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CANACCORD GENUITY GROUP INC. ANNOUNCES PRELIMINARY RESULTS OF ITS SUBSTANTIAL ISSUER BID FOR UP TO $100 MILLION OF ITS COMMON SHARES
CANACCORD GENUITY GROUP INC. ANNOUNCES PRELIMINARY RESULTS OF ITS SUBSTANTIAL ISSUER BID ...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n \n \n \n CANACCORD GENUITY GROUP INC. ANNOUNCES PRELIMINARY RESULTS OF ITS SUBSTANTIAL ISSUER BID FOR UP TO $100 MILLION OF ITS COMMON SHARES\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. 28, 2022\n \n /CNW/ - Canaccord Genuity Group Inc. (TSX: CF) (the \"Company\") announces today the preliminary results of its substantial issuer bid (the \"Offer\") to repurchase for cancellation up to\n \n $100.0 million\n \n of its common shares (the \"Common Shares\"). The offer expired at\n \n 5:00 p.m. (Eastern Time)\n \n on\n \n January 27, 2022\n \n .\n \n \n All of the terms and conditions of the Offer have been complied with or waived and, based on a preliminary count by Computershare Investor Services Inc. (the \"Depositary\"), the Company expects to take up and purchase for cancellation 6,451,612 Common Shares at a purchase price of\n \n $15.50\n \n per Common Share (the \"Purchase Price\"), for aggregate consideration of approximately\n \n $100 million\n \n . The Common Shares expected to be purchased under the Offer represent approximately 6.1% of the issued and outstanding Common Shares on a non-diluted basis as at\n \n December 22, 2021\n \n , when the terms of the Offer were announced. After giving effect to the Offer, approximately 99,426,068 Common Shares are expected to be issued and outstanding.\n \n \n The Offer was made by way of a \"modified Dutch auction\" which allowed shareholders who chose to participate in the Offer to individually select the price, within a price range of not less than\n \n $15.50\n \n per Common Share and not more than\n \n $16.50\n \n per Common Share (in increments of\n \n $0.10\n \n per Common Share), at which they were willing to sell their Common Shares.\n \n \n Based on the Depositary's preliminary count, approximately 13,343,324 Common Shares were tendered to the Offer. As the Offer was oversubscribed, shareholders who made auction tenders at a price of\n \n $15.50\n \n per Common Share and purchase price tenders are expected to have approximately 82% of ...