Canaccord Genuity Group Inc.Announces Dividend Rates on Five Year Cumulative Rate Reset First Preferred Shares Series A and Cumulative Floating Rate First Preferred Shares Series B
TORONTO, September 1, 2021 / PRNewswire / – Canaccord Genuity Group Inc. (the “Company”) (TSX: CF) (TSX: CF.PR.A) (TSX: CF.PR.C) today announced the applicable dividend rates for its Rate Reset First Preferred Shares, Series A (the “Preferred Shares Series A”) and its Cumulative Floating Rate First Preferred Shares, Series B (the “Preferred Shares Series B”), following his press release dated August 3, 2021 announcing that it does not intend to exercise its right to redeem all or any part of the Series A Preferred Shares currently outstanding and, therefore, subject to certain conditions, the holders of the Series Preferred Shares A have the right to convert all or a portion of their Series A Preferred Shares into Series B Preferred Shares on a one-for-one basis.
In respect of the Preferred Shares Series A that remain outstanding after September 30, 2021, their holders will be entitled to receive quarterly fixed, cumulative and preferential cash dividends, if, as the Board of Directors of the Company declares them, subject to the provisions of the Business Corporations Act (British Columbia). The dividend rate for the five-year period beginning on October 1, 2021 and ending on and including September 30, 2026 will be 4.028% per annum, equal to the sum of the five-year government of Canada bond yield determined to date, increased by 3.21%, in accordance with the terms of the Series A preferred shares.
With respect to the Series B preferred shares which may be issued on September 30, 2021, their holders will be entitled to receive quarterly cash dividends at variable, cumulative and preferential rates, if, as and when the Board of Directors of the Company declares them, subject to the provisions of the Business Corporations Act (British Columbia). The dividend rate for the three-month period beginning on October 1, 2021 and ending on and including December 31, 2021 will be 3.388% per annum, being the sum of the yield on three-month Government of Canada T-Bills determined to date, plus 3.21% (calculated on the basis of the actual number of days elapsed during that quarterly period divided by 365), in accordance with the terms of the Series B Preferred Shares. The Variable Quarterly Dividend Rate will reset quarterly.
Beneficial owners of Series A Preferred Shares who wish to exercise their conversion right should contact their broker or other nominee as soon as possible to ensure that their instructions are followed to exercise that right on or before the deadline. exercise, which is 5:00 p.m. (Toronto It’s time September 15, 2021.
The Series A Preferred Shares and the Series B Preferred Shares have not been and will not be registered under the Securities Act of 1933 (United States), as amended (the “US Securities Act”) or the securities laws of United States. Therefore, the Series A Preferred Shares and the Series B Preferred Shares may not be offered or sold in the United States or to, or on behalf of or for the benefit of, US persons, except in connection with transactions exempt from registration under the US Securities Act or applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities.
ATTENTION REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking information” as defined by applicable securities laws (“forward-looking statements”). These statements relate to future events or future performance and reflect the expectations, beliefs, plans, estimates, intentions and similar statements of management regarding anticipated future events, results, circumstances, performance or expectations that do not are not historical facts, business and economic conditions and Canaccord Genuity Group growth, operating results, performance and business outlook and opportunities. Specifically, this press release contains forward-looking statements regarding the Company, the Series A Preferred Shares and the Series B Preferred Shares, including, but not limited to, conversions, redemptions and future dividends. These forward-looking statements reflect the current beliefs of management and are based on information currently available to management. In some cases, forward-looking statements may be identified by words 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 such statements, readers should specifically take into account various factors that could cause actual results to differ materially from any forward-looking statement. These factors include, without limitation, general market and economic conditions, the nature of the financial services industry and the risks and uncertainties discussed from time to time in the Company’s annual condensed and consolidated interim financial statements, its annual report. Annual Report and its Annual Report Information Form (“FA”) filed on www.sedar.com as well as the factors discussed in the sections entitled “Risk Management” and “Risk Factors” of the Annual Information Form, which include market, liquidity, credit, operational, legal and regulatory risks. Important factors or assumptions that have been used by the Company in making the forward-looking statements contained in this press release include, without limitation, those set forth in the Outlook for Fiscal Year 2022 section of the annual MD&A and those discussed. sometimes. in the annual condensed and consolidated interim financial statements of the Company, its annual report and the annual information form filed on www.sedar.com. The foregoing list is not exhaustive of all possible risk factors that may influence actual results. Readers are cautioned that the foregoing list of important factors or assumptions is not exhaustive. Although the forward-looking statements contained in this press release are based on what management considers 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 construed as representing the views of the Company as of a date subsequent to the date of this press release. Except as required by applicable law, the Company does not undertake, and specifically disclaims, any obligation to update or revise forward-looking statements, whether as a result of new information, additional developments or otherwise.
ABOUT THE CANACCORD GENUITY GROUP INC.
Through its principal subsidiaries, Canaccord Genuity Group Inc. (the “Company”) is an independent, full-service financial services leader, operating in two main segments of the securities industry: wealth management and financial markets. Since its creation in 1950, the company has been driven by an unwavering commitment to building lasting relationships with its customers. We do this by generating value for our retail, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The Company has wealth management offices located at Canada, the United Kingdom, 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.
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