News

Scheme of Arrangement becomes effective

21 March 2012

TORONTO, March 21, 2012 - Further to the announcement made on March 16, 2012, Canaccord Financial Inc. (the "Company") is pleased to announce that the relevant Court Orders have been delivered to the Registrar of Companies and therefore the Scheme has become effective in accordance with its terms.  Accordingly, Collins Stewart Hawkpoint plc has become a wholly-owned subsidiary of the Company.

Under the terms of the Scheme, holders of Scheme Shares are entitled to receive 57.6 pence in cash and 0.072607 Canaccord Consideration Shares for each Scheme Share.  The consideration due to Scheme Shareholders will be dispatched to them by no later than April 4, 2012. 

The Company has also made an application for the admission of 18,273,812 of its common shares for listing on the Toronto Stock Exchange and trading on AIM, on March 22, 2012.

Collins Stewart Hawkpoint plc has made an application to the London Stock Exchange for the cancellation of the admission to trade Collins Stewart Hawkpoint Shares on its main market for listed securities, and to the UK Listing Authority for the cancellation of the admission of the Collins Stewart Hawkpoint Shares to the Official List, in each case to be effective from 8.00 a.m. on March 22, 2011.

Unless the context otherwise requires, terms defined in the Scheme Document shall have the same meaning in this announcement.

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