Canaccord Capital Inc. - normal course issuer bid

 
TIDMCCI 
 
Canaccord Capital Inc. announces normal course issuer bid, grant of stock 
options and directors' dealings 
 
    VANCOUVER, Sept. 1 /CNW/ - Canaccord Capital Inc. ("CCI" or the 
"Company") announces the following: 
 
    -   Notice of a normal course issuer bid (NCIB) to purchase common shares 
        of the Company through the facilities of the TSX 
 
    -   Grant of stock options and grant of restricted share units (RSUs) to 
        29 of the senior managers of the Company and its operating 
        subsidiaries under the terms of the Company's previously approved 
        share option plan and the Company's Long Term Incentive Plan (LTIP). 
        The senior managers receiving options and RSUs include the following 
        directors: Paul Reynolds, Mark Maybank and Tim Hoare. 
 
    -   Regular quarterly grant of RSUs to Messrs. Reynolds, Maybank and 
        Hoare under the Company's LTIP, in lieu of cash compensation 
 
 
    1.  Normal course issuer bid (NCIB) 
 
    The Company has filed a notice for a NCIB to purchase up to 2,767,974 of 
its common shares through the facilities of the TSX. The purchase of common 
shares under the NCIB will enable the Company to acquire shares for 
cancellation and/or for resale to new employees, existing employees, its 
clients and clients of Canaccord's affiliates. The shares that may be 
repurchased represent 5.0% of the Company's outstanding common shares. As of 
August 28, 2009, there were 55,359,489 common shares of the Company issued and 
outstanding. The Company has not purchased any common shares under a NCIB 
within the past 12 months. 
    Purchases under the NCIB are expected to be able to commence on September 
3, 2009, and will continue for one year (to September 2, 2010). The amount and 
timing of any such purchases will be determined by Canaccord. All purchases 
will be subject to the company's normal trading blackouts and the availability 
of shares for purchase. The daily purchases are limited to 35,623 common 
shares of the Company (which is 25% of the average daily trading volume of 
common shares of the Company on the TSX in the six calendar months from 
February to July 2009). To fulfill its regulatory reporting requirements in 
Canada and in the UK, when actively repurchasing shares, Canaccord will issue 
a press release with an updated report on the shares repurchased at a minimum 
of every two weeks and will immediately issue a press release if more than 1% 
of its issued and outstanding common shares are repurchased for cancellation 
on any one day. 
 
    2.  Grant of stock options to senior management 
 
    On August 31, 2009, a total of 2,685,000 options and restricted share 
units (RSUs) were granted to 29 senior managers of the Company and its 
subsidiaries. Under the terms of the Company's share option plan, dated June 
23, 2004 and approved by the Company's shareholders at Canaccord Capital 
Inc.'s 2004 annual general meeting, the independent directors of the Company 
approved the grant of stock options over a total of 2,099,993 common shares. 
In addition, under the terms of the Company's Long Term Incentive Plan (LTIP), 
there was a grant of 585,007 RSUs. These senior managers include the following 
directors: 
 
    -   Grant of options over 117,318 common shares and grant of 32,682 RSUs 
        to Paul Reynolds 
    -   Grant of options over 117,318 common shares and grant of 32,682 RSUs 
        to Tim Hoare 
    -   Grant of options over 117,318 common shares and grant of 32,682 RSUs 
        to Mark Maybank 
 
    The grant of options and grant of RSUs was approved as part of a 
strategic restructuring of compensation among senior officers to continue to 
align employee and shareholder interests and to ensure that the risks and 
rewards of the Company's operations are appropriately balanced among 
stakeholders. 
    The options are issued under the Company's stock option plan and vest 
over five years. The exercise price for the options is $9.47 per share. Each 
option expires on the earliest of: (a) seven years from the grant (that is, 
August 31, 2016); (b) three years after death or any other event of 
termination of employment (unless an earlier expiry date is otherwise 
applicable); (c) after any unvested optioned shares held by the optionee are 
cancelled for any reason (other than early retirement but including 
resignation without entering into a formal exit agreement and termination for 
cause); and (d) in the case of early retirement, after a determination that 
the optionee has competed with the Company or violated any non-competition, 
non-solicitation or non-disclosure obligations. 
    The RSUs are issued under the Company's Long Term Incentive Plan (LTIP) 
and vest over three years. 
 
