REG-Canaccord Gen Grp: 3rd Quarter Results <Origin Href="QuoteRef">CF.TO</Origin>

Canaccord GenuityAnnouncement

05/11/2015 07:00

Canaccord Genuity Group Inc. reports second quarter fiscal 2016 results

Excluding significant items, second quarter loss per common share of $0.01(1)
driven by a significant decline in global equity capital markets activity

(All dollar amounts are stated in Canadian dollars unless otherwise indicated)

TORONTO, Nov. 4, 2015 /CNW/ - During the second quarter of fiscal 2016, the
quarter ended September 30, 2015, Canaccord Genuity Group Inc. (Canaccord, the
Company, TSX: CF, LSE: CF.) generated $190.6 million in revenue. Excluding
significant items (1), the Company recorded net income of $1.9 million or a net
loss of $0.9 million attributable to common shareholders (2) (a loss per common
share of $0.01). Including all expense items, on an IFRS basis, the Company
recorded a net loss of $0.4 million or a net loss attributable to common
shareholders (2) of $3.1 million (a loss per common share of $0.03).

"The sharp decline in global capital markets activity during the period
negatively impacted performance in many areas of our business", said Dan
Daviau, President & CEO of Canaccord Genuity Group Inc. "We are using this
period of market weakness productively, with a focus on improving alignment
across our global operations to enhance operating efficiencies and drive
significantly stronger outcomes for our shareholders and for our clients."

Second Quarter of Fiscal 2016 vs. Second Quarter of Fiscal 2015

· Revenue of $190.6 million, a decrease of 19% or $45.7 million from $236.3
million

· Excluding significant items, expenses of $186.2 million, a decrease of 10% or
$21.2 million from $207.4 million(1)

· Expenses of $189.1 million, a decrease of 11% or $22.2 million from $211.3
million

· Excluding significant items, loss per common share of $0.01 compared to
diluted earnings per share (EPS) of $0.17(1)

· Excluding significant items, net income of $1.9 million compared to net
income of $20.7 million(1)

· Net loss of $0.4 million compared to net income of $17.6 million

· Loss per common share of $0.03 compared to diluted EPS of $0.14

Second Quarter of Fiscal 2016 vs First Quarter of Fiscal 2016

· Revenue of $190.6 million, a decrease of 11% or $23.9 million from $214.5
million

· Excluding significant items, expenses of $186.2 million, a decrease of 6% or
$12.9 million from $199.1 million(1)

· Expenses of $189.1 million, a decrease of 6% or $12.9 million from $202.0
million

· Excluding significant items, loss per common share of $0.01 compared to
diluted EPS of $0.10(1)

· Excluding significant items, net income of $1.9 million compared to net
income of $13.3 million (1)

· Net loss of $0.4 million compared to a net income of $11.0 million

· Loss per common share of $0.03 compared to a diluted EPS of $0.08

Year-to-Date Fiscal 2016 vs. Year-to-Date Fiscal 2015

(Six months Ended September 30, 2015 vs. Six Months Ended September 30, 2014)

· Revenue of $405.1 million, a decrease of 16% or $76.7 million from $481.8
million

· Excluding significant items, expenses of $385.4 million, a decrease of 9% or
$37.9 million from $423.3 million(1)

· Expenses of $391.1 million, a decrease of 10% or $42.5 million from $433.6
million

· Excluding significant items, diluted EPS of $0.09 compared to diluted EPS of
$0.37(1)

· Excluding significant items, net income of $15.3 million compared to net
income of $44.8 million (1)

· Net income of $10.5 million compared to net income of $36.5 million

· Diluted EPS of $0.04 compared to diluted EPS of $0.29

Financial Condition at End of Second Quarter Fiscal 2016 vs. Fourth Quarter
Fiscal 2015

· Cash and cash equivalents balance of $289.4 million, down $32.9 million from
$322.3 million

· Working capital of $426.7 million, a decrease of $0.5 million from $427.2
million

· Total shareholders' equity of $1.128 billion, an increase of $10.0 million
from $1.118 billion

· Book value per diluted common share of $8.38, a decrease of $0.33 from $8.71
(3)

· On November 4, 2015, the Board of Directors approved a quarterly dividend of
$0.05 per common share payable on December 10, 2015 with a record date of
November 20, 2015.

· On November 4, 2015, the Board of Directors also approved a cash dividend of
$0.34375 per Series A Preferred Share payable on December 31, 2015 with a
record date of December 18, 2015, and a cash dividend of $0.359375 per Series C
Preferred Share payable on December 31, 2015 to Series C Preferred shareholders
of record as at December 18, 2015.

