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
"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.