TORONTO, March 6,
2025 /CNW/ - The Board of Directors of E-L Financial
Corporation Limited ("E-L Financial" or the "Company")
(TSX:ELF) (TSX:ELF.PR.F) (TSX:ELF.PR.G) (TSX:ELF.PR.H) today
announced that the Company will seek shareholder and regulatory
approval for the implementation of a hundred-for-one share split of
the Company's issued and outstanding common shares, to be effected
through an amendment to its articles of amalgamation. The share
split will be subject to the approval of the Company's shareholders
entitled to vote at its annual and special meeting scheduled to be
held on May 7, 2025 (the "Meeting")
and to the requirements of the Toronto Stock Exchange ("TSX").
The Board of Directors believes that the share split will
increase investor interest in the Company by bringing the trading
price into a more accessible range for retail investors,
encouraging a wider distribution of the common shares and enhancing
liquidity.
If approved by shareholders and the TSX and implemented by the
Board of Directors, holders of common shares will be entitled to
one hundred common shares for each common share held at a date to
be approved by the Board of Directors following shareholder
approval. In addition, the conversion ratio for the Company's
Series A Convertible Preference Shares, which are currently
convertible into common shares on a one-for-one basis in accordance
with the terms of such preference shares, will be adjusted
accordingly to account for the share split.
The dividend of $150.00 per common
share payable on March 14, 2025 to
shareholders of record on March 3,
2025 will not be affected by the proposed share split. If
the required approvals are received and the share split is
implemented by the Board of Directors, all subsequent dividends
declared by the Board of Directors are expected to reflect the
proposed share split.
Details regarding the share split will be set out in the
management information circular for the Meeting, which will be
filed under the Company's profile on SEDAR+ at www.sedarplus.ca.
Shareholders are encouraged to read the management information
circular and other relevant materials when they become
available.
SOURCE E-L Financial Corporation Limited
