- ECN Capital (ECN) has received TSX approval to initiate a normal course issuer bid for both its common shares and Series C preferred shares
- Between September 19, 2022, and September 18, 2023, the company may repurchase up to 22,170,050 common shares and 371,040 Series C preferred shares
- Daily purchases will be limited to 113,015 common shares and 1,017 Series C preferred shares
- ECN Capital is a leading provider of business services to North American-based banks, credit unions, life insurance companies, pension funds and investment funds
- ECN Capital Corp. (ECN) opened trading at C$5.14
ECN Capital (ECN) has received TSX approval to initiate a normal course issuer bid for both its common shares and Series C preferred shares.
Under the bids, the company may repurchase up to 22,170,050 common shares, and 371,040 Series C preferred shares, representing approximately 10 per cent of the “public float” of each share type.
ECN Capital may purchase its shares between September 19, 2022, and September 18, 2023.
Daily purchases will be limited to 113,015 common shares, and 1,017 Series C preferred shares.
As of September 6, 2022, ECN Capital had 246,781,223 common shares and 3,712,400 Series C preferred shares issued.
The bids will be funded using existing cash resources, and any shares repurchased by the company under the bids will be cancelled.
The company has also entered into new automatic share purchase plans with designated brokers in order to facilitate repurchases of its shares. The plans have been approved by the TSX and will be implemented as of September 19, 2022.
ECN Capital is a leading provider of business services to North American-based banks, credit unions, life insurance companies, pension funds and investment funds. ECN Capital originates, manages and advises on credit assets on behalf of its partners, specifically unsecured loan portfolios, secured loan portfolios and credit card portfolios.
ECN Capital Corp. (ECN) opened trading at C$5.14.