Canaccord Genuity Group Inc. Announces Conversion Results for its Cumulative 5-Year Rate Reset First Preferred Shares, Series C

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[{"type":"text","content":"\n\n\n\nCanaccord Genuity Group Inc. Announces Conversion Results for its Cumulative 5-Year Rate Reset First Preferred Shares, Series C\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\nCanada NewsWire\nTORONTO, June 16, 2017\n\n\n\nTORONTO, June 16, 2017 /CNW/ - Canaccord Genuity Group Inc. (the \"Company\") (TSX:CF, CF.PR.A, CF.PR.C) announced today that after having taken into account all election notices received by the June 15, 2017 conversion deadline in respect of the Cumulative 5-Year Rate Reset First Preferred Shares, Series C (the \"Series C Preferred Shares\") tendered for conversion into Cumulative Floating Rate First Preferred Shares, Series D (the \"Series D Preferred Shares\"), the holders of the Series C Preferred Shares are not entitled to convert their shares. There were 136,467 Series C Preferred Shares tendered for conversion, which is less than the 1,000,000 shares required for the ability to proceed with the conversion into Series D Preferred Shares, in accordance with the terms of the Series C Preferred Shares.  \n\n\n \n \n\n \nAs outlined in a press release on June 1, 2017, holders of Series C Preferred Shares will be entitled to receive quarterly fixed, cumulative, preferential cash dividends, if, as and when declared by the Board of Directors of the Company, subject to the provisions of the Business Corporations Act (British Columbia). The dividend rate for the five-year period commencing on July 1, 2017 and ending on and including June 30, 2022 will be 4.993% per annum, being equal to the sum of the five year Government of Canada bond yield determined as of June 1, plus 4.03%, in accordance with the terms of the Series C Preferred Shares. This new dividend rate is expected to deliver approximately $750,000 in annual savings for common shareholders.\n\nThere are currently 4,000,000 Series C Preferred Shares listed on the Toronto Stock Exchange under the symbol CF.PR.C.\n\nThe Series C Preferred Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the \"U.S. Securities Act\") or the securities l...

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