Business
E-L Financial Corporation Limited Announces Completion of its Substantial Issuer Bid
E-L Financial Corporation Limited Announces Completion of its Substantial Issuer Bid ...
About this update from E-l Financial Corporation Limited
[{"type":"text","content":"\n \n \n \n E-L Financial Corporation Limited Announces Completion of its Substantial Issuer Bid\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n TORONTO\n \n ,\n \n Dec. 17, 2020\n \n /CNW/ - E-L Financial Corporation Limited (TSX: ELF) (TSX: ELF.PR.F) (TSX: ELF.PR.G) (TSX: ELF.PR.H) (the \"\n \n Company\n \n \") announced today that it has taken up and paid for 109,863 common shares (the \"\n \n Shares\n \n \") at a price of\n \n $750.00\n \n per Share under the Company's substantial issuer bid (\"\n \n SIB\n \n \").\n \n \n The Shares purchased under the SIB represent an aggregate purchase price of approximately\n \n $82 million\n \n and represented 2.9% of the total number of the Company's issued and outstanding common shares as of\n \n December 16, 2020\n \n (the expiry date of the SIB). After giving effect to the SIB, the Company has 3,708,576 common shares issued and outstanding.\n \n \n Payment and settlement of the Shares will be effected by Computershare Trust Company of\n \n Canada\n \n prior to\n \n December 22, 2020\n \n in accordance with the settlement procedures described in the issuer bid circular.\n \n \n The \"specified amount\" of each Share (for purposes of subsection 191(4) of the\n \n Income Tax Act\n \n (\n \n Canada\n \n )) is\n \n $751.00\n \n .\n \n \n The full details of the SIB are described in the offer to purchase and issuer bid circular dated\n \n November 9, 2020\n \n , as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR at\n \n \n www.sedar.com\n \n \n .\n \n \n This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell the Company's shares.\n \n \n \n About E-L Financial Corporation Limited\n \n \n \n E-L Financial operates as an investment and insurance holding company. In managing its operations, the Company distinguishes between two operating segments, E-L Corporate and Empire Life.\n \n \n E-L Corporate represents investments in stocks and fixed income securities held...