E-L Financial Corporation Limited (TSX:ELF) announces a share repurchase program. Under the substantial course issuer bid, the company will repurchase up to CAD 100 million worth of its shares. The shares will be repurchased at a price of not less than CAD 900 per share and at a price of not more than CAD 1,050 per share.

The purpose of the offer is to provide the shareholders with the opportunity to return up to CAD 100 million if they elect to tender while at the same time increasing the proportionate share ownership of shareholders who do not elect to tender. The repurchased shares will be cancelled. If the aggregate purchase price for shares validly tendered pursuant to auction tenders and purchase price tenders is greater than the amount available for auction tenders and purchase price tenders, the company will purchase shares from the shareholders who made purchase price tenders or tendered at or below the finally determined purchase price on a pro rata basis, except that ?odd lot?

holders (holders of less than 100 shares) will not be subject to proration. The offer is valid till December 15, 2023, unless withdrawn or extended. As of November 7, 2023, the company has 3,552,390 shares issued and outstanding.