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Canaccord Genuity Group Inc. Announces Intention to Amend Convertible Debentures
Canaccord Genuity Group Inc. Announces Intention to Amend Convertible Debentures ...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n \n \n \n Canaccord Genuity Group Inc. Announces Intention to Amend Convertible Debentures\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 Jan. 18, 2021\n \n /CNW/ - Canaccord Genuity Group Inc. (TSX: CF) (the \"\n \n Company\n \n \") announced today its intention to seek approval from each of the holders (the \"\n \n Debentureholders\n \n \") of its 6.25% convertible unsecured senior subordinated debentures maturing\n \n December 31, 2023\n \n (the \"\n \n Debentures\n \n \") to make certain amendments to the indenture governing the Debentures.\n \n \n The proposed amendments (the \"\n \n Proposed\n \n \n Amendments\n \n \") are as follows:\n \n \n \n The addition of a right of the Company to redeem, at its option and from time to time, between\n \n April 1, 2021\n \n and\n \n October 31, 2021\n \n , any or all of the outstanding Debentures (the\n \n Amended Redemption Right\n \n \"), for consideration of (for each\n \n $1,000\n \n principal amount of Debentures held) cash equal to (i) the greater of (a) 125% of the principal amount, being\n \n $1,250\n \n , and (b) the sum of * the amount calculated by multiplying 100 by the volume weighted average price of the common shares of the Company (the \"\n \n Common Shares\n \n \") for the 20 trading day period ending two trading days prior to the date upon which the Company issues a press release announcing its intention to exercise the Amended Redemption Right and (y)\n \n $40.00\n \n ; plus (ii) accrued and unpaid interest up to, but excluding, the date of redemption.\n \n \n \n \n The Debentureholders' right to convert their Debentures into Common Shares, at the current exercise price of\n \n $10.00\n \n , will be suspended until\n \n November 1, 2021\n \n .\n \n \n \n The Proposed Amendments are conditional upon either the approval of the holders of the Debentures holding at least two-thirds of the principal amount of the Debentures voted in person or by proxy at a special meeting of the holders of the Debentures or the written consent of the holders of t...