SUMMARY OF OPERATIONS

Corporate

· On August 4, 2015, the Board of Directors approved the filing of an
application to renew the normal course issuer bid ("NCIB") to provide for the
ability to purchase, at the Company's discretion, up to a maximum of 5,163,737
common shares through the facilities of the TSX and on alternative trading
systems during the period from August 13, 2015 to August 12, 2016. The purpose
of any purchases under this program is to enable the Company to acquire shares
for cancellation. The maximum number of shares that may be purchased represents
5.0% of the Company's outstanding common shares. A total of 375,050 shares have
been purchased under the terms of the NCIB during the six months ended
September 30, 2015, of which 15,000 shares were held in treasury as of
September 30, 2015 until subsequently cancelled on October 30, 2015.

· On September 11, 2015, the appointment of Dan Daviau as President and Chief
Executive Officer of Canaccord Genuity Group Inc. was announced effective
October 1, 2015.

Capital Markets

· Canaccord Genuity participated in 62 transactions globally, raising total
proceeds of C$5.8 billion(4) during fiscal Q2/16

· Canaccord Genuity led or co-led in 26 transactions globally, raising total
proceeds of C$1.6 billion(4) during fiscal Q2/16

· Significant investment banking transactions for Canaccord Genuity during
fiscal Q2/16 include:

· C$402.5 million for Acasta Enterprises Inc. on the TSX

· US$206.9 million for Atara Biotherapeutics, Inc. on NASDAQ

· £200.7 million for Market Tech Holdings Limited on AIM

· US$155.2 million for ConforMIS, Inc. on NASDAQ

· US$138.0 million for Penumbra Inc. on the NYSE

· US$117.2 million for vTv Therapeutics Inc. on NASDAQ

· £127.8 million for The Renewables Infrastructure Group Limited on the LSE

· C$105.0 million for NYX Gaming Group Limited on the TSX

· US$98.0 million for Aquinox Pharmaceuticals, Inc. on NASDAQ

· £91.2 million for HICL Infrastructure Company Limited on the LSE

· C$81.2 million for Automotive Properties REIT on the TSX

· US$51.0 million for Energy Focus, Inc. on NASDAQ

· AUD$45.0 million for Freelancer Limited on the ASX

· £35.9 million for Ediston Property Investment Company PLC the LSE

· €32.4 million for Cellnovo Group SA on Euronext Paris

· AUD$20.0 million for MainStream Aquaculture Pty Ltd. (private placement)

· In Canada, Canaccord Genuity participated in raising $233.0 million for
government and corporate bond issuances during fiscal Q2/16

· Canaccord Genuity generated advisory revenues of $43.9 million during fiscal
Q2/16, a decrease of $11.8 million or 21% compared to the same quarter last
year

· During fiscal Q2/16, significant M&A and advisory transactions included :

· Distech Controls Inc. on its C$318 million sale to Acuity Brands Inc.

· Data & Audio-Visual Enterprises Wireless Inc., operating as Mobilicity, on
its sale to Rogers Communications

· NYX Gaming Group Limited on its $150 million acquisition of Chartwell
Technology Inc. and Cryptologic Limited

· Charles Bank Capital Partners on its acquisition of Six Degrees Technology
Group Limited

· Bridgepoint Development Capital and shareholders of Siblu Holdings Limited on
the sale of Siblu to Stirling Square Capital Partners

· Altura Medical, Inc. on its sale to Lombard Medical, Inc.

· Amino Technologies PLC on the acquisition of Entone, Inc.

· Anite PLC on its sale to Keysight Technologies Inc.

· Shoe Sensation, Inc. on its sale to J.W. Childs Associates, L.P.

