TORONTO , Aug. 8, 2013 /CNW/ - Canaccord Financial Inc. (the "Company") (TSX: CF, LSE: CF.) wishes to announce the filing of a normal course issuer bid (NCIB)/buy-back programme to purchase common shares of the Company through the facilities of the TSX and on alternative 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 5,136,948 of its common shares through the facilities of the TSX. The purpose of the purchase of common shares under the normal course issuer bid is to enable the Company to acquire shares for cancellation. The shares that may be repurchased represent 5.0% of the Company's outstanding common shares. As of July 31, 2013 , there were 102,738,959 common shares of the Company issued and outstanding. The Company purchased 883,472 common shares at a weighted average per share of $5.9689 under the normal course issuer bid which commenced on August 13, 2012 .
The Company has also 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 during the normal course issuer bid, including during the Company's internal trading blackout periods. 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.
Purchases under the normal course issuer bid are expected to be able to commence on August 13, 2013 , and will continue for one year (to August 12 , 2014). The maximum consideration will be the market price of the securities at the time of acquisition. In order to comply with the trading rules of the TSX and the conditions for trading under the EU Buy-back and Stabilisation Regulation, the daily purchases are limited to 26,456 common shares of the Company (which is lesser of (a) 25% of the average daily trading volume of common shares of the Company on the TSX in the six calendar months from February 2013 to July 2013 and (b) 25% of the average daily trading volume of common shares of the Company on the TSX in the month of July 2013). To fulfill its regulatory reporting requirements in Canada and in the UK, Canaccord will issue a press release no later than the end of the seventh daily market session following the date of execution of the purchases.
ABOUT CANACCORD FINANCIAL INC.:
Through its principal subsidiaries, Canaccord Financial Inc. is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and global capital markets. Since its establishment in 1950, Canaccord 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. Canaccord has offices in 12 countries worldwide, including Wealth Management offices located in Canada , Australia , the UK and Europe. Canaccord Genuity, the international capital markets division, operates in Canada , the US, the UK, France , Germany , Ireland , Italy , Hong Kong , mainland China , Singapore , Australia and Barbados .
Canaccord Financial Inc. is publicly traded under the symbol CF on the TSX and the symbol CF. on the London Stock Exchange.
SOURCE: Canaccord Financial Inc.
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