As previously announced, Canaccord agreed to purchase TBG for $4.06m, and has created an equity incentive plan for its principal employees that will offer for an additional payout of up to 1,187,847 Canaccord common shares, which will be earned over five years in proportion to meeting revenue targets totaling $101m for Canaccord’s operations in Asia.
Upon closing, Howard Balloch, president of TBG, joined Canaccord’s board of directors and Balloch will also serve as chairman of Canaccord Genuity Asia.
Canaccord Financial president and CEO Paul Reynolds said the expansion into Asia represents a significant milestone for Canaccord.
