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Canaccord Genuity Group's C$40M substantial issuer bid oversubscribed

Canaccord Genuity Group Inc.'s substantial issuer bid to repurchase for cancellation up to C$40 million worth of its common shares was oversubscribed as the offer expired at 5 p.m. on Aug. 9.

Based on the preliminary count by Computershare Trust Company of Canada, the depositary, about 18,917,010 common shares were tendered to the offer. The company expected to repurchase only 7,272,727 common shares at a purchase price of C$5.50 apiece.

The common shares expected to be purchased under the offer represented about 6.28% of the issued and outstanding common shares of the company on a non-diluted basis as of the announcement of the offer on July 3. The offer was expected to result in about 108,474,831 common shares issued and outstanding.

The offer was made via a "modified Dutch auction," which allowed participating shareholders to set the price at which they were willing to sell their shares, within a range of C$5.50 to C$6.30 per share.

As the offer was oversubscribed, shareholders who made auction tenders at C$5.50 per common share will have about 59% of their successfully tendered common shares purchased by the company, other than "odd lot" tenders, which are not subject to proration.

Shareholders who made auction tenders at over C$5.50 per share will have their common shares returned by the depositary.

However, the purchase price and the number of shares to be purchased under the offer are preliminary and subject to verification by the depositary. The company will announce the final results following completion of take-up of the common shares.