Canaccord Capital Inc. today announced the renewal of its normal course issuer bid to purchase up to 2,391,880 of its common shares through the facilities of the Toronto Stock Exchange.
The bid will enable Canaccord to acquire shares for cancellation and/or for resale to new employees, existing employees, its clients and clients of Canaccord’s affiliates.
The shares that may be repurchased represent 5% of the Canaccord’s outstanding common shares. As of Dec. 20, 2006, there were 47,837,604 common shares of the company issued and outstanding.
For the one year period from Dec. 23, 2005, Canaccord did not purchase any shares in the normal course issuer bid announced on Dec. 23, 2005, but the company, through a wholly owned subsidiary, did purchase 195,968 common shares in exempt offers to former employees at an average price of $9.66 per share.
Purchases under the normal course issuer bid are expected to be able to commence on Dec. 29, 2006, and will continue for one year (to Dec. 28, 2007).
The amount and timing of any such purchases will be determined by Canaccord. All purchases will be subject to the company’s normal trading blackouts and the availability of shares for purchase.
To fulfill its regulatory reporting requirements in Canada and in the UK, when actively repurchasing shares, Canaccord will issue a press release with an updated report on the shares repurchased at a minimum of every two weeks and will immediately issue a press release if more than 1% of its issued and outstanding common shares are repurchased for cancellation on any one day.
Canaccord renews normal course issuer bid
Firm to buy back up to 5% of outstanding shares
- By: IE Staff
- December 22, 2006 December 22, 2006
- 09:45