CI Financial Corp. (TSX: CIX) (“CI Financial” or the
“Corporation”) announced today that, in connection with the
Corporation’s ongoing substantial issuer bid (the “Offer”),
the Ontario Securities Commission has granted an exemptive relief
order permitting CI Financial to extend the Offer, if it determines
to do so in circumstances where the Offer is undersubscribed,
without first taking up any common shares (the “Shares”)
previously deposited to the Offer. The relief relates to the
“modified Dutch auction” format of the Offer.
At this time, the board of directors of the Corporation (the
“Board”) has not made any determination with respect to an
extension of the Offer beyond the current expiration at 5:00 p.m.
(Toronto time) on December 18, 2023 but, in the event the Offer is
extended, the Corporation will provide a further news release
announcing such extension.
Details of the Offer, including instructions for tendering
Shares to the Offer and the factors considered by the Board in
making its decision to approve the Offer, are included in the
formal offer to purchase and issuer bid circular, letter of
transmittal and notice of guaranteed delivery (collectively, the
“Offer Documents”), mailed to shareholders, filed by CI
Financial with the applicable Canadian Securities Administrators
and made available free of charge under the Corporation’s profile
on the System for Electronic Data Analysis and Retrieval +
(“SEDAR+”) at www.sedarplus.com. Shareholders are urged to
evaluate carefully all information in the Offer, consult their own
financial, legal, investment and tax advisors, and make their own
decisions as to whether to deposit Shares under the Offer, and, if
so, how many Shares to deposit and at what price(s).
This press release is for informational purposes only and does
not constitute an offer to buy or the solicitation of an offer to
sell Shares. The solicitation and the offer to buy Shares will only
be made pursuant to the Offer Documents.
Any questions or requests for information regarding the Offer
should be directed to National Bank Financial Inc. as the dealer
manager at The Exchange Tower, 130 King Street West, Toronto,
Ontario M5X 1J9, Tel: 1-416-524-9514, or Computershare, as the
depositary, at: corporateactions@computershare.com.
About CI Financial
CI Financial Corp. is a diversified global asset and wealth
management Corporation operating primarily in Canada, the United
States and Australia. Founded in 1965, CI Financial has developed
world- class portfolio management talent, extensive capabilities in
all aspects of wealth planning, and a comprehensive product suite.
CI Financial manages and advises on approximately $420.7 billion in
client assets (as at October 31, 2023).
CI operates in three segments:
- Asset Management, which includes CI Global Asset Management,
which operates in Canada, and GSFM Pty Ltd., which operates in
Australia.
- Canadian Wealth Management, which includes the operations of CI
Assante Wealth Management, Aligned Capital Partners, CI Private
Wealth (Canada), Northwood Family Office, CI Direct Investing and
CI Investment Services.
- U.S. Wealth Management, which includes Corient Private Wealth,
an integrated wealth management firm providing comprehensive
solutions to ultra-high-net-worth and high-net-worth clients across
the United States.
CI Financial is headquartered in Toronto and listed on the
Toronto Stock Exchange (TSX: CIX). To learn more, visit CI
Financial’s website or LinkedIn page.
CI Global Asset Management is a registered business name of CI
Investments Inc., a wholly owned subsidiary of CI Financial
Corp.
Note Regarding Forward-Looking Statements
This press release contains “forward-looking information” within
the meaning of applicable Canadian securities laws. Forward-looking
information may relate to our future outlook and anticipated events
or results and may include information regarding our financial
position, business strategy, growth strategy, budgets, operations,
financial results, taxes, dividend policy, plans and objectives.
Particularly, information regarding our expectations of future
results, performance, achievements, prospects or opportunities is
forward-looking information. In some cases, forward-looking
information can be identified by the use of forward-looking
terminology such as “plans”, “targets”, “expects” or “does not
expect”, “is expected”, “an opportunity exists”, “budget”,
“scheduled”, “estimates”, “outlook”, “forecasts”, “projection”,
“prospects”, “strategy”, “intends”, “anticipates”, “does not
anticipate”, “believes”, or variations of such words and phrases or
state that certain actions, events or results “may”, “could”,
“would”, “might”, “will”, “will be taken”, “occur” or “be
achieved”. In addition, any statements that refer to expectations,
intentions, projections or other characterizations of future events
or circumstances contain forward-looking information. Statements
containing forward-looking information are not historical facts but
instead represent management’s expectations, estimates and
projections regarding future events or circumstances. These
statements include, without limitation, statements regarding the
Corporation’s intentions and expectations with respect to the
Offer, the terms and conditions of the Offer, and the expected
expiration date of the Offer and purchases thereunder. Purchases
made under the Offer are not guaranteed and are subject to certain
conditions set out in the Offer Documents.
Undue reliance should not be placed on forward-looking
information. The forward-looking information in this press release
is based on our opinions, estimates and assumptions in light of our
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors that we
currently believe are appropriate and reasonable in the
circumstances. Despite a careful process to prepare and review the
forward-looking information, there can be no assurance that the
underlying opinions, estimates and assumptions will prove to be
correct. Further, forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause
actual results, level of activity, performance or achievements to
be materially different from those expressed or implied by such
forward-looking information, including but not limited to, those
described in this press release. The belief that the investment
fund industry and wealth management industry will remain stable and
that interest rates will remain relatively stable are material
factors made in preparing the forward-looking information and
management’s expectations contained in this press release and that
may cause actual results to differ materially from the
forward-looking information disclosed in this press release. In
addition, factors that could cause actual results to differ
materially from expectations include, among other things, general
economic and market conditions, including interest and foreign
exchange rates, global financial markets, the impact of the
coronavirus pandemic, changes in government regulations or in tax
laws, industry competition, technological developments and other
factors described or discussed in CI Financial’s disclosure
materials filed with applicable securities regulatory authorities
from time to time. Additional information about the risks and
uncertainties of the Corporation’s business and material risk
factors or assumptions on which information contained in
forward‐looking information is based is provided in the
Corporation’s disclosure materials, including the Corporation’s
most recently filed annual information form and any subsequently
filed interim management’s discussion and analysis, which are
available under our profile on SEDAR+ at www.sedarplus.com.
There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such information. Accordingly,
readers should not place undue reliance on forward looking
information, which speaks only as of the date made. The
forward-looking information contained in this press release
represents our expectations as of the date of this news release and
is subject to change after such date. CI Financial disclaims any
intention or obligation or undertaking to update publicly or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231129623241/en/
Investor Relations Jason Weyeneth, CFA Vice-President,
Investor Relations & Strategy 416-681-8779 jweyeneth@ci.com
Media Relations Canada Murray Oxby Vice-President,
Corporate Communications 416-681-3254 moxby@ci.com
United States Jimmy Moock Managing Partner, StreetCred
610-304-4570 jimmy@streetcredpr.com ci@streetcredpr.com
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