Mackenzie to acquire Saxon Financial

    TORONTO, Aug. 5 /CNW/ - IGM Financial Inc. (TSX:IGM) today announced that
it has entered into definitive agreements with Saxon Financial Inc. (TSX:SFI)
under which IGM Financial will offer to acquire all the common shares of Saxon
by way of a take-over bid with the support of Saxon's Board of Directors. IGM
Financial has also entered into lock-up agreements with principal shareholders
of Saxon, CMA Holdings Incorporated, Bob Tattersall and Rick Howson, by which
they have agreed to tender their shares representing approximately 45.4% of
Saxon's outstanding common shares. Saxon will become a part of Mackenzie
Financial Corporation ("Mackenzie") once the take-over bid is completed.
    The acquisition of Saxon further enhances Mackenzie's investment
management capabilities and provides Mackenzie with approximately $13 billion
in investment advisory mandates to a number of mutual fund, institutional, and
high net worth investors. Saxon is well-known for its disciplined value
investment philosophy in the management of Saxon Mutual Funds, established in
1985. Saxon's institutional and private client businesses operate under the
brand name of Howson Tattersall.
    Saxon has a strong relationship with CMA Holdings, and particularly,
MD Financial, a subsidiary of CMA Holdings. Mackenzie will enter into
long-term agreements with CMA Holdings and MD Financial designed to continue
and strengthen these relationships.
    Charles R. Sims, President and Chief Executive Officer of Mackenzie and
Co-President and CEO of IGM Financial said: "We believe that 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."
    Rick Howson, CIO and Bob Tattersall, President and CEO of Saxon are well
regarded and have built a strong, highly disciplined investment team over the
past 20 years. Both Howson and Tattersall have agreed to continue with the
combined organization and will actively lead the Howson Tattersall investment
management team through 2010 and oversee their personal succession plans
announced in 2005.
    Saxon shareholders will be offered $21.00 per Saxon share payable in
    "This is a great opportunity for Saxon shareholders to realize
significant value from their investment," said Tattersall. "We see Saxon's
goals as being aligned with those of Mackenzie. We share a commitment to
providing quality investment solutions to the marketplace. We look forward to
working with the Mackenzie team."
    The offer will be made by a formal take-over bid circular, which is
expected to be mailed to Saxon shareholders in mid-August. The transaction is
anticipated to close on or before September 30, 2008, subject to required
regulatory notifications and approvals.

    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 $116.8 billion in total
assets under management. 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. 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,; Pour tout complément
d'information, prière de s'adresser à: Alida Alepian ou Yvon Desautels,
Capital-Image, (514) 739-1188, poste 225 ou 222, ou

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