Thursday, August 10, 2006

Manulife Sells Canaccord Shares

Investment Executive, 10 August 2006

Canaccord Capital Inc. says The Manufacturers Life Insurance Co., a significant shareholder of the company, yesterday sold 2 million Canaccord common shares through the facilities of the Toronto Stock Exchange.

The share block was crossed at a price of $18.10 per share. As a result, Manulife now holds 2,943,369 common shares in the company, representing 6.15% of the issued common shares.

William Eeuwes, vp of Manulife Capital and a director of Canaccord Capital Inc. commented, “We are delighted by the shareholder value Peter Brown and his management team has created, since our investment in 2002. Manulife Capital’s decision to sell two million shares today was driven by a need to rebalance its portfolio.”