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CANACCORD GENUITY GROUP INC. ANNOUNCES CONVERSION PRIVILEGE OF CUMULATIVE 5-YEAR RATE RESET FIRST PREFERRED SHARES, SERIES C
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 C\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 \n TORONTO\n \n \n ,\n \n \n May 24, 2022\n \n \n /CNW/ - Canaccord Genuity Group Inc. (the \"Company\") (TSX: CF) (TSX: CF.PR.A) (TSX: CF.PR.C) 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 C of the Company (the \"Series C Preferred Shares\") on\n \n June 30, 2022\n \n (the \"Conversion Date\"). There are currently 4,000,000 Series C Preferred Shares outstanding.\n \n \n As a result, and subject to certain conditions set out in the short form prospectus dated\n \n April 2, 2012\n \n , relating to the issuance of the Series C Preferred Shares, the holders of the Series C Preferred Shares have the right, at their option, to convert all or any of their Series C Preferred Shares, on a one-for-one basis, into Cumulative Floating Rate First Preferred Shares, Series D of the Company (the \"Series D 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 C Preferred Shares.\n \n \n Holders who do not exercise their right to convert their Series C Preferred Shares into Series D Preferred Shares will continue to hold their Series C Preferred Shares and will have the opportunity to convert their shares again on\n \n June 30, 2027\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 D Preferred Shares outstanding on the Conversion Date, then holders of Series C Preferred Shares will not be entitled to convert their shares into Series D Preferred Shares; and (ii) alternatively, if the Company determines that there would remain outs...