TORONTO, Aug. 19,
2024 /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 5,109,453 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 7,
2024, there were 102,189,077 common shares of the Company
issued and outstanding.
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, 2024 and can continue
for one year (to August 20, 2025).
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 30,336 common shares of the Company (which is 25% of the
average daily trading volume (ADTV) of common shares of the Company
on the TSX in the six calendar months from February 2024 to July
2024 of 121,347 common shares).
The Company has entered into a pre-defined plan with a
designated broker to allow for the repurchase of its common shares
under this normal course issuer bid. The Company's broker may
repurchase the common shares under the plan on any trading day
during the normal course issuer bid, including during the Company's
internal trading blackout periods. The plan has been reviewed by
the TSX 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.
The Company previously maintained a normal course issuer bid for
the twelve-month period commencing on August
21, 2023 and ending on August 20,
2024 under which the Company sought and received approved
from the TSX to purchase up to 4,985,290 of its common shares. As
of the date hereof, the Company has not purchased any common shares
under its previous normal course issuer bid.
ABOUT CANACCORD GENUITY GROUP INC.
Through its principal subsidiaries, Canaccord Genuity Group Inc.
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
and Australia.
Canaccord Genuity Group Inc. is publicly traded under the symbol
CF on the TSX.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking information" as
defined under applicable securities laws ("forward-looking
statements"). These statements relate to future events or future
performance and reflect management's expectations, beliefs, plans,
estimates, intentions and similar statements concerning anticipated
future events, results, circumstances, performance or expectations
that are not historical facts, including business and economic
conditions and Canaccord Genuity Group's growth, results of
operations, performance and business prospects and opportunities.
Such forward- looking statements reflect management's current
beliefs and are based on information currently available to
management and may include any expectation about the timing or
amount future acquisitions of common shares for cancellation under
the normal course issuer bid. In some cases, forward-looking
statements can be identified by terminology such as "may", "will",
"should", "expect", "plan", "anticipate", "believe", "estimate",
"predict", "potential", "continue", "target", "intend", "could" or
the negative of these terms or other comparable terminology. By
their very nature, forward-looking statements involve inherent
risks and uncertainties, both general and specific, and a number of
factors could cause actual events or results to differ materially
from the results discussed in the forward-looking statements. In
evaluating these statements, readers should specifically consider
various factors that may cause actual results to differ materially
from any forward-looking statement. These factors include, but are
not limited to, the Company's financial condition; market and
general economic conditions; the dynamic nature of the financial
services industry; and the risks and uncertainties discussed from
time to time in the Company's interim condensed and annual
consolidated financial statements, its annual report and its annual
information form ("AIF") filed on www.sedar.com as well as the
factors discussed in the sections entitled "Risk Management" and
"Risk Factors" in the AIF, which include market, liquidity, credit,
operational, legal and regulatory risks. Although the
forward-looking statements contained in this press release are
based upon assumptions that the Company believes are reasonable,
there can be no assurance that actual results will be consistent
with these forward-looking statements. The forward-looking
statements contained in this press release are made as of the date
of this press release and should not be relied upon as representing
the Company's views as of any date subsequent to the date of this
press release. Except as may be required by applicable law, the
Company does not undertake, and specifically disclaims, any
obligation to update or revise any forward-looking statements,
whether as a result of new information, further developments or
otherwise.
www.cgf.com/investor-relations
SOURCE Canaccord Genuity Group Inc.