Canaccord Capital Inc. Announces Final Details Of Canaccord Relief Program
Funding Facility Is Now In Place
VANCOUVER, April 17 /CNW/ - Canaccord Capital Inc. (TSX & AIM: CCI) today announces that full funding of the Canaccord Relief Program is now in place: letters of credit issued by Canadian chartered banks for $138.3 million have now been lodged with the Royal Bank of Canada.
These letters of credit secure the payment of the purchase
price for the restructured ABCP notes to be
acquired by Canaccord from participating clients
under the Canaccord Relief Program. The letters
of credit may be drawn upon following the
closing of the restructuring proposed by the
Pan-Canadian Investor Committee, subject to
certain conditions including the sanction and
implementation of the final CCAA Plan without
material amendment. The noteholder vote on the
restructuring proposal is currently scheduled
April 25, 2008, with the implementation of the plan expected at the end of May. The definitive Canaccord offer and related form of assignment for the Canaccord Relief Program have been finalized and Canaccord is in the process of delivering these documents to its clients.
The Canaccord Relief Program is dependent on a successful restructuring of the ABCP market in Canada, and combines the resale of restructured ABCP notes to credible purchasers with a Canaccord-funded top-up to achieve par value. Eligible clients - those holding an aggregate of $1 million or less of ABCP - will remain entitled to receive any unpaid interest payable pursuant to the Pan-Canadian Investor Committee Plan and will be reimbursed by Canaccord for their share of any restructuring costs.
"Canaccord is pleased that the funding for the Canaccord Relief Program has been secured," said Mark Maybank, Chief Operating Officer of Canaccord Capital Inc. "The documents providing the details of the Canaccord Relief Program are also completed and are now available to our clients."
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 of America. 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: private client services and capital markets. 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 approximately 1,676 employees worldwide in 30 offices, 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.