- Element Fleet Management Corp. (EFN) announced that the TSX has approved the company’s application to renew its normal course issuer bid
- Between November 15, 2022, and November 14, 2023, the company may repurchase up to 39,228,719 common shares
- Daily purchases on the TSX will be limited to 203,283 common shares
- All common shares repurchased under the bid will be cancelled
- Element Fleet Management is the largest automotive fleet manager in the world
- Element Fleet Management Corp. (EFN) opened trading at C$17.94
Element Fleet Management Corp. (EFN) announced that the TSX has approved the company’s application to renew its normal course issuer bid.
Under the NCIB, the company may purchase up to 39,228,719 common shares, representing approximately 10 per cent of the company’s public float between November 15, 2022, and November 14, 2023.
Daily purchases on the TSX will be limited to 203,283 common shares. As of November 1, 2022, the company had 393,055,672 common shares issued and outstanding and a “public float” of 392,287,191 common shares.
Any shares repurchased by the company under the NCIB will be cancelled.
Under the current NCIB that will end on November 14, 2022, the company obtained approval from the TSX to purchase up to 40,968,811 common shares for cancellation. The company repurchased for cancellation a total of 18,614,000 common shares for approximately $250 million at an average price of $13.43 per share.
The company will enter into an automatic securities purchase plan with an independent designated broker in order to facilitate repurchases of common shares. Under the automatic securities purchase plan, the company’s independent designated broker may purchase shares under the NCIB at times when the company would ordinarily not be permitted to.
Element Fleet Management is the largest automotive fleet manager in the world, providing the full range of fleet services and solutions to a growing base of clients – corporates, governments and not-for-profits – across North America, Australia and New Zealand.
Element Fleet Management Corp. (EFN) opened trading at C$17.94.