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Canaccord Genuity Group Inc. Announces Preliminary Results of Substantial Issuer Bid

TORONTO, Aug. 12, 2019 /PRNewswire/ - Canaccord Genuity Group Inc. (TSX: CF, the "Company") announces today the preliminary results of its substantial issuer bid (the "Offer") to repurchase for cancellation up to $40 million of its common shares (the "Common Shares"). The Offer expired at 5:00 p.m. (Eastern time) on August 9, 2019.

In accordance with the terms and conditions of the Offer and based on a preliminary count by Computershare Trust Company of Canada (the "Depositary"), the Company expects to take up and purchase for cancellation 7,272,727 Common Shares at a purchase price of $5.50 per Common Share (the "Purchase Price"), for aggregate consideration of $39,999,998.50. The Common Shares expected to be purchased under the Offer represent approximately 6.28% of the issued and outstanding Common Shares on a non-diluted basis as at July 3, 2019, the time the Offer was announced. After giving effect to the Offer, approximately 108,474,831 Common Shares are expected to be issued and outstanding. 

The Offer was made by way of a "modified Dutch auction" which allowed shareholders who chose to participate in the Offer to individually select the price, within a price range of not less than $5.50 per Common Share and not more than $6.30 per Common Share (in increments of $0.10 per Common Share), at which they were willing to sell their Common Shares.

Based on the Depositary's preliminary count, approximately 18,917,010 Common Shares were tendered to the Offer. As the Offer was oversubscribed, shareholders who made auction tenders at a price of $5.50 per Common Share and purchase price tenders are expected to have approximately 59% of their successfully tendered Common Shares purchased by the Company, other than "odd lot" tenders, which are not subject to proration. Shareholders who made auction tenders at a price in excess of $5.50 per Common Share will have their Common Shares returned by the Depositary.

The number of Common Shares to be purchased under the Offer and the Purchase Price are preliminary, subject to verification by the Depositary and assume that all Common Shares tendered through notice of guaranteed delivery will be delivered within the two trading day settlement period. The Company will announce the final results following completion of take-up of the Common Shares.

The full details of the Offer are described in the offer to purchase and issuer bid circular dated July 3, 2019, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR at www.sedar.com.

This news release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Common Shares.

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, and the Isle of Man and Australia. Canaccord Genuity, the international capital markets division, operates in North America, UK & Europe, Asia, Australia and the Middle East. We are driven by your success.

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. 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, market and general economic conditions, the 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 what management believes are reasonable assumptions, 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.

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