- CI shareholders will receive $32.00 in cash per share,
representing a 33% premium over the last closing price prior to the
announcement of the arrangement and a 58% premium over the 60-day
volume-weighted average trading price as of such date
- Shareholders are encouraged to vote well in advance of the
proxy deadline of Monday, February 10, 2025 at 10:00 a.m. (Toronto
time)
- Shareholders who have questions or need assistance in voting
should contact Laurel Hill Advisory Group by telephone at
1-877-452-7184 (North American Toll Free) or 1-416-304-0211
(Outside North America), or by email at
assistance@laurelhill.com
CI Financial Corp. (“CI” or the “Corporation”) (TSX: CIX) today
announced the commencement of the mailing of its management
information circular and related shareholder meeting materials for
the special meeting of CI shareholders (the “Meeting”) to consider
and vote on the Corporation’s proposed plan of arrangement (the
“Arrangement”) with an affiliate of funds managed by Mubadala
Capital (the “Purchaser”) pursuant to which all of the issued and
outstanding shares of CI will be acquired for cash consideration
equal to $32.00 per share, other than shares held by members of
senior management who enter into equity rollover agreements (such
shareholders that enter into equity rollover agreements being the
“Rollover Shareholders”). CI’s management information circular and
other related shareholder meeting materials can also be found under
the Corporation’s profile on SEDAR+ at www.sedarplus.ca as well as
on its website at http://ir.cifinancial.com.
Significant Premium Across Multiple Trading Periods
The $32.00 cash price per share provides immediate and certain
value at a significant premium over the share price on the Toronto
Stock Exchange (the “TSX”) across various trading periods leading
up to November 22, 2024, being the last trading day prior to
announcement of the Arrangement, including a:
- 33% one-day premium;
- 58% premium to the 60-day volume weighted average price;
and
- 31% premium to the 52-week high.
Special Committee and CI’s Board Recommend CI Shareholders
Vote FOR the Arrangement
A special committee of CI’s Board of Directors (the “Special
Committee”), comprised solely of independent directors, and CI’s
Board of Directors (the “Board”) (with interested directors
abstaining) have both unanimously determined that the Arrangement
is in the best interests of the Corporation, and on the unanimous
recommendation of the Special Committee, the Board (with interested
directors abstaining) has unanimously recommended that CI
shareholders (other than the Rollover Shareholders) vote FOR the
Arrangement Resolution. The Special Committee and the Board each
consulted with management of CI and legal and financial advisors in
evaluating the Arrangement and, in reaching their respective
conclusions and formulating their unanimous recommendations,
reviewed a significant amount of information and considered a
number of factors as discussed more fully in CI’s management
information circular, including the opinion of INFOR Financial Inc.
to the effect that, as of the date thereof and subject to the
assumptions, limitations and qualifications therein, the
consideration to be received by CI shareholders (other than
shareholders eligible to enter into an equity rollover agreement)
pursuant to the Arrangement is fair, from a financial point of
view, to such shareholders.
Voting Support Agreements
Each of CI’s directors and executive officers or entities
controlled by them, owning or controlling an aggregate of
approximately 16.88% of CI’s outstanding shares as of the record
date for the Meeting, has entered into a voting support agreement
with the Purchaser agreeing to vote their shares in favour of the
Arrangement at the Meeting.
Vote Your Shares Today – Voting is Important and Easy
The Meeting will be held virtually on February 12, 2025 at 10:00
a.m. (Toronto Time) at
https://meetings.lumiconnect.com/400-547-913-434. Shareholders are
encouraged to vote well in advance of the Meeting, in accordance
with the instructions accompanying the form of proxy or voting
instruction form mailed to CI shareholders together with the
management information circular. Further details and voting
instructions can be found in the management information circular
under the section entitled “Information Concerning The Meeting –
How to Vote Your Shares.”
Voting Methods
Online
Phone
Mail
Registered
Shareholders
Shares held in own name and represented by
a physical certificate or DRS statement and have a 15-digit
control number.
Vote online at
www.investorvote.com
1-866-732-8683
Return the completed Form of Proxy or
Voting Instruction Form in the enclosed postage paid envelope.
Beneficial
Shareholders
Shares held with a broker, bank or other
intermediary and have a 16-digit control number.
Vote online at
www.proxyvote.com
Canada:
1-800-474-7493 (EN)
or 1-800-474-7501 (FR)
USA: 1-800-454-8683
The deadline for CI shareholders to return their completed
proxies or voting instruction forms is Monday, February 10, 2025 at
10:00 a.m. (Toronto time) or, if the Meeting is adjourned or
postponed, no later than 48 hours (excluding Saturdays, Sundays and
holidays in the Province of Ontario) prior to the commencement of
the reconvened Meeting.
Shareholder Questions and Voting Assistance
Shareholders who have questions or need assistance in voting
should contact Laurel Hill Advisory Group by telephone at
1-877-452-7184 (North American Toll-Free) or 1-416-304-0211
(Outside North America), or by email at
assistance@laurelhill.com.
