CI Financial Income Fund and Rockwater Capital Corp. announced on Wednesday that in excess of 90% of the outstanding Rockwater shares have been deposited to CI’s offer to purchase all of the outstanding Rockwater shares. CI and Rockwater also announced that CI has taken up all of the shares deposited to the offer.

As indicated in CI’s offer circular on Feb. 23, having acquired in excess of 90% of the outstanding Rockwater shares, CI intends to forthwith acquire the Rockwater shares not deposited under the offer on the same terms as the Rockwater shares acquired under the offer pursuant to the compulsory acquisition rules and otherwise in accordance with applicable laws.

In related news, Rockwater also announced that effective immediately, Gerald C. Throop, executive vice president of Rockwater and president and head of capital markets for Blackmont Capital Inc. is relinquishing his role as the head of capital markets. Wayne D. Adlam, currently executive vice president of capital markets at Blackmont, has been appointed to this position.

Adlam has held the position of executive vice president capital markets since May 2006 and is an accomplished capital markets executive with a track record for growth and success. Prior to joining Blackmont, Adlam spent 18 years at CIBC World Markets, where he held senior positions as the head of equity capital markets and the co-head of merchant banking.

Since the announcement of the CI bid, Adlam has worked with CI and members of Blackmont management on a strategy for the firm’s next phase of growth under the CI umbrella. These new initiatives will build on the platform and strategy that continues to drive Blackmont’s success.