CI Financial

CI Financial Corp. Announces Final Results of Substantial Issuer Bid

Retrieved on:

Friday, April 5, 2024

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CI Financial Corp. (TSX: CIX) (“CI Financial” or the “Corporation”) today announced the final results of its substantial issuer bid (the “Offer”) under which it has purchased for cancellation 4,857,142 of its common shares (the “Shares”) at the purchase price of $17.50 per Share, for an aggregate purchase price of approximately $85 million.

Key Points:

CI Financial Corp. (TSX: CIX) (“CI Financial” or the “Corporation”) today announced the final results of its substantial issuer bid (the “Offer”) under which it has purchased for cancellation 4,857,142 of its common shares (the “Shares”) at the purchase price of $17.50 per Share, for an aggregate purchase price of approximately $85 million.
Shares purchased under the Offer represent approximately 3.11% of the issued and outstanding Shares at the time that the Offer was commenced.
Based on the final count by Computershare Investor Services Inc., the depositary for the Offer (the “Depositary”), a total of 12,586,530 Shares were properly tendered and not withdrawn.
To assist shareholders in determining the Canadian tax consequences of the Offer, CI Financial estimates that for the purposes of the Income Tax Act (Canada), the paid-up capital per Share is approximately $10.7284.

CI Financial Corp. Announces Preliminary Results of Substantial Issuer Bid

Retrieved on:

Wednesday, April 3, 2024

Asset Management, Professional Services, Finance, CI Financial, TSX, CIX, Share (finance), Income Tax Act, Letter, System, News, Security (finance)

CI Financial Corp. (TSX: CIX) (“CI Financial” or the “Corporation”) today announced the preliminary results of its substantial issuer bid (the “Offer”), which expired at 5:00 p.m. (Toronto Time) on April 2, 2024.

Key Points:

CI Financial Corp. (TSX: CIX) (“CI Financial” or the “Corporation”) today announced the preliminary results of its substantial issuer bid (the “Offer”), which expired at 5:00 p.m. (Toronto Time) on April 2, 2024.
In accordance with the terms of the Offer, CI Financial has informed the Depositary that it is taking up Shares properly tendered to the Offer at the time of expiry, subject to proration (as described below).
Based on the preliminary count by the Depositary, CI Financial expects to take up and purchase for cancellation 4,857,142 Shares at the purchase price of $17.50 per Share for an aggregate purchase price of approximately $85 million.
Immediately following completion of the Offer, CI Financial anticipates that 151,383,085 Shares will be issued and outstanding.

Mount Logan Capital Inc. Announces Continued Partnership with Specialized Credit Manager. Separately Announces Closing of Debenture Units Offering

Retrieved on:

Monday, January 29, 2024

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Separately, Mount Logan today announced the closing of an opportunistic $18.8 million privately placed debenture units offering through the issuance of 18,752 debenture units (“Debenture Units”) on a non-brokered private placement basis (the “Offering”).

Key Points:

Separately, Mount Logan today announced the closing of an opportunistic $18.8 million privately placed debenture units offering through the issuance of 18,752 debenture units (“Debenture Units”) on a non-brokered private placement basis (the “Offering”).
Since Mount Logan’s investment, Marret and Mount Logan have each benefited from access to broader credit investing skillsets.
Ted Goldthorpe, Chief Executive Officer and Chairman of Mount Logan, said, “A lot of strong momentum to start 2024 for Mount Logan.
Mount Logan shares our philosophy of delivering strong risk adjusted returns, and this partnership can create tremendous value for our clients.

CI Financial Corp. Announces Final Results of Substantial Issuer Bid

Retrieved on:

Wednesday, December 20, 2023

Asset Management, Professional Services, Finance, CI Financial, Share, TSX, Sale, Person, News, CIX, Income Tax Act, Income tax

CI Financial Corp. (TSX: CIX) (“CI Financial” or the “Corporation”) today announced the final results of its substantial issuer bid (the “Offer”) under which it has purchased for cancellation 6,544,502 of its common shares (the “Shares”) at a purchase price of $15.28 per Share, for an aggregate purchase price of approximately $100 million.

