15th Feb 2011 07:00
CANACCORD FINANCIAL INC. DISCLOSES DIRECTORS' DEALINGS AND ISSUANCE OF SHARES
TORONTO, Feb. 14 /CNW/ - Canaccord Financial Inc. ("CF" or the "Company") announces:
(1) the vesting of Restricted Share Units ("RSUs") that were acquired by Paul Reynolds, Mark Maybank, Tim Hoare and Matthew Gaasenbeek through the Long Term Incentive Plan ("LTIP") in lieu of cash compensation; (2) the issuance of 213,257 shares; (3) the award of RSUs to Paul Reynolds and Matthew Gaasenbeek; and, (4) the sale of shares by Matthew Gaasenbeek.
(1) On February 11, 2011, certain RSUs vested in respect of previous LTIP awards. Of the RSUs which vested on February 11, 2011, Paul Reynolds held 12,088 RSUs; Mark Maybank held 5,798 RSUs; Tim Hoare held 8,459 RSUs and Matthew Gaasenbeek held 38,047. They will therefore respectively acquire 12,088, 5,798, 8,459 and 38,047 common shares in the Company. Messrs. Reynolds and Hoare will receive all of their shares from treasury. Messrs. Maybank and Gaasenbeek 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 213,257 common shares of the Company will be issued and application has been made for their admission to AIM on February 21, 2011. Following the issue of these common shares, Canaccord Financial Inc. confirms the Company will have 82,897,975 common shares in issue.
(3) Canaccord Financial Inc. also discloses that Paul Reynolds and Matthew Gaasenbeek, directors of the Company, were awarded RSUs on December 1, 2010 as part of the company's LTIP in lieu of cash compensation. Paul Reynolds received 1,800 RSUs and Matthew Gaasenbeek received 22,039.
(4) Canaccord Financial Inc. announces that on February 11 and 14, 2011, Matthew Gaasenbeek, a director of the Company, sold 105,000 shares of the Company at an average price of C$15.997 through the facilities of the Toronto Stock Exchange. A portion of these shares were sold to cover tax obligations related to the vesting of RSUs.
In summary, after the vesting of RSUs, the holdings related to Messrs. Reynolds, Maybank, Hoare and Gaasenbeek are as follows:
Shares RSUs RSUs Total Total Total owned held vested common common common (excluding before and RSUs Shares shares + shares shares RSUs) Feb. 11 common held sold RSUs + owned as as % of
Director prior to vesting shares after on Feb. options of total CF
Feb. 11 acquired Feb. 11 Feb. 14 issued on 11 and common Feb. 11 vesting Feb. 14 shares (as of February 21, 2011).
Paul D. 897,160 305,911 12,088 293,823 -- 1,320,389 909,248 1.10%
Reynolds
Mark G. 795,982 209,001 5,798 203,203 -- 1,122,301 801,780 0.97%
Maybank
Timothy J. 1,040,372 147,030 8,459 138,571 -- 1,304,720 1,048,831 1.27%
D. Hoare
Matthew 526,319 237,983 38,047 199,936 105,000 776,620 459,366 0.55% Gaasenbeek
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 41offices worldwide, including 31 Wealth Management offices located across Canada. Canaccord Genuity, the international capital markets division, operates in the U.S., U.K., Canada, China 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:
North America media:Scott DavidsonManaging Director, Global Head of Marketing & CommunicationsPhone: 416-869-3875, email: [email protected] investor relations inquiries contact:Jamie KokoskaManager, Investor Relations & CommunicationsPhone: 416-869-3891, email: [email protected] media:Bobby Morse or Ben RomneyBuchanan Communications (London)Phone: +44 (0) 207 466 5000, email: [email protected] Adviser and Joint Broker:Marc Milmo or Carl HolmesCharles Stanley SecuritiesPhone: +44 020 7149 6764, email: [email protected] Broker:Oliver Hearsey or Nick TriggsKeefe, Bruyette & Woods LimitedPhone: +44 (0) 20 7663 5400, email: [email protected]
(CF)
vendorRelated Shares:
CF..L