TORONTO, June 16, 2017 /CNW/ - Canaccord Genuity Group
Inc. (the "Company") (TSX:CF, CF.PR.A, CF.PR.C) announced today
that after having taken into account all election notices received
by the June 15, 2017 conversion
deadline in respect of the Cumulative 5-Year Rate Reset First
Preferred Shares, Series C (the "Series C Preferred Shares")
tendered for conversion into Cumulative Floating Rate First
Preferred Shares, Series D (the "Series D Preferred Shares"), the
holders of the Series C Preferred Shares are not entitled to
convert their shares. There were 136,467 Series C Preferred Shares
tendered for conversion, which is less than the 1,000,000 shares
required for the ability to proceed with the conversion into Series
D Preferred Shares, in accordance with the terms of the Series C
Preferred Shares.
As outlined in a press release on June 1,
2017, holders of Series C Preferred Shares will be entitled
to receive quarterly fixed, cumulative, preferential cash
dividends, if, as and when declared by the Board of Directors of
the Company, subject to the provisions of the Business Corporations
Act (British Columbia). The
dividend rate for the five-year period commencing on July 1, 2017 and ending on and including
June 30, 2022 will be 4.993% per
annum, being equal to the sum of the five year Government of
Canada bond yield determined as of
June 1, plus 4.03%, in accordance
with the terms of the Series C Preferred Shares. This new dividend
rate is expected to deliver approximately $750,000 in annual savings for common
shareholders.
There are currently 4,000,000 Series C Preferred Shares listed
on the Toronto Stock Exchange under the symbol CF.PR.C.
The Series C Preferred Shares have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act") or the securities laws of the United States. Accordingly, the Series C
Preferred Shares may not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons, except pursuant to transactions exempt
from registration under the U.S. Securities Act or under the
securities laws of the applicable state. This press release does
not constitute an offer to sell or a solicitation of an offer to
buy any security.
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.
Specifically, this press release contains forward-looking
statements with respect to the Company, the Series C Preferred
Shares and the Series D Preferred Shares, including but not limited
to future conversions, redemptions and dividends. 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. Material factors or assumptions that were
used by the Company to develop the forward-looking statements
contained in this press release include, but are not limited to,
those set out in the Fiscal 2017 Outlook section in the annual
MD&A and those discussed from time to time in the Company's
interim condensed and annual consolidated financial statements, its
annual report and the AIF filed on www.sedar.com. The preceding
list is not exhaustive of all possible risk factors that may
influence actual results. Readers are cautioned that the preceding
list of material factors or assumptions is not exhaustive.
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.
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
offices in 10 countries worldwide, including 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 Canada, the US, the UK, France, Ireland, Hong Kong,
China, Australia and
Dubai. To us there are no foreign
markets.TM
Canaccord Genuity Group Inc. is publicly traded under the symbol
CF on the TSX.
www.canaccordgenuitygroup.com
SOURCE Canaccord Genuity Group Inc.