TORONTO, April 16, 2018 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX:ECN) (“ECN Capital” or the “Company”) announced today the final results of its modified “Dutch auction” substantial issuer bid to purchase for cancellation up to $115 million of its outstanding common shares (“Shares”) from shareholders for cash (the “Offer”). The Offer expired at 5:00 p.m. (Toronto time) on April 10, 2018.
Based on the final count by Computershare Trust Company of Canada, as depositary for the Offer (the “Depositary”), the Company has taken up and paid for 31,944,444 Shares at a price of $3.60 per Share (the “Purchase Price”), for an aggregate purchase price of approximately $115 million excluding fees and expenses relating to the Offer.
The Shares purchased for cancellation under the Offer represent approximately 8.82% of the Shares issued and outstanding before giving effect to the Offer. After giving effect to the Offer, approximately 330,149,996 Shares are issued and outstanding.
Based on the final count by the Depositary, a total of 37,774,395 Shares were properly tendered to the Offer and not properly withdrawn at or below the Purchase Price. In addition, in connection with the Offer approximately 36.5 million Shares were tendered at prices at or above $3.80 per Share. As the Offer was oversubscribed, successfully tendering shareholders had approximately 84.57% of their successfully tendered Shares purchased by the Company under the Offer, except for “odd lot” tenders (of holders beneficially owning fewer than 100 Shares) which were not subject to pro-ration.
The Company has made payment for the Shares tendered and accepted for purchase by tendering the aggregate purchase price to the Depositary in accordance with the Offer and applicable laws, and payment to the shareholders will be effected by the Depositary. Payment for the Shares will be made in cash, without interest. Any Shares invalidly tendered or tendered and not purchased will be returned to the tendering shareholder promptly by the Depositary.
About ECN Capital Corp.
With total owned and managed assets of more than C$5.5 billion, ECN Capital Corp. (TSX:ECN) is one of North America's leading finance companies. ECN Capital operates in four verticals: Home Improvement Finance, Manufactured Housing Finance, Rail Finance and Aviation Finance.
Senior Vice President, Corporate Development and Investor Relations
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 the Company’s expectations regarding the approximate number of Shares expected to be issued and outstanding after completion of the Offer and the timing of payment for Shares purchased under the Offer. 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 Annual Information Form for the financial year ended December 31, 2018 dated March 19, 2018 and ECN Capital’s Annual MD&A for the financial year ended December 31, 2017, each of which has been filed on SEDAR and can be accessed at www.sedar.com. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and ECN Capital does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.