Business
Canaccord Genuity Group Inc. Announces Conversion Privilege of Cumulative 5-year Rate Reset First Preferred Shares, Series A
Canaccord Genuity Group Inc. Announces Conversion Privilege of Cumulative 5-year Rate Res...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n \n \n \n Canaccord Genuity Group Inc. Announces Conversion Privilege of Cumulative 5-year Rate Reset First Preferred Shares, Series A\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n Aug. 3, 2021\n \n /CNW/ - Canaccord Genuity Group Inc. (TSX: CF) (TSX: CF.PR.A) (TSX: CF.PR.C) (the \"Company\") announced today that it does not intend to exercise its right to redeem all or any part of the currently outstanding Cumulative 5-Year Rate Reset First Preferred Shares, Series A of the Company (the \"Series A Preferred Shares\") on\n \n September 30, 2021\n \n (the \"Conversion Date\"). There are currently 4,540,000 Series A Preferred Shares outstanding.\n \n \n As a result and subject to certain conditions set out in the short form prospectus dated\n \n June 16, 2011\n \n relating to the issuance of the Series A Preferred Shares, the holders of the Series A Preferred Shares have the right, at their option, to convert all or any of their Series A Preferred Shares, on a one-for-one basis, into Cumulative Floating Rate First Preferred Shares, Series B of the Company (the \"Series B Preferred Shares\") on the Conversion Date (the \"Conversion Privilege\"). A formal notice of the Conversion Privilege will be sent to the registered holder of the Series A Preferred Shares.\n \n \n Holders who do not exercise their right to convert their Series A Preferred Shares into Series B Preferred Shares will continue to hold their Series A Preferred Shares and will have the opportunity to convert their shares again on\n \n September 30, 2026\n \n , and every five years thereafter as long as the shares remain outstanding.\n \n \n The foregoing Conversion Privilege is subject to the following conditions: (i) if the Company determines that there would be less than 1,000,000 Series B Preferred Shares outstanding on the Conversion Date, then holders of Series A Preferred Shares will not be entitled to convert their shares into Series B Preferred Shares; and (ii) alternatively, if the Company determines that there would remain outs...