TORONTO, June 1, 2022
/CNW/ - Canaccord Genuity Group Inc. (the "Company") (TSX:CF)
(TSX: CF.PR.A) (TSX: CF.PR.C) announced today the applicable
dividend rates for its Cumulative 5-Year Rate Reset First Preferred
Shares, Series C (the "Series C Preferred Shares") and its
Cumulative Floating Rate First Preferred Shares, Series D (the
"Series D Preferred Shares"), further to its press release dated
May 24, 2022 announcing that it does
not intend to exercise its right to redeem all or any part of the
currently outstanding Series C Preferred Shares and, as a result of
which, subject to certain conditions, the holders of the
Series C Preferred Shares have the right to convert all or any part
of their Series C Preferred Shares into Series D Preferred Shares
on a one-for-one basis.
With respect to any Series C Preferred Shares that remain
outstanding after June 30, 2022,
holders thereof 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,
2022 and ending on and including June
30, 2027will be 6.837% per annum, being equal to the sum of
the five-year Government of Canada
bond yield determined as of today, plus 4.03%, in accordance with
the terms of the Series C Preferred Shares.
With respect to any Series D Preferred Shares that may be issued
on June 30, 2022, holders thereof
will be entitled to receive quarterly floating rate, 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 three-month period commencing on July 1, 2022 and ending on and including
September 30, 2022 will be 5.507% per
annum, being equal to the sum of the three-month Government of
Canada Treasury Bill yield determined as of today, plus 4.03%
(calculated on the basis of the actual number of days elapsed
during such quarterly period divided by 365), in accordance with
the terms of the Series D Preferred Shares. The quarterly floating
dividend rate will be reset every quarter.
Beneficial owners of Series C Preferred Shares who wish to
exercise their conversion right should communicate as soon as
possible with their broker or other nominee to ensure their
instructions are followed for exercising such right on or prior to
the deadline for exercise, which is 5:00
p.m. (Eastern time) on June 15,
2022.
The Series C Preferred Shares and the Series D 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 and the
Series D 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.
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 most recent Fiscal
Outlook section in its annual and quarterly MD&As and those
discussed from time to time in the Company's interim condensed and
annual consolidated financial statements, its annual report and its
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 assumptions that management 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.
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
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,
Australia and the Middle East.
Canaccord Genuity Group Inc. is publicly traded under the symbol
CF on the TSX.
SOURCE Canaccord Genuity Group Inc.