Canaccord Genuity Group Inc. Provides Shareholder Update in Relation to COVID-19

Canaccord Genuity Group Inc. Provides Shareholder Update in Relation to COVID-19

PR Newswire

TORONTO, March 25, 2020

As a regulated financial services company that operates globally, Canaccord Genuity employs a disciplined capital allocation strategy, complemented by ongoing business continuity planning, both of which are integral to the Company's firm wide and continuous risk management practices.

TORONTO, March 25, 2020 /CNW/ - In light of the recent volatility driven by the current global healthcare and economic crisis, Canaccord Genuity Group Inc. (TSX: CF, the "Company", "Canaccord Genuity") provides the following business and operational update for its shareholders.

"Our collective priority is supporting our wealth management and capital markets clients through this rapidly changing market backdrop, while doing our part to protect our employees and clients and stop the spread of COVID-19 in our communities," said Dan Daviau, President & CEO of Canaccord Genuity Group Inc. "Whether we are finding financing solutions for growth companies, advising issuers on prospective transactions or helping our wealth management clients navigate new market realities, we remain guided by our long-term priorities of limiting our exposure to risk, and ensuring disciplined capital management in any market backdrop."

Canaccord Genuity's firmwide business continuity plan is designed to ensure that businesses in all our geographies can continue to provide uninterrupted service for clients.

The Company's financial position provides the flexibility to operate effectively within all market environments, including the unprecedented market activity of recent weeks.  

While we are not immune to the setbacks created by the current market environment, we remain focused on our strategic priorities and we are committed to operating our business for long-term value.

During the first nine months of fiscal 2020, we returned over $77 million to our shareholders through dividends and share buybacks and reduced our outstanding share count by more than 7%. Our commitment to enhancing value for our shareholders has not changed.

As the current environment is dynamic, we will continue to monitor changes within all our businesses and geographies and adjust our plans, strategies and communications appropriately. The Company is scheduled to release its financial results for the fourth quarter and full 2020 fiscal year on June 2, 2020. 

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. 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.

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 Fiscal 2020 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.

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Figures excluding significant items are non-IFRS measures. See Non-IFRS measures on page 6 of the Q3/20 MD&A. Net income attributable to common shareholders is calculated as the net income adjusted for non-controlling interests and preferred share dividends

 

Investor and media relations inquiries: Christina Marinoff, Vice President, Investor Relations & Communications, Phone: 416-687-5507, Email: cmarinoff@cgf.com, www.cgf.com/investor-relations

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