Toronto, April 3, 2024–(BUSINESS WIRE)–CI Financial Corp. (TSX: CIX) (“CI Financial” or “Co., Ltd.“) today announced the preliminary results of the Substantive Issuer Bid (“).offer”), expired on April 2, 2024 at 5:00 pm (Toronto time).
Based on preliminary calculations by Computershare Investor Services Inc., the fiduciary to this offer (“depositor“), a total of 12,586,530 shares of CI Financial common stock (“stock''), including 115,210 shares tendered through delivery guarantee notices, were properly tendered but not properly withdrawn. Pursuant to the terms of the Offer, CI Financial has notified the Depositary that it is subscribing to the Shares that have been properly tendered in the Tender Offer. Based on a preliminary count by the depositary, CI Financial expects he will acquire and purchase 4,857,142 shares at a purchase price of $17.50 per share, for a total purchase price of approximately $85 . The shares to be purchased in this offer represent approximately 3.11% of the outstanding shares at the time of the commencement of the offer, and immediately upon completion of the offer, CI Financial anticipates that his 151,383,085 outstanding shares will be issued. .
As this offer was oversubscribed, it is expected that the Company will purchase approximately 38.17% of the shares that shareholders successfully tendered (excluding “odd lot” holders whose shares will be purchased preferentially).
The number of shares properly tendered and not properly withdrawn, the number of shares proposed for purchase and the total purchase price are all provisional and subject to verification by the Depositary and all shares tendered ( (including shares tendered in accordance with the Regulations) subject to proper delivery. Guaranteed Shipping Procedures). Upon completion of the Depositary verification process and guaranteed delivery period, the Company will issue a final press release containing the final number of Shares to be purchased, the final total purchase price, the estimated paid-up capital per share and the “Specified Amount.” ” (For each purpose, income tax law (Canada)). Immediately after such announcement, payment for 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 pursuant to the offer.
Full details of the Offer are set out in the Offer to Purchase and Issuer Bid Circular dated February 26, 2024, and the associated Letter of Transmittal and Notice of Assured Delivery, copies of which have been filed and are available below. Available from our profile. Electronic data analysis search system + (“Sedar+“) at www.sedarplus.com.
This news release is for informational purposes only and is not intended to be, and does not constitute, an offer to buy or the solicitation of an offer to sell any stock.
About CI Financial
CI Financial is a diversified global asset and wealth management company with operations 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 suite of products. CI Financial manages, advises and manages approximately $465.9 billion in client assets (as of February 29, 2024). CI Financial operates in three segments.
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Asset Management includes CI Global Asset Management with operations in Canada and GSFM Funds Management with operations in Australia.
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Canadian Wealth Management. This includes the work of CI Assante Wealth Management, Aligned Capital Partners, CI Private Wealth, Northwood Family Office, Coriel Capital, CI Direct Investing and CI Investment Services.
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US Wealth Management includes Corient Private Wealth, a full-service wealth management firm that provides 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). For more information, please visit CI Financial's website or LinkedIn page.
CI Global Asset Management is a registered trade name of CI Investments Inc., a wholly owned subsidiary of CI Financial Corp.
Cautionary 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 prospects and anticipated events or results, and may relate to our financial condition, business strategy, growth strategy, budget, operations, financial results, tax, dividend policy, plans and results. May contain information about goals. In particular, information regarding our expectations regarding future results, performance, achievements, prospects or opportunities is forward-looking information. In some cases, forward-looking information may include “plans,” “goals,” “expects,” “does not expect,” “expects,” “opportunities exist,” “budgets,” , “plan”, “estimate”, “outlook”, “forecast”, “forecast”, “outlook”, “strategy”, “intend”, “anticipate”, “not anticipate”, “believes'' or variations of such words or phrases, or “believes'' or variations of such words or phrases, or “believes'' or “believes'' that a particular action, event, or result “may,'' “could,'' “would,'' “might,'' or “is.'' “will'', “will be done'', “happen'', or “achieved''. In addition, statements that refer to expectations, intentions, projections or other characteristics of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts and instead represent management's expectations, estimates and predictions regarding future events or conditions. These statements include, but are not limited to, the number of shares to be purchased under the Offer, the total purchase price of the shares purchased, and the number of shares outstanding. Purchases made pursuant to an offer are not guaranteed and are subject to certain terms and conditions set forth in the offer document.
You should not place undue reliance on forward-looking information. The forward-looking information contained in this press release reflects the Company's experience and perception regarding historical trends, current conditions and expected future developments, as well as what the Company believes to be appropriate and reasonable at this time. Based on our opinions, estimates and assumptions in light of other factors. situation. Despite the careful process we use to prepare and consider forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. In addition, forward-looking information is subject to known and unknown risks, uncertainties and the possibility that actual results, levels of activity, performance or achievements may differ materially from those expressed or implied by such forward-looking information. It is influenced by certain other factors. Limited to what is stated in this press release. The belief that the investment fund and wealth management industries will remain stable and that interest rates will remain relatively stable are important factors in preparing the forward-looking information and management's expectations contained in this press release. and could 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 general economic and This includes things like market conditions. developments and other factors described or discussed in CI Financial's disclosure documents filed from time to time with applicable securities regulatory authorities; Additional information regarding the risks and uncertainties of the Company's business and the important risk factors or assumptions underlying the information contained in the forward-looking information can be found in the Company's most recently filed annual information form and any interim information subsequently filed. Provided in our disclosure materials, including: Discussions and analysis by management can be found on his SEDAR+ profile at www.sedarplus.com.
There can be no assurance that such information will prove to be accurate, as actual results or 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 the Company's expectations as of the date of this news release and is subject to change after that date. CI Financial will not publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Disclaim any intention, obligation, or promise.
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contact address
PR for investors
Jason Waynes, CFA
Vice President of Investor Relations and Strategy
416-681-8779
jweyenth@ci.com
Media contact point
Canada
murray oxby
Vice President of Corporate Communications
416-681-3254
moxby@ci.com
America
jimmy mook
Managing Partner, StreetCred
610-304-4570
jimmy@streetredpr.com
ci@streetredpr.com