· Harvest International New Energy, Inc., a subsidiary of Sunshine Kaidi New
Energy Group Co. of China, on the C$147.0 million acquisition of Alter NRG
Corporation

· TFS Corporation Limited on its acquisition of ViroXis Corporation and
Santalis Pharmaceuticals

· United House Group Holdings on the disposal of Tegeneration Portfolio to
Telford Homes plc

Canaccord Genuity Wealth Management (Global)

· Globally, Canaccord Genuity Wealth Management generated $62.5 million in
revenue in Q2/16

· Assets under administration in Canada and assets under management in the UK &
Europe and Australia were $33.2 billion at the end of Q2/16(3)

Canaccord Genuity Wealth Management (North America)

· Canaccord Genuity Wealth Management (North America) generated $26.2 million
in revenue and, after intersegment allocations and before taxes, recorded a net
loss of $1.7 million in Q2/16

· Assets under administration in Canada were $9.5 billion as at September 30,
2015, a decrease of 11% from $10.6 billion at the end of the previous quarter
and a decrease of 12% from $10.8 billion at the end of fiscal Q2/15(3)

· Assets under management in Canada (discretionary) were $1.36 billion as at
September 30, 2015, a decrease of 4% from $1.42 billion at the end of the
previous quarter and a decrease of 2% from $1.39 billion at the end of fiscal
Q2/15(3)

· Canaccord Genuity Wealth Management had 141 Advisory Teams(5), a decrease of
six Advisory Teams from June 30, 2015 and a decrease of 21 from September 30,
2014

Canaccord Genuity Wealth Management (UK & Europe)

· Wealth management operations in the UK & Europe generated $34.0 million in
revenue and, after intersegment allocations, and excluding significant items,
recorded net income of $6.0 million before taxes in Q2/16(1)

· Assets under management (discretionary and non-discretionary) were $22.9
billion (£11.4 billion) as at September 30, 2015, an increase of 1% from $22.8
billion (£11.6 billion) at the end of the previous quarter and an increase of
12% from $20.4 billion (£11.3 billion) from September 30, 2014(3)

Non-IFRS Measures

The non-International Financial Reporting Standards (IFRS) measures presented
include assets under administration, assets under management, book value per
diluted common share and figures that exclude significant items. Significant
items include restructuring costs, amortization of intangible assets,
impairment of goodwill and acquisition-related expense items, which include
costs recognized in relation to both prospective and completed acquisitions.
Book value per diluted common share is calculated as total common shareholders'
equity divided by the number of diluted common shares outstanding including
estimated amounts in respect of share issuance commitments and, commencing in
Q1/14, adjusted for shares purchased under NCIB and not yet cancelled, and
estimated forfeitures in respect of unvested share awards under share-based
payment plans.

Management believes that these non-IFRS measures will allow for a better
evaluation of the operating performance of the Company's business and
facilitate meaningful comparison of results in the current period to those in
prior periods and future periods. Figures that exclude significant items
provide useful information by excluding certain items that may not be
indicative of the Company's core operating results. A limitation of utilizing
these figures that exclude significant items is that the IFRS accounting
effects of these items do in fact reflect the underlying financial results of
the Company's business; thus, these effects should not be ignored in evaluating
and analyzing the Company's financial results. Therefore, management believes
that the Company's IFRS measures of financial performance and the respective
non-IFRS measures should be considered together.

                       Selected financial information excluding significant items (1)                       
                                                                                                            
                                                     Three months ended  Quarter- Six months ended     YTD -
                                                        September 30        over-   September 30      over -
                                                                          quarter                        YTD
                                                                           change                     change
                                                                                                            
(C$ thousands, except per share and % amounts)            2015      2014              2015     2014         
                                                                                                            
Total revenue per IFRS                                $190,602  $236,271  (19.3)% $405,056 $481,827  (15.9)%
                                                                                                            
Total expenses per IFRS                               $189,103  $211,326  (10.5)% $391,110 $433,594   (9.8)%
                                                                                                            
Significant items recorded in Canaccord Genuity                                                             
                                                                                                            
   Amortization of intangible assets                     1,320     1,707  (22.7)%    2,730    3,448  (20.8)%
                                                                                                            
   Restructuring costs                                       -         -        -        -        -        -
                                                                                                            
Significant items recorded in Canaccord Genuity                                                             
                                                                                                            
                   Wealth Management                                                                        
                                                                                                            
   Amortization of intangible assets                     1,557     2,224  (30.0)%    3,024    4,464  (32.3)%
                                                                                                            
   Restructuring costs                                       -         -        -        -      783 (100.0)%
                                                                                                            
Significant items recorded in Corporate and Other                                                           
                                                                                                            
   Restructuring costs                                       -         -        -        -    1,600 (100.0%)
                                                                                                            
Total significant items                                  2,877     3,931  (26.8)%    5,754   10,295  (44.1)%
                                                                                                            
Total expenses excluding significant items             186,226   207,395  (10.2)%  385,356  423,299   (9.0)%
                                                                                                            
