Stock BuybacksBy The Online Investor Staff, updated Fri., Sep. 18, 10:35 AM
|This Slide: #8 of 25|
Slide #8. ECN Capital Corp.
ECN Capital Corp. (ECN.PR.C.CA)
Share Amount Authorized:
ECN Capital Corp. ("ECN Capital" or the "Company") today announced that the Toronto Stock Exchange (the "TSX") has approved the Company's notice of intention to commence a Normal Course Issuer Bid (the "Common Share Bid") for common shares of the Company (the "Common Shares") and a Normal Course Issuer Bid (the "Preferred Share Bid" and, together with the Common Share Bid, the "Bids") for the Company's Series A 6.50% Rate Reset Preferred Shares (the "Series A Preferred Shares") and Series C 6.25% Rate Reset Preferred Shares (the "Series C Preferred Shares" and, together with the Series A Preferred Shares, the "Preferred Shares"). Pursuant to the Bids, the Company may repurchase on the open market (or as otherwise permitted), up to 22,432,925 Common Shares, 399,900 Series A Preferred Shares and 399,800 Series C Preferred Shares, representing approximately 10% of the "public float" of each of the Common Shares, the Series A Preferred Shares and the Series C Preferred Shares (within the meaning of the rules of the TSX), subject to the normal terms and limitations of such bids. ECN Capital may purchase its Common Shares and Preferred Shares at its discretion during the period commencing on September 17, 2020 and ending on the earlier of September 16, 2021 and the completion of purchases under the applicable Bid.