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SPECIAL COMMITTEE OF CANACCORD GENUITY GROUP INC. RESPONDS TO SHAREHOLDER MEETING REQUISITION
SPECIAL COMMITTEE OF CANACCORD GENUITY GROUP INC. RESPONDS TO SHAREHOLDER MEETING REQUISITION ...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n \n \n \n SPECIAL COMMITTEE OF CANACCORD GENUITY GROUP INC. RESPONDS TO SHAREHOLDER MEETING REQUISITION\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 \n TORONTO\n \n \n ,\n \n \n March 8, 2023\n \n \n /CNW/ - The Special Committee of the Board of Directors of Canaccord Genuity Group Inc. (TSX: CF) (the \"Company\") acknowledges receipt by the Company of a requisition from SKKY Capital Corporation, a shareholder of the Company controlled by J.\n \n Gordon Flatt\n \n , requesting that the Company call a shareholder meeting for the purposes of removing the current members of the Special Committee from the Board and appointing two new directors.\n \n \n \n \n \n \n \n \n \n The Special Committee is comprised of\n \n Gillian H. Denham\n \n (Chair),\n \n Charles N. Bralver\n \n ,\n \n Dipesh J. Shah\n \n , and\n \n Sally J. Tennant\n \n , all of whom are independent.\n \n \n The Board established the Special Committee in\n \n August 2022\n \n to review and consider the proposed management buy-out, which was commenced by way of take-over bid on\n \n February 27, 2023\n \n (the \"Offer\") and constitutes an \"insider bid\" under applicable securities laws. The Special Committee continues to properly discharge its fiduciary duties in ensuring that the interests of minority shareholders are fairly considered in the context of the Offer.\n \n \n As has been previously stated, the Special Committee believes the management-led group's offer price of\n \n $11.25\n \n per share (the \"Offer Price\") undervalues the Company and the Special Committee is not prepared to recommend in favour of it. The Special Committee's decision relied in part on the independent valuation provided by RBC Capital Markets that, as of\n \n February 15, 2023\n \n , and subject to the assumptions, limitations and qualifications set forth in RBC's written valuation, the fair market value of the common shares of the Company is in the range of\n \n $12.75\n \n to\n \n $15.75\n \n per common share, or between 13% and 40% more than the current Offer Price.\n \n \n Si...