“[B]ecoming an entirely employee-owned enterprise will enable us to accentuate our deal with driving shopper success, whereas retaining our independence.”
The supply worth represents a 41.9% premium to the 20-day VWAP on January 6, 2023. The supply, in keeping with the group, represents an “alternative for speedy liquidity and certainty of worth for redeployment of capital at a compelling valuation.”
In line with an evaluation by Royal Financial institution of Canada, which it produced for a particular committee of Canaccord’s board, the monetary agency is value C$12.75 to C$15.75 per share. The group questioned that valuation, which it stated used a technique that aggregates RBC’s assessed worth of every Canaccord enterprise phase.
Different extra customary methodologies for valuation, the group stated, would level to a a lot decrease vary than urged by the “extremely theoretical and unachievable ‘sum of the elements’ methodology” RBC used.
“[T]he Supply Worth of C$11.25 per Frequent Share has the complete help of impartial exterior Shareholders who, over a number of years have turn into intimately acquainted with the Firm’s operations, its working atmosphere, and its future prospects,” the group stated.