Pursuant to the Bids, the Company may repurchase on the open market (or as otherwise permitted), up to 6,329,034 Common Shares and 371,240 Series C Preferred Shares, representing approximately 5% and 10% of the "public float" of each of the Common Shares and the Series C Preferred Shares (within the meaning of the rules of the TSX), respectively, subject to the normal terms and limitations of such bids.
Under the TSX rules, during the six months ended
Purchases pursuant to the Bids are expected to be made through the facilities of the TSX, or such other permitted means (including through alternative trading systems in
The Company believes that the Bids are in the best interests of the Company and constitute a desirable use of its funds.
Pursuant to previous notices of intention to conduct normal course issuer bids, under which the Company sought and received approval of the TSX to purchase 22,170,050 Common Shares and 371,040 Series C Preferred Shares, which commenced on September 19, 2022 and expires
The Company has also entered into new automatic share purchase plans (the "Plans") with designated brokers in order to facilitate repurchases of its outstanding Common Shares and Series C Preferred Shares. The Plans have been approved by the TSX and will be implemented effective as of
Under the Plans, the Company's brokers may purchase Common Shares or Series C Preferred Shares under the Bids at times when the Company would ordinarily not be permitted to, due to its regular self-imposed quarterly blackout periods. Before the commencement of any particular internal trading black-out period, the Company may, but is not required to, instruct its brokers to make purchases of Common Shares or Series C Preferred Shares under the Bids during the ensuing blackout period in accordance with the terms of the Plans. Such purchases will be determined by the applicable broker in its sole discretion based on parameters established by the Company prior to commencement of the applicable blackout period in accordance with the terms of the applicable Plan and applicable TSX rules. Outside of these blackout periods, Common Shares and Series C Preferred Shares will continue to be purchasable by the Company at its discretion under its Bids. Each Plan will terminate on the earliest of the date on which: (a) the purchase limit specified in the Plan has been reached, (b) the purchase limit under the applicable Bid has been reached, (c) the Company terminates the Plan in accordance with its terms, in which case the Company will issue a press release confirming such termination, and (d) the applicable Bid terminates.
With managed assets of
Forward-looking Statements
This release includes forward-looking statements regarding ECN Capital and its business. Such statements are based on the current expectations and views of future events of ECN Capital's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward looking statements. Forward-looking statements in this press release include those relating to future purchases of Common Shares or Series C Preferred Shares under the Bids. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting ECN Capital, including risks regarding the equipment finance industry, economic factors, and many other factors beyond the control of ECN Capital. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. A discussion of the material risks and assumptions associated with this outlook can be found in ECN Capital's
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