About CI Financial
CI Financial Corp. is a diversified global asset and wealth
management company operating primarily in Canada, the United States
and Australia. Founded in 1965, CI has developed world-class
portfolio management talent, extensive capabilities in all aspects
of wealth planning, and a comprehensive product suite. CI manages,
advises on and administers approximately $532.7 billion in client
assets (as at November 30, 2024). CI operates in three
segments:
- Asset Management, which includes CI Global Asset Management,
which operates in Canada, and GSFM, which operates in
Australia.
- Canadian Wealth Management, operating as CI Wealth, which
includes CI Assante Wealth Management, Aligned Capital Partners, CI
Assante Private Client, CI Private Wealth, Northwood Family Office,
CI Coriel Capital, CI Direct Investing, CI Direct Trading and CI
Investment Services.
- U.S. Wealth Management, which includes Corient Private Wealth,
an integrated wealth management firm providing comprehensive
solutions to ultra-high-net-worth and high-net-worth clients across
the United States.
CI is headquartered in Toronto and listed on the TSX (TSX: CIX).
To learn more, visit CI’s website or LinkedIn page.
CI Global Asset Management is a registered business name of CI
Investments Inc., a wholly owned subsidiary of CI Financial
Corp.
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 outlook and anticipated events
or results and may include information regarding our financial
position, business strategy, growth strategy, budgets, operations,
financial results, taxes, dividend policy, plans and objectives.
Particularly, information regarding our expectations of future
results, performance, achievements, prospects or opportunities is
forward-looking information. In some cases, forward-looking
information can be identified by the use of forward-looking
terminology such as “plans”, “targets”, “expects” or “does not
expect”, “is expected”, “an opportunity exists”, “budget”,
“scheduled”, “estimates”, “outlook”, “forecasts”, “projection”,
“prospects”, “strategy”, “intends”, “anticipates”, “does not
anticipate”, “believes”, or variations of such words and phrases or
statements that certain actions, events or results “may”, “could”,
“would”, “might”, “will”, “will be taken”, “occur” or “be
achieved”. In addition, any statements that refer to expectations,
intentions, projections or other characterizations of future events
or circumstances contain forward-looking information. Statements
containing forward-looking information are not historical facts but
instead represent management’s expectations, estimates and
projections regarding future events or circumstances. These
statements include, without limitation, those relating to the
timing for the Meeting.
Undue reliance should not be placed on forward-looking
information. The forward-looking information in this press release
is based on our opinions, estimates and assumptions in light of our
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors that we
currently believe are appropriate and reasonable in the
circumstances. Despite a careful process to prepare and review the
forward-looking information, there can be no assurance that the
underlying opinions, estimates and assumptions will prove to be
correct. Further, forward-looking information is subject to known
and unknown risks, uncertainties and other factors that may cause
actual results, level of activity, performance or achievements to
be materially different from those expressed or implied by such
forward-looking information, including but not limited to, those
described in this press release. The belief that the investment
fund industry and wealth management industry will remain stable and
that interest rates will remain relatively stable are material
factors made in preparing the forward-looking information and
management’s expectations contained in this press release and that
may 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, among other things, the
possibility that the Arrangement will not be completed or that
shareholders may not approve the Arrangement, the negative impact
that the failure to complete the Arrangement for any reason could
have on the price of the shares or on the business of the
Corporation, general economic and market conditions, including
interest and foreign exchange rates, global financial markets, the
impact of pandemics or epidemics, changes in government regulations
or in tax laws, industry competition, technological developments
and other factors described or discussed in CI’s disclosure
materials filed with applicable securities regulatory authorities
from time to time. Additional information about the risks and
uncertainties of the Corporation’s business and material risk
factors or assumptions on which information contained in
forward‐looking information is based is provided in the
Corporation’s disclosure materials, including the Corporation’s
most recently filed annual information form and any subsequently
filed interim management’s discussion and analysis, which are
available under our profile on SEDAR+ at www.sedarplus.ca.
There can be no assurance that such information will prove to be
accurate, as actual results and 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 our expectations as of the date of this news release and
is subject to change after such date. CI Financial disclaims any
intention or obligation or undertaking to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250110039740/en/
CI Financial Investor Relations Jason Weyeneth,
CFA Vice-President, Investor Relations & Strategy 416-681-8779
jweyeneth@ci.com
Media Relations Canada Murray Oxby Vice-President,
Corporate Communications 416-681-3254 moxby@ci.com
United States Jimmy Moock Managing Partner, StreetCred
610-304-4570 jimmy@streetcredpr.com ci@streetcredpr.com
Shareholders Laurel Hill Advisory Group North America
(toll-free): 1-877-452-7184 Outside North America: 1-416-304-0211
Email: assistance@laurelhill.com
CompX (AMEX:CIX)
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過去 株価チャート
から 1 2024 まで 1 2025
