Canaccord Capital Inc. discloses directors' dealings
22 Maio 2009 - 3:00AM
UK Regulatory
TIDMCCI
CANACCORD CAPITAL INC. DISCLOSES DIRECTORS' DEALINGS
VANCOUVER, May 22, 2009 - Canaccord Capital Inc. ("CCI" or the "Company")
announces the following:
1. Grant of stock options by the Company to five of its directors
2. The vesting of Restricted Share Units ("RSUs") that were acquired by Paul
Reynolds, Mark Maybank and Tim Hoare through the Long Term Incentive Plan
("LTIP") in lieu of cash compensation and the issuance of 140,976 shares
1. GRANT OF STOCK OPTIONS TO FIVE COMPANY DIRECTORS
On May 20, 2009, the disinterested directors of Canaccord Capital Inc. approved
the award of stock options over common shares of the Company to five directors:
Massimo C. Carello, William J. Eeuwes, Michael D. Harris, Terrence A. Lyons and
Michael A. Walker. The options are granted under the terms of the Company share
option plan dated June 23, 2004, which was approved by the Company's
shareholders at the Company's 2004 annual general meeting. Each of the
directors has been granted an option to purchase up to 25,000 Common shares of
the Company on the following terms:
(a) Exercise price. The exercise price of each share covered by the option is
the Fair Market Value calculated for the five trading days immediately
preceding May 20, 2009; the "Fair Market Value" is the five day average of
daily high and low board lot trading prices of the Common shares of the Company
on the Toronto Stock Exchange; the exercise price is $7.21 per share;
(b) Vesting. The optionee will vest in and be entitled to exercise the option
and the option will become exercisable as to one-quarter of the optioned
shares, on a cumulative basis, on March 31 of each of 2010, 2011, 2012 and
2013;
(c) Early vesting. On the death of the optionee, all previously unvested
optioned shares of the optionee will vest. At the discretion (exercised within
10 days after a change of control) of a majority of those persons (other than
the optionee) who are directors of the Company immediately before the change of
control, all previously unvested optioned shares of the optionee will vest on
the change of control. At the discretion of a majority of directors (other than
the optionee), all previously unvested optioned shares of the optionee will
vest on the permanent disability of the optionee;
(d) Term of option. The option expires at the close of business on March 31,
2016, unless it expires earlier pursuant to the share option plan.
After this grant, the directors hold the following securities:
Total Total Total of shares and
Shares options options options as a % of
Director owned* previously granted total CCI issued
granted on May 20 common shares as of
May 21, 2009
Massimo C. 25,000 25,000 0.16%
Carello 40,000
William J. Eeuwes 0 50,000 25,000 0.14%
Michael D. Harris 39,900 50,000 25,000 0.21%
Terrence A. Lyons 30,000 50,000 25,000 0.19%
Michael A. Walker 19,535 50,000 25,000 0.17%
* The shares are held directly, indirectly through a personal holding company
or by a trust of which the director is a beneficiary or by a member of the
director's family.
2. ACQUISITION OF SHARES BY Messrs. Reynolds, MAYBANK and Hoare;
ISSUANCE OF 140,976 SHARES
On May 21, 2009, a total of 536,046 RSUs vested in respect of previous LTIP
awards. Of these RSUs which vested on May 21, 2009, Paul Reynolds held 21,366
RSUs; Tim Hoare held 22,277 RSUs; and Mark Maybank held 24,556 RSUs. They will
therefore respectively acquire 21,366; 22,277 and 24,556 common shares in the
Company by transfer from the employee benefit trust which had previously
acquired these shares on the open market (in the case of Mr. Maybank) and by
issue from treasury (in the case of Messrs. Reynolds and Hoare).
For employees in the United States and the United Kingdom (principally
employees of Canaccord Adams Inc. and Canaccord Adams Limited), the shares to
be issued on the vesting of the awards are issued from treasury. Therefore, in
respect of the 536,046 RSUs which vested on May 21, 2009, a total of 140,976
Common shares of the Company will be issued and application has been made for
their admission to AIM on May 28, 2009. With the issue of these shares,
Canaccord Capital Inc. now has 55,233,820 shares issued and outstanding.
In summary, after the vesting of RSUs, the holdings related to Messrs.
Reynolds, Hoare and Maybank are as follows:
Shares RSUs held Total Total as a %
owned before RSUs RSUs held of total CCI
Director (excluding May 21 vested on after (common issued
RSUs) vesting May 21 vesting shares + common
RSUs) shares
Paul D. Reynolds 1,237,636* 200,870 21,366 179,504 1,438,506 2.60%
Timothy J. D. 161,266 22,277 138,989 1,065,949 1.93%
Hoare 904,683
Mark G. Maybank 511,850 362,306 24,556 337,750 874,156 1.58%
*This includes 1,102,041 shares held by the Reynolds Family Trust.
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 CONTACT:
North America Media:
Scott Davidson
Managing Director, Global Head of Marketing & Communications
Phone: 416-869-3875, email: scott_davidson@canaccord.com
For investor relations inquiries contact:
Joy Fenney
Vice President, Investor Relations & Communications
Phone: 416-869-3515, email: joy_fenney@canaccord.com
London Media:
Bobby Morse or Ben Willey
Buchanan Communications (London)
Phone: +44 (0) 207 466 5000, email: bobbym@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@fpk.com
END
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