Canaccord Financial Inc. discloses amendment of normal course issuer bid/buy-back programme
TORONTO, June 27, 2013 /CNW/ - Canaccord Financial Inc. (the "Company") (TSX: CF, LSE: CF.) wishes to announce the amendment of its normal course issuer bid (NCIB)/buy-back programme announced on August 13, 2013.
In addition to purchases made through the facilities of the TSX, the Company and its designated broker will make purchases on alternative trading systems in accordance with the requirements of the TSX.
The Company has also entered into a pre-defined plan with a designated broker to allow for the repurchase of its common shares under its previously announced normal course issuer bid. The Company's broker may repurchase the common shares under the plan on any trading during the normal course issuer bid, including during the Company's internal trading blackout periods. The plan has been reviewed by the Toronto Stock Exchange and will terminate on the earlier of the termination of the plan by the Company in accordance with its terms and the expiry of the bid.
The Company is engaged in the normal course issuer bid to provide for the ability to purchase, at the Company's discretion, up to 3,000,000 of its common shares through the facilities of the TSX. The purpose of the purchase of common shares under the normal course issuer bid is to enable the Company to acquire shares for cancellation.
In order to comply with the trading rules of the TSX and the conditions for trading under the EU Buy-back and Stabilisation Regulation, the daily purchases are limited to 40,468 common shares of the Company (which is the lesser of (a) 25% of the average daily trading volume of common shares of the Company on the TSX in the six calendar months from February 2012 to July 2012 and (b) 25% of the average daily trading volume of common shares of the Company on the TSX in the month of July 2012). To fulfill its regulatory reporting requirements in Canada and in the UK, Canaccord will issue a press release no later than the end of the seventh daily market session following the date of execution of the purchases.
ABOUT CANACCORD FINANCIAL INC.:
Through its principal subsidiaries, Canaccord Financial Inc. is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and global capital markets. Since its establishment in 1950, Canaccord 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. Canaccord has offices in 13 countries worldwide, including Wealth Management offices located in Canada, Australia, the UK and Europe. Canaccord Genuity, the international capital markets division, operates in Canada, the US, the UK, France, Germany, Ireland, Italy, Hong Kong, mainland China, Myanmar, Singapore, Australia and Barbados.
Canaccord Financial Inc. is publicly traded under the symbol CF on the TSX and the symbol CF. on the London Stock Exchange.
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