News

Scheme Sanctioned by the Court

16 March 2012

TORONTO, March 16, 2012 -On December 15, 2011, Collins Stewart Hawkpoint plc (“CSH”) and Canaccord Financial Inc. (“Canaccord”) announced that they had reached agreement on the terms of a recommended acquisition, to be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006 (the “Scheme”), of the entire issued and to be issued share capital of CSH by Canaccord.  A circular containing, amongst other things, notices of the Court Meeting and the General Meeting, details of the Scheme and setting out the terms of the Offer (the “Scheme Document”) was posted to Collins Stewart Hawkpoint Shareholders on January 14, 2012.  The Scheme was approved by the requisite majority of the holders of Scheme Shares on February 9, 2012.

Canaccord Financial Inc. is pleased to confirm that the conditions set out in Part III of the Scheme Document have either been satisfied or waived and that the Court sanctioned the Scheme today.  In order for the Scheme to become effective in accordance with its terms, the Court must now confirm the Reduction of Capital at the Court hearing which is scheduled to take place on  March 21, 2012.

Following an application by CSH to the UK Listing Authority, trading of Collins Stewart Hawkpoint Shares was suspended from 4.30 p.m. (London time) today, March 16, 2012.  It is expected that the Scheme will become effective on March 21, 2012, and that the listing of the Collins Stewart Hawkpoint Shares on the Official List will be cancelled and the Collins Stewart Hawkpoint Shares will cease to be admitted to trading on the London Stock Exchange as soon as possible after the Scheme becomes effective and in any event by no later than 8 a.m. (London time) on March 22, 2012.

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