CI Shareholders support its Shareholder Rights Plan

TSX Symbol: CIX

TORONTO, May 20, 2011 /CNW/ - CI Financial Corp. ("CI") announced that as of 4:00pm today over 87% of the shares voted by proxies submitted to date have been voted in favour of continuing CI's Shareholder Rights Plan. A significant majority of the shares owned by shareholders, other than the Bank of Nova Scotia, have now voted.

The Shareholder Rights Plan does not prevent a take-over bid for CI, but it ensures that any take-over bid is conducted in a manner that is fair and in the best interests of all shareholders. The objective of the Shareholder Rights Plan is that all shareholders are offered an opportunity to tender their shares in a change of control transaction and receive a premium.

Continuing CI's Shareholder Rights Plan is critical as it prevents a creeping acquisition of control of CI by the Bank of Nova Scotia or any other party without payment of any control premium to the remaining shareholders.

"It is clear that the overwhelming majority of our shareholders, other than Bank of Nova Scotia, want the Shareholder Rights Plan to be continued" said Stephen A. MacPhail, the President and Chief Executive Officer of CI.  "It would appear that the only shareholders voting against the Shareholder Rights Plan are those that blindly vote in accordance with the recommendations of Institutional Shareholder Services, a US owned proxy advisory service. CI has told SS that it believes that those recommendations are seriously flawed and based on a misinterpretation of our Plan."

CI's Annual and Special Meeting of Shareholders is to be held on June 1, 2011 at 11:00am.  Every vote is important. In order to protect the interests of CI's shareholders, CI encourages any shareholder who has not yet voted to complete a proxy or attend the meeting and vote. 

CI Financial Corp. (TSX: CIX) is an independent, Canadian-owned wealth management company with assets of approximately $98.9 billion as of March 31, 2011. CI offers a broad range of investment products and services, including an industry-leading selection of investment funds, and is on the Web at www.ci.com/cix.


SOURCE CI Financial Corp.

For further information:

Stephen A. MacPhail
President and Chief Executive Officer
CI Financial Corp.
(416) 364-1145


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