Mackenzie completes acquisition of Saxon Financial



    TORONTO, Sept. 25 /CNW/ - IGM Financial Inc. today announced that an
aggregate of 13,042,230 common shares of Saxon Financial Inc. ("Saxon"), which
represents approximately 95.3% of the issued and outstanding Saxon Shares,
were validly tendered to the offer (the "Offer") dated August 19, 2008 of IGM
Financial to acquire all of the issued and outstanding common shares of Saxon
by the Offer deadline. IGM Financial has given notice to the depositary to
take-up all Saxon Shares tendered under the Offer. In payment for the Saxon
common shares taken up, IGM Financial will pay $21.00 per common share or
approximately $273,886,830 in cash.
    As a result, IGM Financial announced that it will acquire the remaining
Saxon common shares not already tendered under the compulsory acquisition
procedures of the Business Corporations Act (Ontario). A notice of compulsory
acquisition will be distributed on or about September 26, 2008 in respect of
all holders of Saxon common shares not already tendered to the Offer.
    Saxon will continue operations as a part of Mackenzie Financial
Corporation ("Mackenzie"). "This acquisition enables us to enhance our
offering to advisors and clients. Saxon has a proven capability in
value-oriented equity and fixed income investing across the retail,
institutional and high net worth client segments," said Charles R. Sims,
President and Chief Executive Officer of Mackenzie and Co-President and CEO of
IGM Financial.

    IGM Financial Inc. is one of Canada's premier personal financial services
companies, and one of the country's largest managers and distributors of
mutual funds and other managed asset products, with approximately $118 billion
in total assets under management as of August 31, 2008. Its activities are
carried out principally through Investors Group, Mackenzie Financial
Corporation and Investment Planning Counsel. IGM Financial Inc. is a member of
the Power Financial Corporation group of companies.

    About Saxon Financial:

    Saxon Financial Inc. is one of Canada's most respected value-style
investment management firms, with approximately $13 billion in total assets
under management as of August 6, 2008. The Company has three principal
businesses: Saxon Funds Management Limited, which manages a family of
high-performing mutual funds; Howson Tattersall Investment Counsel Limited, an
institutional asset management business; and Howson Tattersall Private Asset
Management Inc., a private client asset management business.





For further information:

For further information: Catharine Marion, Environics Communications
Inc., (416) 969-2809, cmarion@environicspr.com

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