TORONTO, Dec. 17, 2020 /CNW/ - E-L Financial Corporation
Limited (TSX: ELF) (TSX: ELF.PR.F) (TSX: ELF.PR.G) (TSX: ELF.PR.H)
(the "Company") announced today that it has taken up and
paid for 109,863 common shares (the "Shares") at a price of
$750.00 per Share under the Company's
substantial issuer bid ("SIB").
The Shares purchased under the SIB represent an aggregate
purchase price of approximately $82
million and represented 2.9% of the total number of the
Company's issued and outstanding common shares as of December 16, 2020 (the expiry date of the SIB).
After giving effect to the SIB, the Company has 3,708,576 common
shares issued and outstanding.
Payment and settlement of the Shares will be effected by
Computershare Trust Company of Canada prior to December 22, 2020 in accordance with the
settlement procedures described in the issuer bid circular.
The "specified amount" of each Share (for purposes of subsection
191(4) of the Income Tax Act (Canada)) is $751.00.
The full details of the SIB are described in the offer to
purchase and issuer bid circular dated November 9, 2020, as well as the related letter
of transmittal and notice of guaranteed delivery, copies of which
were filed and are available on SEDAR at www.sedar.com.
This press release is for informational purposes only and does
not constitute an offer to buy or the solicitation of an offer to
sell the Company's shares.
About E-L Financial Corporation Limited
E-L Financial operates as an investment and insurance holding
company. In managing its operations, the Company distinguishes
between two operating segments, E-L Corporate and Empire Life.
E-L Corporate represents investments in stocks and fixed income
securities held directly and indirectly through pooled funds,
closed-end investment companies and other investment companies. The
investment strategy is to accumulate shareholder value through
long-term capital appreciation and dividend and interest income
from its investments.
Empire Life is a subsidiary of the Company. Since 1923, Empire
Life has provided individual and group life and health insurance,
investment and retirement products to Canadians. Empire Life's
mission is to make it simple, fast and easy for Canadians to get
the investment, insurance and group benefits coverage they need to
build wealth, generate income, and achieve financial security.
Forward Looking Statements
This press release may contain forward-looking information
within the meaning of applicable securities regulation. The words
"may", "will", "would", "should", "could", "expects", "plans",
"intends", "trends", "indications", "anticipates", "believes",
"estimates", "predicts", "likely" or "potential" or the negative or
other variations of these words or other comparable words or
phrases, are intended to identify forward-looking statements. These
statements include, without limitation, statements regarding the
timing of payment and settlement for Shares purchased under the
Offer. The Company believes the expectations reflected in the
forward-looking statements in this press release are reasonable but
no assurance can be given that these expectations will prove to be
correct and such forward- looking statements should not be unduly
relied upon. Forward-looking information is based on a number of
assumptions and is subject to a number of risks and uncertainties
that may cause the results or events mentioned in this press
release to differ materially from those that are discussed in or
implied by such forward-looking information. These risks and
uncertainties include, but are not limited to, general, local
economic, and business conditions. All forward-looking information
in this press release speaks as of the date hereof. The Company
does not undertake to update any such forward-looking information
whether as a result of new information, future events or otherwise.
Additional information about these assumptions and risks and
uncertainties is disclosed in filings with securities regulators
filed on SEDAR (www.sedar.com).
SOURCE E-L Financial Corporation