We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Canaccord Genuity Group Inc | TSX:CF | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.14 | -1.58% | 8.73 | 8.66 | 8.74 | 8.80 | 8.63 | 8.72 | 81,973 | 21:12:30 |
The full text of the letter follows:
Crescendo Partners777 3rdAvenue37thFloorNew York, NY 10017(212)-319-7676
March 10th, 2023
Ms. Jill Denham Chair of the Special Committee Canaccord Genuity 609 Granville Street Suite 2200 Vancouver, Canada V7Y 1H2
Dear Jill,
Crescendo Partners and its affiliates (“Crescendo”) are large shareholders of Canaccord Genuity (“Canaccord” or “the Company”). I write to you to address the current untenable position in which the Special Committee and Canaccord now find themselves. My viewpoint is informed by my recent experience of being a board member of Canaccord and by my extensive experience in the capital markets in Canada and the United States.
I believe Canaccord is not well suited to continue being a public company. Despite efforts over the last 15 years to lessen the cyclicality of the business, no long-term shareholder value has been created. The ideal time to have sold the company was at the peak of the last cycle, but the rest of the board rejected exploring that path when I had proposed it.
Now the shareholders are being offered a very substantial premium to the trading price of the stock over the last several months. I believe there is an immediate opportunity for the Special Committee and the Management Group proposing to buy the Company to reach an agreement on an improved price.
The Management Group’s position that they are only buyers and not sellers make it virtually impossible for any other buyer to purchase such a people intensive business. You have hired Barclays to explore the sale of Canaccord or parts of the Company. In my opinion, simply selling a part of the business is unlikely to create a significant premium to the current trading price of the stock.
On Tuesday, Skky Capital Corporation Limited (“Skky”), requisitioned a shareholder meeting to remove the members of the Special Committee and add two new directors. So now the Management Group, with its takeover bid and through the actions of Skky, and the Special Committee, each has a threat of drastic action on the table. You’ll probably be able to postpone the shareholder meeting until July, resulting in this mess continuing for the next four months and causing untold damage to Canaccord and its business. In order to avoid this scenario, I strongly suggest that the Special Committee reach an agreement with the Management Group in the near term on an improved bid. I would expect that if both of you are creative and flexible, a price in excess of $11.25 is achievable.
If an agreement is not reached and the Special Committee ends up causing there to be no transaction, Crescendo intends to support the new slate at the requisitioned meeting.
Yours truly,
Eric Rosenfeld
1 Year Canaccord Genuity Chart |
1 Month Canaccord Genuity Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions