CI Financial Corp. (TSX: CIX) (“CI Financial” or the “Corporation”) has announced the preliminary results of its substantial issuer bid (the “Offer”), which concluded at 5:00 p.m. (Toronto Time) on October 3, 2024.
According to the preliminary count by Computershare Investor Services Inc., the depositary for the Offer, a total of 2,157,201 common shares of CI Financial (“Shares”) were properly tendered and not withdrawn. CI Financial has notified the Depositary that it is taking up these Shares for cancellation at a purchase price of $18.25 per Share, amounting to an aggregate purchase price of approximately $39.37 million. These Shares represent about 1.48% of CI Financial’s issued and outstanding shares at the start of the Offer. After the completion of the Offer, CI Financial expects to have 143,545,084 Shares outstanding.
Since the total number of Shares tendered was less than the amount that could have been purchased under the Offer’s terms, all validly deposited Shares will be bought without proration.
The final number of Shares purchased and the aggregate purchase price are subject to verification by the Depositary, including guaranteed delivery procedures. A final press release will be issued once the verification process is complete, providing details on the total number of Shares acquired, the final purchase amount, and tax-related information. Following this, payments for the Shares will be made as per the Offer’s terms.
Details of the Offer were outlined in documents filed under the Corporation’s profile on SEDAR+.
About CI Financial
CI Financial is a global asset and wealth management company with operations in Canada, the United States, and Australia. Established in 1965, CI Financial manages approximately $509.2 billion in client assets (as of August 31, 2024). Its three business segments include Asset Management, Canadian Wealth Management, and U.S. Wealth Management. CI Financial is headquartered in Toronto and is listed on the Toronto Stock Exchange (TSX: CIX).
For more information, visit CI Financial’s website or LinkedIn page.
