Canaccord Genuity Group Inc. filed a notice for a normal course issuer bid to purchase up to 5,423,872 of its common shares through the facilities of the Toronto Stock Exchange and on alternative Canadian trading systems.
Any shares acquired will be canceled, according to a news release.
The shares that may be repurchased represent 5.0% of Canaccord Genuity Group's outstanding common shares. As of Aug. 9, the company had 108,477,450 common shares issued and outstanding after taking into consideration its obligation to acquire 7,272,727 shares under a substantial issuer bid that expired the same day.
Canaccord Genuity Group has entered into a pre-defined plan with a designated broker to allow for the repurchase of common shares under the normal course issuer bid. The plan has been reviewed by the Toronto Stock Exchange.
Purchases under the normal course issuer bid are expected to start Aug. 15 and will continue for one year to Aug. 14, 2020. The maximum consideration will be the market price of the securities at the time of acquisition.
Under a previous normal course issuer bid that started Aug. 15, 2018, Canaccord Genuity Group acquired 1,226,800 common shares for cancellation at a volume weighted average price of about C$6.11 per share.