TORONTO, Ontario, Aug. 12, 2019 /CNW/ - Canaccord Genuity Group Inc. (the "Company") (CF.TO) 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 5,423,872 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 5.0% of the Company's outstanding common shares. As of August 9, 2019, there were 108,477,450 common shares of the Company issued and outstanding after taking into consideration the Company's obligation to acquire 7,272,727 shares under a substantial issuer bid that expired on August 9, 2019. The Company previously commenced a bid on August 15, 2018 to purchase up to a maximum of 5,677,589 of its common shares and to date has purchased 1,226,800 common shares for cancellation under the bid at a volume weighted average price of approximately $6.11 per common share.
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 day 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 15, 2019 and will continue for one year (to August 14, 2020). 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 47,589 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 2019 to July 2019 (25% of the ADTV of 190,357)).
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. Canaccord Genuity, the 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.