Brokerage C.M. Oliver reveals $3.6-million error
Article Abstract:
C.M. Oliver Inc. has announced that has made an accounting mistake worth C$3.6 million by recording a debt repayment as cash and share capital. The one-time error was made during the third quarter that ended on December 31, 1998 and the firm stated that it has no capital difficulties. C.M. Oliver also announced the resignations of Chairman Michael O'Brian and CEO and President William Inwood although it pointed out that they were not connected to the accounting error. O'Brian resigned as chairman in compliance with the corporate governance regulations of the Toronto Stock Exchange while Inwood's resignation was due to certain disputes with the board regarding policy and strategy concerns.
Comment:
Announces the resignations of Chairman Michael O'Brian and CEO and President William Inwood
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Canaccord snags C.M. Oliver
Article Abstract:
Canaccord Capital Corp. is acquiring C.M. Oliver & Co. Ltd. which is the oldest brokerage house in Canada but was affected by staff resignations, increasing financial losses and dull capital markets. The transaction is expected to create the biggest independent brokerage in Canada manned by 700 employees. The sale is indicative of consolidation in the securities industry. The two companies posted $150 million in total annual revenues as of March 31, 1998. Canaccord president Michael Greenwood indicated that his firm is now seeking further acquisitions. Greenwood will be president of the new company.
Comment:
Acquires CM Oliver & Co Ltd, which is the oldest brokerage house in Canada
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Loewen founder steps down
Article Abstract:
Burnaby, Brit Colum-based Loewen Group Inc., a financially-troubled funeral-services firm, had its chief executive and founder, Ray Loewen, resigning from his position in the company on Oct. 8, 1998. Loewen's departure from Loewen Group was perceived by industry observers as a signal of the transfer of majority of Loewen's powers to another company executive, Robert Lundgren. Lundgren will assume the positions of Loewen Group's president, chief executive and co-chairman.
Comment:
Has its chief executive & founder, Ray Loewen, resigning from his position in the co on 10/8/98
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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