Net income before taxes - adjusted                      $4,376   $28,876  (84.8)%  $19,700  $58,528  (66.3)%
                                                                                                            
Income taxes - adjusted                                  2,433     8,130  (70.1)%    4,438   13,765  (67.8)%
                                                                                                            
Net income - adjusted                                   $1,943   $20,746  (90.6)%  $15,262  $44,763  (65.9)%
                                                                                                            
(Loss) earnings per common share - basic, adjusted     $(0.01)     $0.19 (105.3)%    $0.10    $0.40  (75.0)%
                                                                                                            
(Loss) earnings per common share - diluted, adjusted   $(0.01)     $0.17 (105.9)%    $0.09    $0.37  (75.7)%

   

(1)   Figures excluding significant items are non-IFRS measures. See Non-IFRS  
                                  Measures above.                              

Fellow Shareholders:

Our second quarter was one of the more challenging periods for global capital
markets in recent history. During the three-month period, the MSCI world equity
index fell 9.9%, the S&P/TSX lost 8.6% and the S&P 500 dropped 6.9%. This
translated into significantly lower capital markets activity for our business
when compared to the same period last year.

For the second fiscal quarter of 2016, Canaccord Genuity Group Inc. earned
revenue of $190.6 million. Excluding significant items, net income for the
period was $1.9 million, which translated into a loss per common share of
$0.01. The overall decline in net income we experienced was largely a result of
reduced activity by corporate issuers, leading to a decrease in investment
banking and advisory fees when compared to the same period last year.
Notwithstanding the difficult environment, we are pleased to report
year-over-year revenue growth in our US capital markets and UK & Europe wealth
management businesses.

Committed to driving net income growth

As incoming CEO, I am intensely focused on addressing the challenges in our
business. With the support of my global colleagues, I have prioritized
initiatives which centre on driving longer-term value creation and ultimately,
improving our net income results. I firmly believe the principles driving these
initiatives will become entrenched in our corporate culture, and better enhance
alignment across our firm and with our shareholders.

Specifically, we are using this period of market weakness to address and
eliminate any barriers which have inhibited our regional businesses from
maximizing opportunities globally. We have renewed our emphasis on key
verticals to drive growth and we are working to enhance global coordination
across our firm, as a more partnership-based organization. Through improved
transparency and a stronger bottom line focus, our employees will become better
aligned with shareholders. Most importantly, we are working to redefine our
culture and strengthen our reputation as a leading global independent
investment bank.

An important component of these initiatives is a commitment to improve global
alignment and operating efficiencies across our business. Since October 1st, we
have made early progress in identifying areas where we can reduce fixed costs
and strengthen alignment between our front and back office operations. While I
am confident we can implement certain developments near-term, the benefits of
larger projects may require multiple quarters to translate into our financial
results. I look forward to updating you on our advancements, as we approach the
release of our third quarter results in early February.

Capital markets

In the second fiscal quarter of 2016, Canaccord Genuity participated in 62
transactions and raised total proceeds of $5.8 billion for our clients.

During this three-month period, global equity capital markets volumes fell to
their lowest levels since 2011. While the industry saw improving demand for new
issues at the start of the quarter, significant volatility in August and
September led to the withdrawal or postponement of a number of transactions.
With the exception of our US capital markets business, which generated revenues
of $55.9 million, or 44.2% of global capital markets revenues, all other
geographies had declining revenue for the period. Compared to the same quarter
last year, revenue from our global capital markets business declined by 26%, to
$126.5 million.

In Canada, equity underwriting activity decreased by 52% compared to the same
period last year. As a result, our Canadian capital markets business
experienced the most significant decline in revenue, a 64% drop compared to the
same period one year ago. The decrease was magnified by two substantial
transactions that took place during second fiscal quarter of last year.

The strong start to the quarter allowed our UK & Europe business to increase
year-over-year equity underwriting revenues by 7.9%, but lower activity in
advisory and principal trading impacted total revenues for this business, which
declined by 22% to $38.3 million for the quarter.

While our Australian business has demonstrated its ability to outperform in
recent quarters, a dramatic drop in capital raising activity across the
Asia-Pacific region during the period was reflected in second quarter results,
and revenue in this business fell 38%, to $7.5 million. During the period, we
took steps to establish a single point of leadership for the Asia-Pacific
region, an initiative which will promote better alignment across our investment
banking and advisory practices, and one we expect will enhance earnings
capability going forward.