    3.  Regular quarterly grant of RSUs to Messrs. Reynolds, Hoare and 
        Maybank 
 
    On August 31, 2009, the Company also granted the following restricted 
share units (RSUs), in lieu of cash compensation, in the regular quarterly 
grants of RSUs under the Company's Long Term Incentive Plan (LTIP), to the 
following directors: 
 
    -   25,989 RSUs to Paul Reynolds 
    -   11,179 RSUs to Tim Hoare 
    -   22,173 RSUs to Mark Maybank 
 
    Under the LTIP, compensation to participating employees is deferred and 
grants of RSUs, which vest over three years, are made. Participating employees 
receive RSUs as a component of their total compensation rather than pay-outs 
entirely in the form of cash payments. 
    In summary, after the combined grants of options and RSUs, the holdings 
related to Messrs. Reynolds, Hoare and Maybank are as follows: 
 
    ------------------------------------------------------------------------- 
                                                                     Total as 
                                                                      a % of 
                Shares                                        Total    total 
                 owned    RSUs    RSUs      RSUs   Options   (common    CCI 
              (excluding  held   granted    held   granted   shares +  issued 
               RSUs and  before    on      after     on       RSUs +   common 
    Director   options)  grant  August 31  grant  August 31  options)  shares 
    ------------------------------------------------------------------------- 
    Paul 
     Reynolds  737,245  217,438   58,671  276,109  117,318  1,130,672   2.04% 
    ------------------------------------------------------------------------- 
    Tim Hoare  954,020  136,283   43,861  180,144  117,318  1,251,482   2.26% 
    ------------------------------------------------------------------------- 
    Mark 
     Maybank   635,901  251,321   54,855  306,176  117,318  1,059,395   1.91% 
    ------------------------------------------------------------------------- 
 
    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. 
 
    ABOUT CANACCORD CAPITAL INC. 
 
    Through its principal subsidiaries, Canaccord Capital Inc. (TSX & AIM: 
CCI) is a leading independent, full-service investment dealer in Canada with 
capital markets operations in the United Kingdom and the United States. 
Canaccord is publicly traded on both the Toronto Stock Exchange and AIM, a 
market operated by the London Stock Exchange. Canaccord has operations in two 
of the principal segments of the securities industry: capital markets and 
private client services. Together, these operations offer a wide range of 
complementary investment products, brokerage services and investment banking 
services to Canaccord's private, institutional and corporate clients. 
Canaccord has 31 offices worldwide, including 24 Private Client Services 
offices located across Canada. Canaccord Adams, the international capital 
markets division, has operations in Toronto, London, Boston, Vancouver, New 
York, Calgary, Montreal, San Francisco, Houston, and Barbados. 
 
 
For further information: North America Media: Scott Davidson, Managing 
Director, Global Head of Marketing & Communications, Phone: [phone], 
email: scott_davidson(at)canaccord.com; For investor relations inquiries 
contact: Joy Fenney, Vice President, Investor Relations & Communications, 
Phone: [phone], email: joy_fenney(at)canaccord.com; London Media: Bobby 
Morse or Ben Willey, Buchanan Communications (London), Phone: [phone] 
5000, email: bobbym(at)buchanan.uk.com; Nominated Adviser and Broker: Marc 
Milmo or Jonny Franklin-Adams, Fox-Pitt, Kelton Limited, Phone: +44 (0) 207 
663 6000, email: marc.milmo(at)fpk.com 
(CCI. CCI) 
 
 
 
 
 
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