CI Financial Corp. (TSX: CIX) (“CI Financial” or the
“Corporation”) today announced the preliminary results of
its substantial issuer bid (the “Offer”), which expired at
5:00 p.m. (Toronto Time) on October 3, 2024.
Based on the preliminary count by Computershare Investor
Services Inc., the depositary for the Offer (the
“Depositary”), a total of 2,157,201 common shares of CI
Financial (“Shares”) were properly tendered and not properly
withdrawn. In accordance with the terms of the Offer, CI Financial
has informed the Depositary that it is taking up Shares properly
tendered to the Offer at the time of expiry. Based on the
preliminary count by the Depositary, CI Financial expects to take
up and purchase for cancellation 2,157,201 Shares at the purchase
price of $18.25 per Share for an aggregate purchase price of
approximately $39.37 million. The Shares expected to be purchased
under the Offer represent approximately 1.48% of the issued and
outstanding Shares at the time that the Offer was commenced.
Immediately following completion of the Offer, CI Financial
anticipates that 143,545,084 Shares will be issued and
outstanding.
As the total number of Shares tendered was less than the total
that could have been purchased by the Corporation under the terms
of the Offer, all Shares validly deposited and not withdrawn will
be purchased under the Offer and no proration will be required.
The number of Shares properly tendered and not properly
withdrawn, the number of Shares expected to be purchased and the
aggregate purchase price are all preliminary and subject to
verification by the Depositary as well as the proper delivery of
all Shares tendered (including Shares tendered pursuant to
guaranteed delivery procedures). Following completion by the
Depositary of the verification process and the guaranteed delivery
period, the Corporation will issue a final press release including
the final number of Shares purchased, the final aggregate purchase
price, and the estimated paid-up capital per Share and “specified
amount” (each for purposes of the Income Tax Act (Canada)).
Promptly after such announcement, payment for the Shares accepted
for purchase will be made in accordance with the terms of the
Offer.
The full details of the Offer are described in the offer to
purchase and issuer bid circular dated August 26, 2024, as well as
the related letter of transmittal and notice of guaranteed
delivery, and the notice of variation and extension dated September
20, 2024, copies of which were filed and are available under the
Corporation’s profile on the System for Electronic Data Analysis
and Retrieval+ (“SEDAR+”) at www.sedarplus.com.
This news release is for informational purposes only and is not
intended to and does not constitute an offer to purchase or the
solicitation of an offer to sell Shares.
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 $509.2 billion in
client assets (as at August 31, 2024). CI Financial operates in
three segments:
- Asset Management, which includes CI Global Asset Management,
which operates in Canada, and GSFM, which operates in
Australia.
- Canadian Wealth Management, operating as CI Wealth, which
includes CI Assante Wealth Management, Aligned Capital Partners, CI
Assante Private Client, CI Private Wealth, Northwood Family Office,
CI Coriel Capital, CI Direct Investing, CI Direct Trading 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, the number of Shares
expected to be purchased under the Offer, the aggregate purchase
price for the Shares purchased, and the number of Shares
outstanding. 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, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241003062639/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
CompX (AMEX:CIX)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024
CompX (AMEX:CIX)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024