CGI co-founder André Imbeau closes his monetization transaction announced in 2008
On March 1, 2021, CGI announced that Co-founder André Imbeau has concluded a monetization transaction initiated in May 2008, transferring 2,500,000 Class B shares into Class A subordinate voting shares. After the conversion, he retains 900,000 Class B shares and 30,508 Class A shares. This transition is not expected to significantly impact CGI's voting dynamics or Imbeau's advisory role. CGI, a leading IT consulting firm with over C$12 billion in revenue for fiscal 2020, continues to focus on delivering integrated IT and business services globally.
- André Imbeau retains a significant stake with 900,000 Class B shares and 30,508 Class A shares.
- The transaction does not alter the voting dynamics at CGI.
- None.
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www.cgi.com/newsroom
MONTRÉAL, March 1, 2021 /PRNewswire/ - CGI (TSX: GIB.A) (NYSE: GIB) announced today that André Imbeau, Co-founder and Advisor to the Executive Chairman of the Board, has elected to close out a transaction made in May 2008 in which 2,500,000 Class B shares of his holdings were monetized through a forward contract with a Canadian chartered bank. The termination of this vehicle will lead to the conversion of those previously monetized shares from Class B shares, which carry ten votes per share, into Class A subordinate voting shares, which carry one vote per share. After this conversion Mr. Imbeau will continue to own 900,000 Class B shares and 30,508 Class A shares.
"The closing of this transaction, which was prudently put in place some time ago, will not materially change the voting dynamics at CGI neither will it affect André's role in our company as my advisor and as a valued board member." said Serge Godin , CGI Founder and Executive Chairman of the Board.
About CGI
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 76,000 consultants and other professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. CGI Fiscal 2020 reported revenue is C
Forward-looking information and statements
This press release contains "forward-looking information" within the meaning of Canadian securities laws and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable United States safe harbours. All such forward-looking information and statements are made and disclosed in reliance upon the safe harbour provisions of applicable Canadian and United States securities laws. Forward-looking information and statements include all information and statements regarding CGI's intentions, plans, expectations, beliefs, objectives, future performance, and strategy, as well as any other information or statements that relate to future events or circumstances and which do not directly and exclusively relate to historical facts. Forward-looking information and statements often but not always use words such as "believe", "estimate", "expect", "intend", "anticipate", "foresee", "plan", "predict", "project", "aim", "seek", "strive", "potential", "continue", "target", "may", "might", "could", "should", and similar expressions and variations thereof. These information and statements are based on our perception of historic trends, current conditions and expected future developments, as well as other assumptions, both general and specific, that we believe are appropriate in the circumstances. Such information and statements are, however, by their very nature, subject to inherent risks and uncertainties, of which many are beyond the control of CGI, and which give rise to the possibility that actual results could differ materially from our expectations expressed in, or implied by, such forward-looking information or forward-looking statements. These risks and uncertainties include but are not restricted to: risks related to the market such as the level of business activity of our clients, which is affected by economic and political conditions, external risks (such as pandemics) and our ability to negotiate new contracts; risks related to our industry such as competition and our ability to attract and retain qualified employees, to develop and expand our services, to penetrate new markets, and to protect our intellectual property rights; risks related to our business such as risks associated with our growth strategy, including the integration of new operations, financial and operational risks inherent in worldwide operations, foreign exchange risks, income tax laws, our ability to negotiate favourable contractual terms, to deliver our services and to collect receivables, and the reputational and financial risks attendant to cybersecurity breaches and other incidents; as well as other risks identified or incorporated by reference in this press release, in CGI's annual and quarterly MD&A and in other documents that we make public, including our filings with the Canadian Securities Administrators (on SEDAR at www.sedar.com) and the U.S. Securities and Exchange Commission (on EDGAR at www.sec.gov). For a discussion of risks in response to the coronavirus (COVID-19) pandemic, see Pandemic Risks in section 8.1.1.1 of our Q1 2021 quarterly MD&A. Unless otherwise stated, the forward-looking information and statements contained in this press release are made as of the date hereof and CGI disclaims any intention or obligation to publicly update or revise any forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. While we believe that our assumptions on which these forward-looking information and forward-looking statements are based were reasonable as at the date of this press release, readers are cautioned not to place undue reliance on these forward-looking information or statements. Furthermore, readers are reminded that forward-looking information and statements are presented for the sole purpose of assisting investors and others in understanding our objectives, strategic priorities and business outlook as well as our anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Further information on the risks that could cause our actual results to differ significantly from our current expectations may be found in the section titled "Risk Environment" of CGI's annual and quarterly MD&A, which is incorporated by reference in this cautionary statement. We also caution readers that the above-mentioned risks and the risks disclosed in CGI's annual and quarterly MD&A and other documents and filings are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial could also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation.
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SOURCE CGI Inc.
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