Canaccord files for exemptive relief regarding directors’ circular

After reconstituting a special committee evaluating management’s bid to take Canaccord Genuity Group Inc. private, the firm has hired a new advisory firm for the deal and applied to regulators for exemptive relief on its director’s circular.

On Monday, Canaccord appointed two new board members to partially replace the four who resigned in opposition to the management team’s $1.1 billion offer to buy the firm. Former Ontario finance minister Rod Phillips and Amy Freedman will also serve on the reconstituted special committee evaluating the bid.

“The special committee has been engaging with both the British Columbia Securities Commission and the Ontario Securities Commission on issues relating to the transition and the company has filed an exemptive relief application with the securities regulators, seeking relief relating to the timing of the directors’ circular,” a release from Canaccord said.

Before resigning, members of the special committee had said they intended to mail the directors’ circular to shareholders earlier this month.

Canaccord also said Wednesday that the special committee hired Greenhill & Co. Canada Ltd. as its financial advisor. The firm will replace Barclays Canada, which is stepping down at the end of this week.

The committee has also replaced Davies Ward Phillips and Vineberg LLP as its special counsel with Norton Rose Fulbright Canada LLP.

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