The steps we are taking to improve global alignment will provide opportunities
for incremental revenue improvement over the coming quarters. Additionally,
with our differentiated service offering and proven global execution
capabilities, each of our businesses continues to enjoy a strong pipeline. I am
confident in our ability to deliver value on behalf of growth companies when
market conditions are supportive.

While we remain cautious in our outlook for near-term global investment banking
and advisory activity, we are focused on positioning our business to capitalize
on the intermediate and longer-term opportunities in sectors we have targeted
for growth.

Stronger fee-based business limits losses for wealth management operations

Our global wealth management operations generated revenue of $60.2 million for
the quarter, a decrease of $1.2 million compared to the second quarter of last
year. This result was mostly attributable to lower commission fees and revenues
associated with the decline in investment banking activity in our North
American operations.

When compared to previous periods of similar revenue generation, our Canadian
Wealth Management business has been able to successfully limit losses,
highlighting the progress we have made in reducing fixed costs and shifting
towards a stronger recurring revenue model. Importantly, expenses as a
percentage of revenue in this business were 86.7% for the quarter, unchanged
from the previous three-month period and a decrease of 3.5 percentage points
when compared to the same period last year.

Our in-house asset management platform has been a significant contributor to
improving the financial strength of this business. One year ago, we launched
our proprietary asset management product, GPS Optimized Portfolios and brought
management of our ETF portfolios in-house. Since then, total assets under
management in these products have surpassed $200 million dollars.

Our UK Wealth Management operations generated revenue of $34.0 million, an
increase of 14% compared to the second quarter of fiscal 2015. Since 70% of
revenue in this business is attributable to fee-related activities, it is less
sensitive to changes in market conditions. At the end of the quarter, assets
under management in this business were $22.9 billion, an increase of 12% from
the same period one year ago. Additionally, assets in funds managed by our
in-house investment team surpassed $1 billion at the end of the quarter. While
a percentage of total asset growth is attributable to the impact of foreign
exchange rates, revenue growth for the period demonstrates our ability to
attract and retain assets in a challenging market environment.

Looking ahead, we will continue to pursue opportunities to increase fee-based
revenues- and ultimately, shareholder value- across our global wealth
management operations. As we continue to strengthen our wealth management
offering, we expect to achieve this growth both organically and through
strategic business opportunities.

Commitment to our communities

In any market, our teams are committed to making positive contributions in the
communities where we operate. During the quarter we hosted the third annual
Canaccord Genuity Great Camp Adventure Walk to benefit the Hospital for Sick
Children. A grand total of $2.2 million was raised to support the goal of
improving health and well-being for children around the world. From October
14-23, through commissions generated from designated agency trades, our US
capital markets team helped raise US$600 thousand dollars to benefit Youth INC
during Trading Week for Kids, bringing our four year contribution to more than
US$3 million.

Positioning our business to excel as global growth visibility improves

Our success depends on the strength of many components.

While each of our geographies is in a different state of evolution, all are
capable of growing market share, and producing stronger returns. Although we
expect this challenging operating environment to persist through the balance of
the fiscal year, I believe we have a number of opportunities to strengthen our
offering and continue to enhance the delivery of regional and global service
levels for our clients. Looking ahead, we will continue to identify our
greatest areas of opportunity and focus our efforts where we can be most
successful.

I am committed to creating a robust culture of accountability and partnership,
which empowers our employees to deliver the best work of their careers. We have
a highly capable and focused team in place, all of whom are energized and eager
to advance our strategic goals and continue to deliver stronger outcomes for
our clients, and our shareholders.

I am confident in the strength of our global franchise. As we navigate these
difficult markets together, I encourage you to measure our success with a
longer term view of creating significant shareholder value.

Kind regards,

Dan Daviau
President & CEO
Canaccord Genuity Group Inc.

ACCESS TO QUARTERLY RESULTS INFORMATION
Interested investors, the media and others may review this quarterly earnings
release and supplementary financial information at http://
www.canaccordgenuitygroup.com/EN/IR/Pages/default.aspx.

CONFERENCE CALL AND WEBCAST PRESENTATION
Interested parties are invited to listen to Canaccord Genuity's fiscal second
quarter 2016 results conference call via live webcast or a toll free number.
The conference call is scheduled for Thursday, November 5, 2015 at 5:00 a.m.
Pacific time, 8:00 a.m. Eastern time, 1:00 p.m. UK time, 9:00 p.m. China
Standard Time, and on November 6, 2015, at 12:00 am Australian EST. During the
call, senior executives will comment on the results and respond to questions
from analysts and institutional investors.

