VANCOUVER, Sept. 1 /CNW/ - Canaccord Capital Inc. ("CCI" or the
"Company") announces the following:
- Notice of a normal course issuer bid (NCIB) to purchase common shares
of the Company through the facilities of the TSX
- Grant of stock options and restricted share units (RSUs) to 29 of the
senior managers of the Company and its operating subsidiaries under
the terms of the Company's previously approved share option plan and
the Company's Long Term Incentive Plan (LTIP).
1. Normal course issuer bid (NCIB)
The Company has filed a notice for a NCIB to purchase up to 2,767,974 of
its common shares through the facilities of the TSX. The purchase of common
shares under the NCIB will enable the Company to acquire shares for
cancellation and/or for resale to new employees, existing employees, its
clients and clients of Canaccord's affiliates. The shares that may be
repurchased represent 5.0% of the Company's outstanding common shares. As of
August 28, 2009, there were 55,359,489 common shares of the Company issued and
outstanding. The Company has not purchased any common shares under a NCIB
within the past 12 months.
Purchases under the NCIB are expected to be able to commence on September
3, 2009, and will continue for one year (to September 2, 2010). The amount and
timing of any such purchases will be determined by Canaccord. All purchases
will be subject to the company's normal trading blackouts and the availability
of shares for purchase. The daily purchases are limited to 35,623 common
shares of the Company (which is 25% of the average daily trading volume of
common shares of the Company on the TSX in the six calendar months from
February to July 2009). To fulfill its regulatory reporting requirements in
Canada and in the UK, when actively repurchasing shares, Canaccord will issue
a press release with an updated report on the shares repurchased at a minimum
of every two weeks and will immediately issue a press release if more than 1%
of its issued and outstanding common shares are repurchased for cancellation
on any one day.
2. Grant of stock options to senior management
On August 31, 2009, a total of 2,685,000 options and restricted share
units (RSUs) were granted to 29 senior managers of the Company and its
subsidiaries. Under the terms of the Company's share option plan, dated June
23, 2004 and approved by the Company's shareholders at Canaccord Capital
Inc.'s 2004 annual general meeting, the independent directors of the Company
approved the grant of stock options over a total of 2,099,993 common shares.
In addition, under the terms of the Company's Long Term Incentive Plan (LTIP),
there was a grant of 585,007 RSUs.
The grant of options and grant of RSUs was approved as part of a
strategic restructuring of compensation among senior officers to continue to
align employee and shareholder interests and to ensure that the risks and
rewards of the Company's operations are appropriately balanced among
The options are issued under the Company's stock option plan and vest
over five years. The exercise price for the options is $9.47 per share. Each
option expires on the earliest of: (a) seven years from the grant (that is,
August 31, 2016); (b) three years after death or any other event of
termination of employment (unless an earlier expiry date is otherwise
applicable); (c) after any unvested optioned shares held by the optionee are
cancelled for any reason (other than early retirement but including
resignation without entering into a formal exit agreement and termination for
cause); and (d) in the case of early retirement, after a determination that
the optionee has competed with the Company or violated any non-competition,
non-solicitation or non-disclosure obligations.
The RSUs are issued under the Company's Long Term Incentive Plan (LTIP)
and vest over three years.
ABOUT CANACCORD CAPITAL INC.
Through its principal subsidiaries, Canaccord Capital Inc. (TSX & AIM:
CCI) is a leading independent, full-service investment dealer in Canada with
capital markets operations in the United Kingdom and the United States.
Canaccord is publicly traded on both the Toronto Stock Exchange and AIM, a
market operated by the London Stock Exchange. Canaccord has operations in two
of the principal segments of the securities industry: capital markets and
private client services. Together, these operations offer a wide range of
complementary investment products, brokerage services and investment banking
services to Canaccord's private, institutional and corporate clients.
Canaccord has 31 offices worldwide, including 24 Private Client Services
offices located across Canada. Canaccord Adams, the international capital
markets division, has operations in Toronto, London, Boston, Vancouver, New
York, Calgary, Montreal, San Francisco, Houston, and Barbados.
For further information:
For further information: North America Media: Scott Davidson, Managing
Director, Global Head of Marketing & Communications, Phone: (416) 869-3875,
email: firstname.lastname@example.org; For investor relations inquiries contact:
Joy Fenney, Vice President, Investor Relations & Communications, Phone: (416)
869-3515, email: email@example.com; London Media: Bobby Morse or Ben
Willey, Buchanan Communications (London), Phone: +44 (0) 207 466 5000, email:
firstname.lastname@example.org; Nominated Adviser and Broker: Marc Milmo or Jonny
Franklin-Adams, Fox-Pitt, Kelton Limited, Phone: +44 (0) 207 663 6000, email: