CI Financial Corp. (TSX: CIX) (“CI Financial” or the
“Corporation”) today announced the final results of its
substantial issuer bid (the “Offer”) under which it has
purchased for cancellation 2,157,201 of its common shares (the
“Shares”) at the purchase price of $18.25 per Share, for an
aggregate purchase price of approximately $39.37 million. Shares
purchased under the Offer represent approximately 1.48% of the
issued and outstanding Shares at the time that the Offer was
commenced. Immediately following the completion of the Offer, there
are 143,545,084 Shares issued and outstanding.
Based on the final count by Computershare Investor Services
Inc., the depositary for the Offer (the “Depositary”), a
total of 2,157,201 Shares were properly tendered and not withdrawn.
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Offer, all Shares validly deposited and not withdrawn will be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.
Payment for the Shares accepted for purchase under the Offer will
occur in accordance with the terms of the Offer and applicable
law.
To assist shareholders in determining the Canadian tax
consequences of the Offer, CI Financial estimates that for the
purposes of the Income Tax Act (Canada), the paid-up capital per
Share is approximately $10.7284. Given that the purchase price of
$18.25 per Share exceeds the paid-up capital per Share,
shareholders who have sold Shares to CI Financial under the Offer
will be deemed to have received a dividend equal to the excess of
the purchase price over the paid-up capital of the Share for
Canadian federal income tax purposes as a result of such sale. The
dividend deemed to have been paid by CI Financial to Canadian
resident persons is designated as an “eligible dividend” for
purposes of the Income Tax Act (Canada) and any corresponding
provincial and territorial tax legislation.
The “specified amount” for purposes of subsection 191(4) of the
Income Tax Act (Canada) is $18.93. Shareholders should consult with
their own tax advisors with respect to the income tax consequences
of the disposition of their Shares under the Offer.
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.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20241004720817/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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