Sale is primarily to satisfy personal tax obligations
TORONTO, Aug. 13, 2020 /PRNewswire/ -- Canaccord Genuity Group Inc. (TSX: CF) (the "Company") announced today that President & CEO Dan Daviau sold 600,000 common shares of CF this week.
Mr. Daviau reported that the share sale was made primarily to satisfy personal tax obligations related to the June 2019 vesting of restricted share units he received as a participant in the Company's 2016 private placement to employees. The private placement was made to increase alignment of participating employees with the Company's common shareholders and was publicly announced at the time.
The sales represented approximately 9.8% of Mr. Daviau's aggregate holdings in the Company, consisting of common shares, performance share units, and stock options.
The sales will be reported to the System for Electronic Disclosure by Insiders (SEDI) in accordance with regulatory requirements.
Mr. Daviau has informed the Company that he does not expect to sell additional shares at this time.
ABOUT CANACCORD GENUITY GROUP INC.
Through its principal subsidiaries, Canaccord Genuity Group Inc. (the "Company") is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the Company 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. The Company has wealth management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. The Company's international capital markets division operates in North America, UK & Europe, Asia, Australia and the Middle East.
Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX.
SOURCE Canaccord Genuity Group Inc.