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Posted AT 4:17 AM EST on 31/03/08

ABCP buyback too big for broker

TARA PERKINS

From Monday's Globe and Mail

Canaccord Capital Inc.'s capital position would be severely affected if it were to buy back the $269-million in frozen commercial paper its clients hold, but the company is working on a plan that would see clients receive a portion of their money back, according to an internal e-mail. "By any measure, we are more than adequately financed to conduct and grow our business," says the e-mail, signed by chairman Peter Brown and chief executive officer Paul Reynolds.

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