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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...
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 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.H) (the \"\n \n Company\n \n \") announced today the preliminary results of its \"modified Dutch auction\" substantial issuer bid (the \"\n \n SIB\n \n \"). Under the SIB, the Company offered to purchase for cancellation up to\n \n $100 million\n \n of its common shares (the \"\n \n Shares\n \n \") from Shareholders for cash. The SIB expired at\n \n 11:59 p.m.\n \n (\n \n Toronto\n \n time) on\n \n December 16, 2020\n \n .\n \n \n Based on the preliminary count by Computershare Trust Company of\n \n Canada\n \n , as depositary for the SIB, the Company expects to take up and pay for approximately 109,863 Shares at a price of\n \n $750\n \n per Share under the SIB, representing an aggregate purchase price of approximately $82 million and 2.9% of the total number of the Company's issued and outstanding Shares before giving effect to the SIB.\n \n \n The full details of the SIB are described in the 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 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the total that could have been acquired by the Company under the terms of the SIB, all Shares validly deposited and not withdrawn prior to the expiry of the SIB will be acquired at the maximum purchase price offered under the SIB and no pro­ration will be required.\n \n \n After giving effect to the SIB, E-L Financial expects to have 3,708,576 Shares issued and outstanding.\n \n \n The number of Shares to be purchased and the purchase price under the SIB are preliminary. Final results will be determined subject to confirmation by the depositary of the proper delivery of the Shares validly tendered and not ...