No Impact on Management Group $11.25 Bid
TORONTO, March 20,
2023 /CNW/ - Canaccord Genuity Group Inc. (TSX:CF)
(the "Company") announced today that the board of directors of the
Company (the "Board") has appointed Amy
Freedman and Rod Phillips as
independent directors to fill two of the vacancies created on the
Board. Amy Freedman is a Partner at
a Canadian boutique investment firm, and brings extensive
experience in both capital markets and shareholder advisory
matters, having previously spent a number of years advising boards
and shareholders on strategic matters. Rod
Phillips brings a wealth of knowledge in both the public and
private sector, having previously served as the Ontario Minister of Finance, and the chairman
of one of Canada's largest news
media companies. Additional biographical information regarding
Amy Freedman and Rod Phillips is set out below.
With these changes, the Board is now comprised of seven (7)
directors, of which five (5) are independent. The Corporate
Governance and Compensation Committee will continue to review the
director complement against the Company's skills matrix to guide
the appointment of any additional directors.
The independent members of the Board also passed a resolution to
approve the appointment of Amy
Freedman and Rod Phillips as
new members of the Special Committee of independent directors that
are evaluating and considering the take-over bid from certain
members of the Company's management team (the "Management Group")
to acquire all the common shares of the Company not already owned
by the Management Group at a price of $11.25 per share. Following such appointments,
the Special Committee is now comprised of Michael Auerbach (Chair), Terrence Lyons, Amy
Freedman and Rod
Phillips.
As previously announced on March
13, the Special Committee intends on continuing the mandate
in progress to review and evaluate the Management Group's bid and
has engaged with securities regulators to allow for a delay in the
dissemination of a directors circular.
The Company has received confirmation that the Management
Group's bid is unaffected by these developments.
Amy
Freedman
Amy Freedman is a Partner and
Head of Engagement Fund Investment at Ewing Morris & Co.
Investment Partners Ltd. Ms. Freedman was previously CEO of
Kingsdale Advisors, a leading shareholder services and advisory
firm specializing in strategic and defensive advisory, governance
advisory, proxy and voting analytics and investor communications.
Prior to Kingsdale, Ms. Freedman spent over 15 years in
capital markets as an investment banker with global firms including
Stifel and Morgan Stanley in both Toronto and New
York. She holds an MBA and JD from the University of
Toronto.
Ms. Freedman currently serves as a director of Mandalay
Resources Corporation and was previously a director of Park Lawn
Corporation.
Rod
Phillips
Rod Phillips is a business and
public policy leader and lifelong community volunteer. He was the
Member of Provincial Parliament (MPP) for Ajax, Ontario and served as Ontario's Minister of the Environment,
Conservation, and Parks, Minister of Finance, and Minister of
Long-term Care. Prior to his public service, Mr. Phillips was the
President and CEO of the Ontario Lottery and Gaming Corporation,
and of Morneau Shepell (Lifeworks).
He began his career as a management consultant with KPMG. He also
worked with Goodmans LLP and as Chief of Staff to the first Mayor
of the amalgamated city of Toronto.
Mr. Phillips was also Canadian Chair and Global Advisory Board
Member of Afiniti and served as Chair of the Board of Directors for
Postmedia Network Inc., and as a member of the corporate boards of
Data Communications Management, Top Aces, and the Interprovincial
Lottery Corporation. Mr. Phillips served as the volunteer chair of
CivicAction and the TELUS Community Fund and on the Boards of
Toronto International Film
Festival, the Canadian Psychiatric Research Foundation, the Global
Business and Economic Roundtable on Addiction and Mental Health,
the Council of the College of Physicians and Surgeons of
Ontario, Bridgepoint Health, and
the Toronto Community Foundation. He is a past President of
the Canadian Club of Toronto.
Mr. Phillips has an Honours BA in Political Science and English
from the University of Western Ontario,
and an MBA from Wilfrid Laurier
University. He is also a graduate of the Rotman School of
Management Directors Education Program with Institute of Corporate
Directors designation, ICD.D.
Mr. Phillips is currently not a director of any other public
companies.
ABOUT CANACCORD GENUITY GROUP
INC.
Through its principal subsidiaries, Canaccord Genuity Group Inc.
(the "Company") is a leading independent, full-service financial
services firm, with operations in two principal segments of the
securities industry: wealth management and capital markets. Since
its establishment in 1950, the Company has been driven by an
unwavering commitment to building lasting client relationships. We
achieve this by generating value for our individual, institutional
and corporate clients through comprehensive investment solutions,
brokerage services and investment banking services. The Company has
wealth management offices located in Canada, the UK, Guernsey, Jersey, the Isle of
Man and Australia. The Company's
international capital markets division operates in North America, UK & Europe, Asia,
Australia, and the Middle East.
Canaccord Genuity Group Inc. is publicly traded under the symbol
CF on the TSX.
CAUTION REGARDING FORWARD-LOOKING
STATEMENTS
This press release may contain "forward-looking information" as
defined under applicable securities laws ("forward-looking
statements"). These statements relate to future events or future
performance and reflect management's expectations, beliefs, plans,
estimates, intentions and similar statements concerning anticipated
future events, results, circumstances, performance or expectations
that are not historical facts, including business and economic
conditions and Canaccord Genuity Group's growth, results of
operations, performance and business prospects and opportunities.
Such forward- looking statements reflect management's current
beliefs and are based on information currently available to
management. In some cases, forward-looking statements can be
identified by terminology such as "may", "will", "should",
"expect", "plan", "anticipate", "believe", "estimate", "predict",
"potential", "continue", "target", "intend", "could" or the
negative of these terms or other comparable terminology. By their
very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and a number of factors
could cause actual events or results to differ materially from the
results discussed in the forward-looking statements.
In evaluating these statements, readers should specifically
consider various factors that may cause actual results to differ
materially from any forward-looking statement. These factors
include, but are not limited to, market and general economic
conditions; the length of a regulatory review and approval of the
transaction; ability of the parties to meet closing conditions; the
dynamic nature of the financial services industry; and the risks
and uncertainties discussed from time to time in the Company's
interim condensed and annual consolidated financial statements, its
annual report and its annual information form ("AIF") filed on
www.sedar.com as well as the factors discussed in the sections
entitled "Risk Management" and "Risk Factors" in the AIF, which
include market, liquidity, credit, operational, legal and
regulatory risks.
Although the forward-looking statements contained in this press
release are based upon assumptions that the Company believes are
reasonable, there can be no assurance that actual results will be
consistent with these forward-looking statements. The
forward-looking statements contained in this press release are made
as of the date of this press release and should not be relied upon
as representing the Company's views as of any date subsequent to
the date of this press release. Except as may be required by
applicable law, the Company does not undertake, and specifically
disclaims, any obligation to update or revise any forward-looking
statements, whether as a result of new information, further
developments or otherwise.
www.cgf.com/investor-relations
SOURCE Canaccord Genuity Group Inc.