25th May 2012 16:00
CANACCORD FINANCIAL INC. DISCLOSES DIRECTORS' DEALINGS AND THE ISSUANCE OF SHARES
TORONTO, May 25, 2012- Canaccord Financial Inc. ("CF" or the "Company") announces:
(1) the vesting of Restricted Share Units ("RSUs") that were acquired by David Kassie and Paul Reynolds through the Long Term Incentive Plan ("LTIP") in lieu of cash compensation;
(2) the issuance of 308,381 shares;
(3) the sale of shares by Paul Reynolds to cover tax obligations related to the vesting of RSUs.
(1) On May 24, 2012, certain RSUs vested in respect of previous LTIP awards. Of the RSUs which vested on May 24, 2012, David Kassie held 12,599 and Paul Reynolds held 82,305 RSUs. They will therefore respectively acquire 12,599 and 82,305 common shares in the Company. Messrs. Kassie and Reynolds will receive all of their shares by transfer from the employee benefit trust, which had previously acquired these shares on the open market.
The LTIP is an initiative by Canaccord that was announced on June 7, 2007, and approved at the Company's annual general meeting on August 2, 2007.
(2) For employees in the United States and the United Kingdom (principally employees of Canaccord Genuity Inc. and Canaccord Genuity Limited), the shares to be issued on the vesting of the awards are issued from treasury. Therefore, in respect of the RSUs which have now vested, a total of 308,381 common shares of the Company will be issued and application has been made for their admission to AIM on June 1, 2012. Following the issue of these shares, Canaccord Financial Inc. will have 102,030,601 common shares in issue.
(3) Canaccord Financial Inc. announces that on May 24, 2012, Paul Reynolds, a director of the Company, sold shares of the Company to cover tax obligations related to the vesting of his RSUs. Mr. Reynolds sold 36,855 shares at an average price of $6.10 per share. All shares were sold through the facilities of the Toronto Stock Exchange.
In summary, after the vesting of RSUs, the holdings related to Messrs. Kassie and Reynolds are as follows:
Shares RSUs Total Total Total common owned RSUs vested and RSUs shares as % (excluding held common held Shares common common of total CF Director RSUs) before shares after sold on shares + shares issued common before May May 24 acquired May 24 May 24 RSUs + owned as shares (as of 24 vesting on May 24 vesting options of May 25 June 1, 2012). David Kassie 3,421,660 37,797 12,599 25,298 -- 3,459,557 3,434,259 3.37% Paul D. 949,904 207,089 82,305 124,784 36,855 1,237,456 995,354 0.98% Reynolds*
*Includes shareholdings owned by Mr. Reynold's wife
ABOUT CANACCORD FINANCIAL INC.:
Through its principal subsidiaries, Canaccord Financial Inc. is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and global capital markets. Since its establishment in 1950, Canaccord 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. Canaccord has over 60 offices worldwide, including over 40 Wealth Management offices located across Canada, the UK and Europe. Canaccord Genuity, the Company's international capital markets division, has operations in Canada, the U.S., the U.K., France, Germany, Ireland, Italy, China, Hong Kong, Singapore, Australia and Barbados.
Canaccord Financial Inc. is publicly traded under the symbol CF on the TSX and the symbol CF. on AIM, a market operated by the London Stock Exchange.
FOR FURTHER INFORMATION CONTACT:
North America media:Scott DavidsonExecutive Vice President, Global Head of Corporate Development and StrategyPhone: 416-869-3875, email: [email protected] For investor relations inquiries contact:Jamie KokoskaVice President, Investor Relations & CommunicationsPhone: 416-869-3891, email: [email protected] London media:Bobby Morse or Ben RomneyBuchanan Communications (London)Phone: +44 (0) 207 466 5000, email: [email protected] Nominated Adviser and Joint Broker:Oliver Hearsey or Martin EalesRBC Europe LimitedPhone: +44 020 7653 4000, email: [email protected] Joint Broker:Erick DiazKeefe, Bruyette & Woods LimitedPhone: +44 (0) 20 7663 3162, email: [email protected]
XLONRelated Shares:
CF..L