Wednesday, June 29 2022

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TORONTO, March 04, 2022 (GLOBE NEWSWIRE) — EL 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 proceed with the renewal of its normal course issuer bid (the “Bid ”) which will be transacted through the facilities of the Exchange or through other Canadian trading systems.

The notice provides that the Company may, during the 12-month period beginning on March 9, 2022 and ending on March 8, 2023, purchase up to 184,938 common shares in the capital of the Company (“Shares”) in aggregate , or approximately 5% of the total number of 3,698,776 Shares outstanding on February 24, 2022. The price that the Company will pay for these Shares will be the market price prevailing at the time of acquisition. The actual number of Shares that may be purchased under the Offer will be determined by the management of the Company. All Shares purchased under the Offer will be cancelled.

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The average daily trading volume of Shares on the Exchange for the last six completed calendar months is 469. Under the Offer, the Company may purchase up to 1,000 Shares on the Exchange at any trading day.

The Company has entered into a predefined automatic securities purchase plan with its broker to enable the redemption of Shares under the Offer at times when the Company would not normally be active in the market due to its own periods. internal trading prohibitions, rules on insider trading or other. Outside of restricted periods, the timing of purchases will be determined by Company management. Purchasing decisions will be based on market conditions, stock price, best use of available cash and other factors. The financing of any purchase under the Offer will be financed from the working capital of the Company.

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The Company’s previous normal course issuer bid (the “Previous Issuer Bid”) expires on March 8, 2022. Under the previous normal course issuer bid, the Company obtained the approval of the Exchange to buy up to 185,428 shares, which represented 5% of the 3,708,576 shares issued. and outstanding as of the close of business on March 2, 2021. The Company purchased on the open market and canceled a total of 9,800 shares under the previous issuer bid at an average price of $915.73 per action.

The Board of Directors believes that, in the event that the shares are trading in a price range that does not fully reflect their value, the purchase of the shares would be an appropriate use of company funds in the best interests of the company. and its shareholders. In addition, redemptions should benefit all persons who continue to hold Shares by increasing their ownership in the Company if the redeemed Shares are cancelled.

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About EL Financial Limited Company

The Company operates as an investment and insurance holding company. In managing its operations, the Company distinguishes between two operating segments, EL Corporate and Empire Life.

EL Corporate represents investments in equity and fixed income securities held directly and indirectly through mutual funds, closed-end investment companies and other investment companies. The investment strategy is to accumulate shareholder value through long-term capital appreciation and dividend and interest income from its investments.

Empire Life is a subsidiary of the Company. Since 1923, Empire Life has provided Canadians with individual and group life and health insurance, investment and retirement products. Empire Life’s mission is to make it simple, quick and easy for Canadians to get the investments, insurance and group benefits they need to build wealth, generate income and achieve financial security.

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Forward-looking statements

This press release may contain forward-looking information within the meaning of applicable securities regulations. The words “may”, “will”, “would”, “should”, “could”, “expect”, “plan”, “intend”, “tend”, “indicate”, “anticipate”. “, “believes”, “estimates”, “predicts”, “probable” or “potential” or the negative form or other variations of these words or other comparable words or expressions, are intended to identify forward-looking statements. Such statements include, but are not limited to, statements regarding the Company’s intentions and expectations with respect to the Offer and purchases thereunder, the effects of purchases under the Offer and the intention of the Company to enter into a predefined automatic securities purchase plan with its broker. Purchases made under the offer are not guaranteed and may be suspended at the discretion of the Board of Directors. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties that may cause the results or events mentioned in this press release to differ materially from those discussed or implied by such forward-looking information. . These risks and uncertainties include, but are not limited to, general, economic and local business conditions. All forward-looking information contained in this press release speaks as of the date hereof. The Company does not undertake to update such forward-looking information, whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in documents filed with securities regulatory authorities filed on SEDAR (www.sedar.com).

For more information please contact:

Richard B.Carty
Vice President, General Counsel and Corporate Secretary
EL Financial Corporation Limited
Phone: (416) 947-2578
Fax: (416) 362-2592

Scott Ewer
Vice President, Chief Financial Officer
EL Financial Corporation Limited
Telephone: (416) 947-2578
Fax: (416) 362-2592

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