Canaccord Genuity Group Inc. Discloses Normal Course Issuer Bid
TORONTO, Aug. 18, 2021 /CNW/ - Canaccord Genuity Group Inc. (TSX: CF) (the "Company") wishes to announce the filing of a normal course issuer bid (NCIB) to purchase common shares of the Company through the facilities of the TSX and on alternative Canadian trading systems in accordance with the requirements of the TSX. The Company has filed a notice for a normal course issuer bid to provide the choice of purchasing up to a maximum of 5,342,990 of its common shares through the facilities of the TSX or alternative Canadian trading systems. The purpose of the purchase of common shares under the normal course issuer bid is to enable the Company to acquire shares for cancellation, and any shares acquired will be cancelled. The shares that may be repurchased represent 5% of the Company's outstanding common shares. As of August 9, 2021, there were 106,859,814 common shares of the Company issued and outstanding. Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which the Company sought and received approval from the TSX to purchase up to 5,390,674 of its common shares for the period from August 21, 2020 to August 20, 2021, the Company has purchased, as of August 3, 2021, 2,488,716 common shares for cancellation under the bid at a volume weighted average price of approximately $11.97 per common share.
Purchases under the normal course issuer bid are at the discretion of the Company and are expected to be able to commence on August 21, 2021 and will continue for one year (to August 20, 2022). The maximum consideration will be the market price of the securities at the time of acquisition. Subject to the once per calendar week block purchase exemption, the daily purchases are limited to 105,393 common shares of the Company (which is 25% of the average daily trading volume of common shares of the Company on the TSX (ADTV) in the six calendar months from February 2021 to July 2021 (25% of the ADTV of 421,574).
At the Company's sole discretion, the Company's designated broker may repurchase the common shares on any trading day during the normal course issuer bid. The Company has entered into a pre-defined plan with its designated broker to allow for the repurchase of its common shares under this normal course issuer bid at times when the Company would not normally be able to purchase its common shares during internal black-out periods or otherwise. Any such purchases will be determined by the Company at its discretion based on parameters established by the Company prior to the blackout period in accordance with the rules of the TSX, applicable securities laws and the terms of the plan. The plan has been reviewed by the Toronto Stock Exchange and will terminate on the earlier of the termination of the plan by the Company in accordance with its terms and the expiry of the bid.
ABOUT CANACCORD GENUITY GROUP INC.
Through its principal subsidiaries, Canaccord Genuity Group Inc. (the "Company") is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the Company has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The Company has wealth management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. The Company's international capital markets division operates in North America, UK & Europe, Asia, Australia and the Middle East.
Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX.
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SOURCE Canaccord Genuity Group Inc.
