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 December 18, 2023.
Based on the preliminary count by Computershare Investor
Services Inc., the depositary for the Offer (the
“Depositary”), a total of 7,998,695 common shares of CI
Financial (“Shares”) were properly tendered and not properly
withdrawn, including 238 Shares that were tendered through notices
of guaranteed delivery. 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,
subject to proration (as described below). Based on the preliminary
count by the Depositary, CI Financial expects to take up and
purchase for cancellation 6,554,502 Shares at a purchase price of
$15.28 per Share for an aggregate purchase price of approximately
$100 million. The Shares expected to be purchased under the Offer
represent approximately 4.0% of the issued and outstanding Shares
at the time that the Offer was commenced. Immediately following
completion of the Offer, CI Financial anticipates that 156,240,227
Shares will be issued and outstanding.
As the Offer was oversubscribed, shareholders are expected to
have approximately 81.81% of their successfully tendered Shares
purchased by the Corporation (other than “odd lot” holders, whose
Shares will be purchased on a priority basis).
The number of Shares properly tendered and not properly
withdrawn, the number of Shares expected to be purchased and the
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 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, and the Depositary
will return all other Shares tendered and not purchased under the
Offer.
The full details of the Offer are described in the offer to
purchase and issuer bid circular dated November 10, 2023, as well
as the related letter of transmittal and notice of guaranteed
delivery, 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 Corp. is a diversified global asset and wealth
management Corporation 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 and advises on approximately $420.7 billion in
client assets (as at October 31, 2023).
CI operates in three segments:
- Asset Management, which includes CI Global Asset Management,
which operates in Canada, and GSFM Pty Ltd., which operates in
Australia.
- Canadian Wealth Management, which includes the operations of CI
Assante Wealth Management, Aligned Capital Partners, CI Private
Wealth (Canada), Northwood Family Office, 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, without limitation, the number of Shares
expected to be purchased under the Offer, the purchase price per
Share under the Offer, 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, 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/20231219439955/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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