Key Points:

CI Financial Corp. (TSX: CIX) (“CI Financial” or the “Corporation”) today announced the final results of its substantial issuer bid (the “Offer”) under which it has purchased for cancellation 6,544,502 of its common shares (the “Shares”) at a purchase price of $15.28 per Share, for an aggregate purchase price of approximately $100 million.
Shares purchased under the Offer represent approximately 4.0% of the issued and outstanding Shares at the time that the Offer was commenced.
Based on the final count by Computershare Investor Services Inc., the depositary for the Offer (the “Depositary”), a total of 7,998,695 Shares were properly tendered and not withdrawn.
To assist shareholders in determining the Canadian tax consequences of the Offer, CI Financial estimates that for the purposes of the Income Tax Act (Canada), the paid-up capital per Share is approximately $10.7284.

CI Financial Corp. Announces Preliminary Results of Substantial Issuer Bid

Retrieved on:

Tuesday, December 19, 2023

Asset Management, Professional Services, Finance, CI Financial, TSX, Share (finance), System, CIX, Income Tax Act, Letter, News, Security (finance)

CI Financial Corp. (TSX: CIX) (“CI Financial” or the “Corporation”) today announced the preliminary results of its substantial issuer bid (the “Offer”), which expired at 5:00 p.m. (Toronto Time) on December 18, 2023.

Key Points:

CI Financial Corp. (TSX: CIX) (“CI Financial” or the “Corporation”) today announced the preliminary results of its substantial issuer bid (the “Offer”), which expired at 5:00 p.m. (Toronto Time) on December 18, 2023.
In accordance with the terms of the Offer, CI Financial has informed the Depositary that it is taking up Shares properly tendered to the Offer at the time of expiry, subject to proration (as described below).
Based on the preliminary count by the Depositary, CI Financial expects to take up and purchase for cancellation 6,554,502 Shares at a purchase price of $15.28 per Share for an aggregate purchase price of approximately $100 million.
Immediately following completion of the Offer, CI Financial anticipates that 156,240,227 Shares will be issued and outstanding.

CI Financial Announces Exemptive Relief from the Ontario Securities Commission in Substantial Issuer Bid

Retrieved on:

Wednesday, November 29, 2023

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CI Financial Corp. (TSX: CIX) (“CI Financial” or the “Corporation”) announced today that, in connection with the Corporation’s ongoing substantial issuer bid (the “Offer”), the Ontario Securities Commission has granted an exemptive relief order permitting CI Financial to extend the Offer, if it determines to do so in circumstances where the Offer is undersubscribed, without first taking up any common shares (the “Shares”) previously deposited to the Offer.

Key Points:

CI Financial Corp. (TSX: CIX) (“CI Financial” or the “Corporation”) announced today that, in connection with the Corporation’s ongoing substantial issuer bid (the “Offer”), the Ontario Securities Commission has granted an exemptive relief order permitting CI Financial to extend the Offer, if it determines to do so in circumstances where the Offer is undersubscribed, without first taking up any common shares (the “Shares”) previously deposited to the Offer.
The relief relates to the “modified Dutch auction” format of the Offer.
This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Shares.
The solicitation and the offer to buy Shares will only be made pursuant to the Offer Documents.

Audax Private Equity Partners with Management to Recapitalize Congress Wealth Management

Retrieved on:

Friday, April 28, 2023

Audax Private Equity (“Audax”), a leading alternative investment manager and capital partner to middle market companies, announced a strategic investment in Congress Wealth Management (“Congress”), a Boston-based, independent registered investment advisor (“RIA”) offering wealth management and investment advisory services to high-net-worth individuals and families in the United States.

