CI Financial Corp. (TSX: CIX) (“CI Financial” or the
“Corporation”) announced today that, in connection with its
previously announced consent and proxy solicitation (“Consent
and Proxy Solicitation”) seeking approval of certain proposed
amendments (“Proposed Amendments”) from (i) holders (the
“2025 Debentureholders”) of its 3.759% Debentures due 2025
(the “2025 Debentures”) issued under the second supplemental
indenture (the “2019 Second Series Supplement”) to the trust
indenture dated as of July 22, 2019, and (ii) holders (the “2027
Debentureholders”) of its 3.904% Debentures due 2027 (the
“2027 Debentures”) issued under the sixth supplemental
indenture (the “2009 Sixth Series Supplement”) to the trust
indenture dated as of December 16, 2009, the meeting of the 2025
Debentureholders and the meeting of the 2027 Debentureholders will
be held in person on April 4, 2024 at 10:00 a.m. (Toronto time) and
10:30 a.m. (Toronto time), respectively, at 199 Bay Street, Suite
5300, Commerce Court West, Toronto, Ontario.
As previously announced, in order to approve the Proposed
Amendments via written consent, not less than 66 2/3% of the
aggregate unpaid principal amount of the 2025 Debentures or 2027
Debentures must have delivered consents in favour of the Proposed
Amendments by 5:00 p.m. (Toronto time) on March 19, 2024 (the
“Consent Deadline”). As of the Consent Deadline, sufficient
proxies to achieve the required quorum, and sufficient proxies in
favour of the Proposed Amendments to approve the Proposed
Amendments, at each meeting had been received. Accordingly, the
Corporation expects the Proposed Amendments to be approved at the
meetings, in each case, subject to any proxies that are validly
revoked or newly submitted prior to the applicable meeting.
The Proposed Amendments are further described in the Joint
Consent and Proxy Solicitation Statement (the “Solicitation
Statement”) dated March 6, 2024, available on CI Financial’s
SEDAR+ profile at www.sedarplus.ca.
The Corporation has retained RBC Dominion Securities Inc.
(“RBC”) as Solicitation Agent and Computershare Trust
Company of Canada (“Computershare”) as Tabulation Agent in
connection with the Consent and Proxy Solicitation and meetings.
Questions concerning the meetings and the Consent and Proxy
Solicitation, or requests for assistance in participating in the
meetings or the Consent and Proxy Solicitation, should be directed
to RBC by telephone at (416) 842-6311 or 1-877-381-2099 or by email
at liability.management@rbccm.com.
This news release is neither a solicitation of consents or
proxies nor an offer to purchase debentures or to sell any
securities. The Consent and Proxy Solicitation is being made solely
pursuant to the Solicitation Statement.
About CI Financial
CI Financial is a diversified global asset and wealth management
company 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, advises on and administers approximately $465.9 billion in
client assets (as at February 29, 2024). CI Financial operates in
three segments:
- Asset Management, which includes CI Global Asset Management,
which operates in Canada, and GSFM Funds Management, which operates
in Australia.
- Canadian Wealth Management, which includes the operations of CI
Assante Wealth Management, Aligned Capital Partners, CI Private
Wealth, Northwood Family Office, Coriel Capital, 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 the expectation that quorum will be present at
the meetings, and the expectation that the Proposed Amendments will
be approved at the meetings of 2025 Debentureholders and 2027
Debentureholders.
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/20240320433413/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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