The conference call may be accessed live and archived on a listen-only basis
via the Internet at: http://www.canaccordgenuitygroup.com/EN/NewsEvents/Pages/
Events.aspx.

Analysts and institutional investors can call in via telephone at:

· 647-427-7450 (within Toronto)

· 1-888-231-8191 (toll free in North America)

· 0-800-051-7107 (toll free from the UK)

· 1-800-760-620 (toll free from Ireland)

· 0-800-917-449 (toll free from France)

· 0-800-183-0171 (toll free from Germany)

· 10-800-714-1191 (toll free from Northern China)

· 10-800-140-1195 (toll free from Southern China)

· 1-800-287-011 (toll free from Australia)

Please request to participate in Canaccord Genuity Group Inc.'s Q2/16 earnings
call. If a passcode is requested, please use 57509793.

A replay of the conference call will be available on November 5, 2015, after 8:
00 a.m. (Pacific Time), 11:00 a.m. (Eastern Time) 4:00 p.m. (UK Time), and on
November 6, 2015, at 12:00 a.m. (China Standard Time) and at 3:00 a.m.
(Australian EST Time) until December 25, 2015 at 416-849-0833 or 1-855-859-2056
by entering passcode 57509793 followed by the pound (#) sign.

ABOUT CANACCORD GENUITY GROUP INC.:
Through its principal subsidiaries, Canaccord Genuity Group Inc. (the Company)
is a leading independent, full-service financial services firm, with operations
in two principal segments of the securities industry: wealth management and
capital markets. Since its establishment in 1950, the Company has been driven
by an unwavering commitment to building lasting client relationships. We
achieve this by generating value for our individual, institutional and
corporate clients through comprehensive investment solutions, brokerage
services and investment banking services. The Company has offices in 10
countries worldwide, including wealth management offices located in Canada,
Australia, the UK , Guernsey, Jersey, and the Isle of Man. Canaccord Genuity,
the international capital markets division, operates in Canada, the US, the UK,
France, Ireland, Hong Kong, China, Singapore, Australia, and Barbados. To us
there are no foreign markets.TM

Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX
and the symbol CF. on the London Stock Exchange. Canaccord Genuity Series A
Preferred Shares are listed on the TSX under the symbol CF.PR.A. Canaccord
Genuity Series C Preferred Shares are listed on the TSX under the symbol
CF.PR.C.

None of the information on the Company's websites at www.canaccordgenuity.com, 
   www.canaccordgenuitygroup.com/, and www.canaccordgenuity.com/cm should be   
                 considered incorporated herein by reference.                  

______________________________________
1 Figures excluding significant items are non-IFRS measures. See Non-IFRS
Measures on page 5.
2 Net income (loss) attributable to common shareholders is calculated as the
net income (loss) adjusted for non-controlling interests and preferred share
dividends.
3 See Non-IFRS Measures on page 5.
4 Source: Transactions over $1.5 million. Internally sourced information.
5 Advisory Teams are normally comprised of one or more Investment Advisors
(IAs) and their assistants and associates, who together manage a shared set of
client accounts. Advisory Teams that are led by, or only include, an IA who has
been licensed for less than three years are not included in our Advisory Team
count, as it typically takes a new IA approximately three years to build an
average-sized book of business.

Image with caption: "Canaccord Genuity Group Inc. (CNW Group/Canaccord Genuity
Group Inc.)". Image available at: http://photos.newswire.ca/images/download/
20151104_C9186_PHOTO_EN_44403.jpg

SOURCE: Canaccord Genuity Group Inc.

For further information:

North American media:
Scott Davidson
Executive Vice President, Global Head of Corporate Development & Strategy
Phone: 416-869-3875
Email: scott.davidson@canaccord.com

London media:
Robert Morgan
Stockwell
Phone: +44 (0) 20 7240 2486
Email: robert.morgan@stockwellgroup.com

Investor relations inquiries:
Christina Marinoff
Vice President, Investor Relations and Communications
Phone: 416-687-5507
Email: christina.marinoff@canaccord.com

Broker:
Oliver Hearsey
RBC Europe Limited
Phone: +44 (0) 20 7653 4000
Email: oliver.hearsey@rbccm.com

Simon Hardy or Alex Collins
Jefferies International Limited
Phone: +44 (0) 20 7029 8000,
Email: simon.hardy@jefferies.com; alex.collins@jefferies.com

(CF.)                                                                                  
                                                                                       



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