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Canaccord Genuity Group Inc. Announces Substantial Issuer Bid for up to $40.0 million of its Common Shares
Canaccord Genuity Group Inc. Announces Substantial Issuer Bid for up to $40.0 million of i...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n\n\n\nCanaccord Genuity Group Inc. Announces Substantial Issuer Bid for up to $40.0 million of its Common Shares\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 28, 2019\n\n\n\nTORONTO, June 28, 2019 /CNW/ - Canaccord Genuity Group Inc. (TSX: CF, the \"Company\") announces today that its board of directors of the Company has authorized the initiation of a substantial issuer bid (the \"Offer\") pursuant to which the Company will offer to repurchase for cancellation up to $40.0 million of its common shares (the \"Common Shares\"). \nThe Company expects to announce the terms of the Offer and commence the Offer on July 3, 2019 and that the bid will be completed by August 9, 2019, unless extended or withdrawn.\n\"We are pleased to provide this opportunity for our shareholders, which reflects increased confidence in the sustainability and direction of our earnings,\" said Dan Daviau, President & CEO of Canaccord Genuity Group Inc. \"In addition to our recently revised dividend policy, this initiative allows us to provide enhanced returns for our shareholders, while maintaining sufficient excess capital for disciplined investment in our ongoing strategic priorities.\"\nThe Offer is expected to proceed by way of a modified Dutch auction, which will allow shareholders who choose to participate in the Offer to select the price, within a price range of not less than $5.50 and not more than $6.30 per Common Share (in increments of $0.10 per Common Share). Upon expiry of the Offer, the Company will determine the lowest purchase price (which will not be more than $6.30 per Common Share and not less than $5.50 per Common Share) that will allow the Company to purchase the maximum number of Common Shares properly tendered to the Offer, having an aggregate purchase price not exceeding $40.0 million. \nThe directors and officers of the Company have advised that they will not tender any of their shares pursuant to the Offer.\nThe Offer will not be conditional upon any minimum number of Common Shares being tendered. The Offer will, however, be subject t...