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E-L Financial Corporation Limited Announces Normal Course Issuer Bid
E-L Financial Corporation Limited Announces Normal Course Issuer Bid Canada NewsWi...
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[{"type":"text","content":"\n\n\n\nE-L Financial Corporation Limited Announces Normal Course Issuer Bid\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\nCanada NewsWire\nTORONTO, March 4, 2020\n\n\n\nTORONTO, March 4, 2020 /CNW/ - E-L Financial Corporation Limited (TSX: ELF) (TSX: ELF.PR.F) (TSX: ELF.PR.G) (TSX: ELF.PR.H) (the \"Company\") announced today that the Toronto Stock Exchange (the \"Exchange\") has accepted a notice filed by the Company of its intention to make a Normal Course Issuer Bid (the \"Bid\") to be transacted through the facilities of the Exchange or through alternative Canadian trading systems. \nThe notice provides that the Company may, during the 12-month period commencing March 9, 2020 and ending March 8, 2021, purchase up to 200,970 common shares in the capital of the Company (\"Shares\") in total, being approximately 5% of the total number of 4,019,409 Shares outstanding as at March 2, 2020. The price which the Company will pay for any such Shares will be the prevailing market price at the time of acquisition. The actual number of Shares which may be purchased pursuant to the Bid will be determined by management of the Company. Any Shares purchased pursuant to the Bid will be cancelled. \nThe average daily trading volume of the Shares on the Exchange for the most recently completed six calendar months is 1,066. Under the Bid, the Company may purchase up to 1,000 Shares on the Exchange during any trading day.\nThe Company has entered into a pre-defined automatic securities purchase plan with its broker to allow for the repurchase of Shares in connection with the Bid at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Outside of the restricted periods, the timing of purchases will be determined by management of the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. The funding for any purchase pursuant to the Bid will be financed out of the working capital of the Company.\nThe Board...