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E-L FINANCIAL CORPORATION LIMITED ANNOUNCES PRELIMINARY RESULTS OF ITS SUBSTANTIAL ISSUER BID
E-L FINANCIAL CORPORATION LIMITED ANNOUNCES PRELIMINARY RESULTS 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 PRELIMINARY RESULTS 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 Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Dec. 15, 2023\n \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 the preliminary results of its \"modified Dutch auction\" substantial issuer bid (the \"\n \n Offer\n \n \"). Pursuant to the Offer, the Company offered to purchase for cancellation 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. The Offer expired at\n \n 5:00 p.m.\n \n (\n \n Toronto\n \n time) on\n \n December 15, 2023\n \n .\n \n \n Based on the preliminary count by Computershare Investor Services Inc. (the \"\n \n Depositary\n \n \"), the Company expects to take up and pay for approximately 90,668 Shares at a price of\n \n $1,050.00\n \n per Share under the Offer, representing an aggregate purchase amount of approximately\n \n $95,201,400\n \n and 2.55% of the total number of the Company's issued and outstanding Shares before giving effect to the Offer. After giving effect to the Offer, the Company expects to have 3,461,722 Shares issued and outstanding.\n \n \n Payment and settlement of the Shares purchased pursuant to the Offer will be effected by the Depositary in accordance with the settlement procedures described in the Offer Documents. As the total number of Shares tendered was less than the total that could have been acquired by the Company under the terms of the Offer, all Shares validly deposited and not withdrawn prior to the expiry of the Offer will be acquired at the maximum purchase price offered under the Offer and no proration will be required.\n \n \n The number of Shares to be purchased and the purchase price under the Offer are preliminary. Final results will be determined subject to confirmation by the Depositary of the proper delivery of th...