TORONTO, Aug. 17, 2023 /PRNewswire/ -- Canaccord Genuity Group Inc. (TSX: CF) (the "Company") 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 4,985,290 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% of the Company's outstanding common shares. As of August 7, 2023, there were 99,705,818 common shares of the Company issued and outstanding. As of the date hereof, the Company has not purchased any common shares under the normal course issuer bid approved by the TSX for the period from August 21, 2022 to August 20, 2023.
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 TSX 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 at the discretion of the Company and are expected to be able to commence on August 21, 2023 and can continue for one year (to August 20, 2024). 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 84,555 common shares of the Company (which is 25% of the average daily trading volume (ADTV) of common shares of the Company on the TSX in the six calendar months from February 2023 to July 2023 of 338,223 common shares).
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. The Company's international capital markets division operates in North America, UK & Europe, Asia, and Australia.
Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX.
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 and may include any expectation about the timing or amount future acquisitions of common shares for cancellation under the normal course issuer bid. 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, the Company's financial condition; market and general economic conditions; the dynamic 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 assumptions that the Company 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.
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