sedar.com, and will also be posted on the Company's website at www.cgf.com/investor-relations.