CCI Canaccord

 
TIDMCCI 
 
Canaccord Capital Inc. announces completion of Canaccord Relief Program and 
further charges 
 
    VANCOUVER, Jan. 30 /CNW/ - Canaccord Capital Inc. (TSX & AIM: CCI) today 
announces the completion of the Canaccord Relief Program. The Canaccord Relief 
Program repurchases, at par value, up to $152 million of restructured 
third-party Asset Backed Commercial Paper (ABCP) from eligible clients. The 
transaction has closed and funds are now available in eligible client 
accounts. 
    "Over the past seventeen months, Canaccord has worked to protect our 
clients' best interests through a very difficult situation," said Mark 
Maybank, Chief Operating Officer of Canaccord Capital Inc. "I'd like to thank 
our Investment Advisors, Operations team and everyone involved at Canaccord 
for working diligently toward this successful conclusion on behalf of our 
clients." 
    The Canaccord Relief Program combines transactions with third-party 
sources with a Canaccord-funded top-up to achieve par value. Clients have also 
received any unpaid interest to the extent that it is available under the 
restructuring plan and Canaccord has reimbursed the eligible clients' actual 
share of any restructuring costs incurred. The Canaccord Relief Program 
includes clients who held $1 million or less of ABCP, approximately 1,440, or 
98%, of Canaccord's noteholder clients. 
    Canaccord Capital also announces that further charges are expected to be 
disclosed in the Company's fiscal third quarter results, scheduled to be 
announced on February 12, 2009. Additional out-of-pocket charges will result 
in an increase of the Canaccord Relief Program accounting provision by up to 
$2.7 million pre-tax. Furthermore, as a result of the completion of the 
Canaccord Relief Program, Canaccord has purchased MAV 2, Class 15 notes, with 
a book value of $9.5 million, which will be added to the Company's previously 
disclosed treasury position of $29.8 million. As part of the quarterly 
earnings cycle and as management estimates the fair value of its ABCP 
holdings, Canaccord may apply further charges to this aggregate treasury 
position. When combined with the effect of challenging market conditions, 
including any potential for additional impairment of goodwill, our third 
quarter earnings are expected to be below the current consensus estimate. 
    "We are disappointed by the necessity of additional charges for our 
firm," said Paul Reynolds, President and CEO of Canaccord Capital Inc. 
"However, our commitment to our clients and to the Canaccord Relief Program is 
unwavering. We remain a well-capitalized company focused on operating 
effectively in this challenging environment." 
    More information about the Canaccord Relief Program is available to 
clients at www.canaccordrelief.com. 
 
    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 30 offices worldwide, including 23 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: (416) 869-3875, 
email: scott_davidson(at)canaccord.com; For investor relations inquiries 
contact: Katherine Young, Vice President, Investor Relations, Phone: (416) 
869-7292, email: katherine_young(at)canaccord.com; London Media: Bobby Morse 
or Ben Willey, Buchanan Communications (London), Phone: +44 (0) 207 466 5000, 
email: bobbym(at)buchanan.uk.com; Nominated Adviser and Broker: Marc Milmo or 
Dugald J. Carlean, Fox-Pitt, Kelton Limited, Phone: +44 (0) 207 663 6000, 
email: marc.milmo(at)fpk.com 
(CCI) 
 
 
 
 
END 
 

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