Canaccord Genuity Group Inc. is planning to repurchase up to $100 million of its shares.
The Vancouver-based financial services firm said in a release Thursday the buyback will be structured as a Dutch auction, which allows shareholders to select from a range of prices set by the issuer.
The offer will commence Dec. 22, at which time investors will have to indicate if they want to participate at a price of $15.50 to $16.50 per share, the company said.
Canaccord shares closed at $14.86 Wednesday, the last full day of trading before the company announced the buy back plan. That represents an increase of more than 43 per cent from one year ago.
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