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Canaccord Genuity Group Inc. Announces Preliminary Results of Substantial Issuer Bid
Canaccord Genuity Group Inc. Announces Preliminary Results of Substantial Issuer Bid ...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n\n\n\nCanaccord Genuity Group Inc. Announces Preliminary Results of Substantial Issuer Bid\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, Aug. 12, 2019\n\n\n\nTORONTO, Aug. 12, 2019 /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 $40 million of its common shares (the \"Common Shares\"). The Offer expired at 5:00 p.m. (Eastern time) on August 9, 2019. \nIn accordance with the terms and conditions of the Offer and based on a preliminary count by Computershare Trust Company of Canada (the \"Depositary\"), the Company expects to take up and purchase for cancellation 7,272,727 Common Shares at a purchase price of $5.50 per Common Share (the \"Purchase Price\"), for aggregate consideration of $39,999,998.50. The Common Shares expected to be purchased under the Offer represent approximately 6.28% of the issued and outstanding Common Shares on a non-diluted basis as at July 3, 2019, the time the Offer was announced. After giving effect to the Offer, approximately 108,474,831 Common Shares are expected to be issued and outstanding.  \nThe 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 $5.50 per Common Share and not more than $6.30 per Common Share (in increments of $0.10 per Common Share), at which they were willing to sell their Common Shares. \nBased on the Depositary's preliminary count, approximately 18,917,010 Common Shares were tendered to the Offer. As the Offer was oversubscribed, shareholders who made auction tenders at a price of $5.50 per Common Share and purchase price tenders are expected to have approximately 59% of their successfully tendered Common Shares purchased by the Company, other than \"odd lot\" tenders, which are not subject to proration. Shareholders who made auction tenders at a price in excess of $5.50 per Common Share will have their...