On May 11, CI Financial CIX-T announced a deal with a group of investors. including the Abu Dhabi Investment Authority, for a $1.34-billion investment in its U.S Wealth business in exchange for a 20-per-cent stake. In reaction to the news, CI stock had a volatile day, reaching $18.69 at one point. Things settled down on May 12 with the stock closing at $12.69. However, it has been climbing again. Meanwhile, Chairman Bill Holland has spent $3.3-million buying shares in the public market since the announcement.
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Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com. Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.
Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.
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