Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.

ECN Capital Announces Intent to Renew Ordinary Course Issuer Bids for Common Stock and Series C Preferred Stock, Canadian Business Journal

TORONTO, Sept. 9, 2022 (GLOBE NEWSWIRE) — ECN Capital (TSX: ECN, ECN.PR.C) (“ECN Capital” or the “Company”) announced today that it has filed a letter of intent with Toronto. did. The stock exchange (“TSX”) will place regular course issuer auctions (“Common Stock Auctions”) on its common stock (“Common Stock”) and regular course issuer auctions (“Series C Preferred Stock Auctions”). Renewal, along with a common stock tender (the “Auction”) for the Company’s Cumulative Five-Year Minimum Interest Rate Reset Preferred Stock, Series C (the “Series C Preferred Stock”).

If these notices are received by TSX, the bid may be canceled by TSX for a period of twelve (12) months from such receipt, up to, at the Company’s discretion, up to 10% of the “public float” of each of the outstanding shares of the Company’s common stock. allow you to buy back to Stocks and Series C Preferred Stock (calculated according to TSX rules). All purchases of Common Stock and Series C Preferred Stock pursuant to the tender will be made on the open market or where permitted pursuant to the terms and conditions applicable to each tender.

The actual number of shares of common stock that may be repurchased under the tender, and the timing of any such repurchase, will be determined by ECN Capital, subject to restrictions imposed by TSX. The number of Common Stock or Series C Preferred Stock that ECN Capital will ultimately acquire cannot be guaranteed.

We believe that bidding is in our best interest and constitutes a preferred use of the funds. ECN Capital’s intent to renew its common stock auctions is to control the total number of common shares outstanding and to sell common shares when they are believed to be undervalued relative to the company’s business and future business prospects. It reflects the company’s desire to make it available. ECN Capital’s intention to renew its Series C Preferred Stock Bid reflects the Company’s belief that the purchase of Series C Preferred Stock will increase earnings and value per common share. All Common Stock and Series C Preferred Stock purchased pursuant to the tender will be cancelled.

ECN Capital previously purchased TSX with up to 22,455,925 shares of common stock, 384,210 shares of cumulative 5-year minimum interest rate reset preferred stock, Series A (“Series A Preferred Stock”), and 371,040 shares of Series C preferred stock in regular course issuers. I sought and obtained approval to A bid that commenced on September 17, 2021 and expires on September 16, 2022 (“Previous Bid”). In the previous auction, the Company purchased 653,976 shares of common stock at an average purchase price of $6.57 per share of common stock with 0 Series A preference. 0 shares of Series C preferred stock on the stock and public markets. On December 31, 2021, the Company redeemed all 49,100 shares of its outstanding Series A Preferred Stock at a redemption price of $25.00 per Series A Preferred Stock.

About ECN Capital

With US$31 billion in assets under administration and advisory, ECN Capital (TSX: ECN) provides business services to North America-based banks, credit unions, life insurance companies, pension funds and investment funds (collectively, “Partners”). is a leading provider of ). ECN Capital originates, manages and advises credit assets on behalf of its partners, particularly secured loan portfolios and credit card portfolios. Our partners want quality assets that match their deposits and other liabilities. These services are provided through his three businesses of Triad Financial Services, Source One Financial Services and Kessler Group.


John Wimsat
[email protected]

Forward-Looking Statements

This release contains forward-looking statements regarding ECN Capital and its business. Such statements are based on the current expectations and views of ECN Capital’s management regarding future events. In some cases, forward-looking statements are “may,” “will,” “expect,” “plan,” “anticipate,” “intend,” “could,” “estimate,” “negate any of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements in this press release include shares of common stock or C contains statements regarding future purchases of preferred stock.Future events and conditions described in this release may occur as a result of known and unknown risk factors and uncertainties affecting ECN Capital. Management of ECN Capital.Forward-looking statements cannot be guaranteed.Forward-looking statements and information, by their nature, are based on assumptions and may differ materially. It involves known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements, or industry results, to differ materially from future results, performance or achievements. any forward-looking statements or information that may be expressed or implied.Thus, readers should not place undue reliance on any forward-looking statements or information.Discussions of the material risks and assumptions associated with these forward-looking statements are ECN Capital’s MD&A of June 30, 2022 and the 2021 AIF Disclosure Document dated March 30, 2022, filed with SEDAR and accessible at www.sedar.com. You should not place undue reliance on the forward-looking statements or information in ECN. Capital undertakes no obligation to publicly update or revise any forward-looking statements, as a result of new information, future events, or otherwise.

CBJ Newsmaker

ECN Capital Announces Intent to Renew Ordinary Course Issuer Bids for Common Stock and Series C Preferred Stock, Canadian Business Journal

Source link ECN Capital Announces Intent to Renew Ordinary Course Issuer Bids for Common Stock and Series C Preferred Stock, Canadian Business Journal

Related Articles

Back to top button