Business
CANACCORD GENUITY GROUP INC. ANNOUNCES RESIGNATION OF BOARD MEMBERS, APPOINTMENT OF NEW DIRECTOR AND NEW SPECIAL COMMITTEE MEMBERS
CANACCORD GENUITY GROUP INC. ANNOUNCES RESIGNATION OF BOARD MEMBERS, APPOINTMENT OF NEW DIRECTOR ...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n \n \n \n CANACCORD GENUITY GROUP INC. ANNOUNCES RESIGNATION OF BOARD MEMBERS, APPOINTMENT OF NEW DIRECTOR AND NEW SPECIAL COMMITTEE MEMBERS\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 New Special Committee to Continue Mandate Currently in Progress Evaluating Management Group Bid\n \n \n No Impact on Management Group\n \n $11.25\n \n Bid\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n March 13, 2023\n \n \n /CNW/ - Canaccord Genuity Group Inc. (TSX: CF) (the \"Company\") announced today that\n \n Gillian Denham\n \n ,\n \n Dipesh Shah\n \n ,\n \n Charles Bralver\n \n and\n \n Sally Tennant\n \n (the \"Former Special Committee Directors\") and\n \n Francesca Shaw\n \n provided the Company notice of their resignation from the Board of Directors (\"Board\") of the Company.\n \n \n The Former Special Committee Directors had comprised the Special Committee of independent directors that were evaluating and considering the take-over bid from certain members of the Company's management team (the \"Management Group\") to acquire all the common shares of the Company not already owned by the Management Group at a price of\n \n $11.25\n \n per share (the \"Offer\"). The resignations follow a request on\n \n March 7, 2023\n \n by SKKY Capital Corporation Limited (\"SKKY Capital\"), a significant shareholder, for a shareholders' meeting to remove the Former Special Committee Directors. The resignation letter indicated in part that it is the view of the Former Special Committee Directors that they could not satisfy their fiduciary duties to the Company and fulfil their mandate in the circumstances. Further, the Former Special Committee Directors indicated that they believed that the breakdown with management and others through the course of the bid was irreparable.\n \n \n As a result of the resignation of the directors, the Board convened two meetings on\n \n March 12, 2023\n \n (the \"Meetings\"). In the Meetings, the Board appointed\n \n Terrence Lyons\n \n as a new director of the Board to fill one of the vacancies created on the Board....