The warning was disclosed in one of several regulatory documents Canaccord filed Wednesday evening
. In a separate filing, the company also said board chair David Kassie would step down from his executive management role following Canaccord’s Aug. 4 annual general meeting and would step down as chair one year later.
He is not listed among Canaccord’s named executive officers in its most recent management information circular. Asked to clarify what executive management role Mr. Kassie would be relinquishing in the weeks ahead, a Canaccord spokesperson did not immediately reply. It is also not clear whether Mr. Kassie plans to remain on the company’s board after stepping down as chair in 2024.
Over the past four months, Canaccord’s Toronto Stock Exchange-listed stock has fallen from a mid-February high of $11.80 per share – slightly above the management group’s offer of $11.25 per share – to a Wednesday closing price of $8.17 per share. That represents a decline of roughly 31 per cent. Based on “previous enforcement matters that were settled by other companies,” Canaccord said it had prepared “an estimate for a settlement of the enforcement matter” though no exact figure was specified. The company more than tripled its provisions for legal issues during its most recent fiscal year, adding $13.4-million to an existing balance of $4.8-million for a total balance of more than $18-million as of March 31, 2023.
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