Key Points:

Audax Private Equity (“Audax”), a leading alternative investment manager and capital partner to middle market companies, announced a strategic investment in Congress Wealth Management (“Congress”), a Boston-based, independent registered investment advisor (“RIA”) offering wealth management and investment advisory services to high-net-worth individuals and families in the United States.
Audax is partnering with management to recapitalize Congress through a transaction in which CI Financial (TSX: CIX) is selling its stake.
Founded in 2009, Congress provides innovative and bespoke wealth management and financial planning solutions for HNW individuals, foundations and endowments, and family offices.
“We’re excited to partner with Audax Private Equity as we move into our next phase of growth,” noted Paul Lonergan, Founder and CEO of Congress Wealth Management.

CI Private Wealth Launches Trust Company, Enhancing its Wealth Planning Capabilities

Retrieved on:

Monday, April 3, 2023

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CI Private Wealth, LLC (“CIPW”), a subsidiary of CI Financial Corp. (TSX: CIX), announces the launch of CIPW Trust, LLC (“CIPW Trust”), a South Dakota chartered trust company.

Key Points:

CI Private Wealth, LLC (“CIPW”), a subsidiary of CI Financial Corp. (TSX: CIX), announces the launch of CIPW Trust, LLC (“CIPW Trust”), a South Dakota chartered trust company.
CIPW advisors across the United States are now able to offer an array of corporate trustee services to their clients through CIPW Trust.
“With CIPW Trust, we developed a flexible advice-centered model in which tailored trust solutions are integrated into a client’s overall wealth plan.
Additionally, CIPW Trust can administer complex trust structures, including various types of investments, business interests, and interests in natural resources.

ROHIT MEHTA APPOINTED CHIEF EXECUTIVE OFFICER OF HORIZONS ETFs

Retrieved on:

Tuesday, April 11, 2023

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TORONTO, April 11, 2023 /CNW/ - Today, the Board of Directors of Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") is pleased to announce the appointment of Rohit Mehta as President, Chief Executive Officer and a Director of Horizons ETFs, effective May 1, 2023.

Key Points:

TORONTO, April 11, 2023 /CNW/ - Today, the Board of Directors of Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") is pleased to announce the appointment of Rohit Mehta as President, Chief Executive Officer and a Director of Horizons ETFs, effective May 1, 2023.
Horizons ETFs' interim CEO, Jasmit Bhandal, will continue with the organization as Chief Operating Officer and as a Director.
"We have the utmost confidence in Rohit and in his capacity as President & CEO of Horizons ETFs to answer this call, while effectively navigating rapidly evolving conditions.
Mr. Mehta succeeds Jasmit Bhandal, who served as interim CEO from November 2022, and will continue supporting Horizons ETFs as COO.

QuoteMedia to Present at the Planet MicroCap Showcase: VIRTUAL 2022 on Wednesday, December 7, 2022

Retrieved on:

Tuesday, December 6, 2022

PHOENIX, Dec. 06, 2022 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, today announced that it will be presenting at the Planet MicroCap Showcase: VIRTUAL 2022 on Wednesday, December 7, 2022, at 12:30 PM EST.

Key Points:

PHOENIX, Dec. 06, 2022 (GLOBE NEWSWIRE) -- QuoteMedia, Inc. (OTCQB: QMCI), a leading provider of market data and financial applications, today announced that it will be presenting at the Planet MicroCap Showcase: VIRTUAL 2022 on Wednesday, December 7, 2022, at 12:30 PM EST.
Dave Shworan, CEO of Quotemedia, Ltd. will be hosting the 30-minute presentation providing an overview of QuoteMedia for existing shareholders and potential shareholders.
QuoteMedia provides banks, brokerage firms, private equity firms, financial planners and sophisticated investors with a more economical, higher quality alternative source of stock market data and related research information.
Planet MicroCap is a global multimedia and publishing financial news investor portal specifically focused on covering the MicroCap market by providing news, insights, education tools and expert commentary.