Canaccord Genuity Group Inc. will purchase for cancellation 7,272,727 of its common shares at C$5.50 per share under its substantial issuer bid, for aggregate consideration of about C$40.0 million.
Shares to be purchased under the offer represent approximately 6.28% of the company's issued and outstanding common shares on a non-diluted basis as of July 3. After giving effect to the offer, Canaccord Genuity Group will have 108,474,831 common shares issued and outstanding.
About 18,918,198 common shares were properly tendered to the offer and not withdrawn. As the offer was oversubscribed, shareholders who made auction tenders at C$5.50 and purchase price tenders will have approximately 59% of their successfully tendered shares purchased by the company, other than odd-lot tenders, which are not subject to proration.
Payment for the purchased shares will be effected by Computershare Trust Co. of Canada, as depositary. Any shares tendered at a per-share purchase price above C$5.50 will be returned to shareholders promptly by the depositary.
Canaccord Genuity Group on Aug. 12 announced a normal course issuer bid to buy up to 5,423,872 common shares through the facilities of the Toronto Stock Exchange or alternative Canadian trading systems. Purchases under this normal course issuer bid are expected to begin Aug. 15 and will continue for one year to Aug. 14, 2020.