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E-L Financial Corporation Limited Announces Intention to Commence Substantial Issuer Bid
E-L Financial Corporation Limited Announces Intention to Commence 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 Intention to Commence 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 Canada NewsWire\n \n \n TORONTO, Nov. 9, 2020\n \n \n \n \n \n TORONTO\n \n ,\n \n Nov. 9, 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 its intention to commence a substantial issuer bid (the \"\n \n Offer\n \n \") pursuant to which the Company will offer to purchase up to\n \n $100,000,000\n \n in value of its outstanding common shares (the \"\n \n Shares\n \n \") from holders of Shares (the \"\n \n Shareholders\n \n \") for cash. As of\n \n November 6, 2020\n \n , there were 3,818,439 Shares issued and outstanding. The Offer would be for approximately 4.0% of the total number of issued and outstanding Shares if the purchase price is determined to be\n \n $650.00\n \n (which is the minimum price per Share under the Offer) or approximately 3.5% of the total number of issued and outstanding Shares if the purchase price is determined to be\n \n $750.00\n \n (which is the maximum price per Share under the Offer).\n \n \n The Offer will proceed by way of a \"modified Dutch auction\". Holders of Shares wishing to tender to the Offer will be entitled to do so pursuant to: (i) auction tenders in which they will specify the number of Shares being tendered at a price of not less than\n \n $650.00\n \n and not more than\n \n $750.00\n \n per Share in increments of\n \n $5.00\n \n per Share, or (ii) purchase price tenders in which they will not specify a price per Share, but will rather agree to have a specified number of Shares purchased at the purchase price to be determined by auction tenders.\n \n \n The purchase price to be paid by the Company for each validly deposited Share will be based on the number of Shares validly deposited pursuant to auction tenders and purchase price tenders, and the prices specified by Shareholders making auction tenders. The purchase price will be the lowest price which enables the Co...