06:41 AM EDT, 10/04/2024 (MT Newswires) -- CI Financial ( CIXXF ) , which rose more than 2% and hit 52 week highs yesterday, overnight Thursday announced the preliminary results of its substantial issuer bid, which expired at 5:00 p.m. (Toronto Time) on October 3, 2024.

Based on the preliminary count by Computershare Investor Services Inc., the depositary for the offer, a total of 2,157,201 common shares of CI Financial ( CIXXF ) were properly tendered and not properly withdrawn. In accordance with the terms of the offer, CI Financial ( CIXXF ) has informed the Depositary that it is taking up shares properly tendered to the offer at the time of expiry. Based on the preliminary count by the Depositary, CI Financial ( CIXXF ) expects to take up and purchase for cancellation 2,157,201 shares at the purchase price of $18.25 per share for an aggregate purchase price of approximately $39.37 million. The shares expected to be purchased under the offer represent approximately 1.48% of the issued and outstanding shares at the time that the offer was commenced. Immediately following completion of the offer, CI Financial ( CIXXF ) anticipates that 143,545,084 shares will be issued and outstanding.

As the total number of shares tendered was less than the total that could have been purchased by the corporation under the terms of the offer, all shares validly deposited and not withdrawn will be purchased under the offer and no proration will be required.