TORONTO, June 1, 2017 /CNW/ - Canaccord Genuity Group
Inc. (the "Company") (TSX:CF, CF.PR.A, 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, 2017 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, 2017,
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,
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 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, 2017, 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, 2017 and ending
on and including September 30, 2017
will be 4.559% 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. (Toronto time) on
June 15, 2017.
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.
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.
SOURCE Canaccord Genuity Group Inc.