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TORONTO, March 10, 2025 (GLOBE NEWSWIRE) -- E-L Financial Corporation Limited (TSX:ELF) (TSX:ELF.PR.F) (TSX:ELF.PR.G) (TSX:ELF.PR.H) (the “Company”) announced today that the Toronto Stock Exchange (the “Exchange”) has accepted a notice filed by the Company of its intention to proceed with the renewal of its Normal Course Issuer Bid (the “Bid”) to be transacted through the facilities of the Exchange or through alternative Canadian trading systems.
The notice provides that the Company may, during the 12-month period commencing March 12, 2025 and ending March 11, 2026, purchase up to 173,086 common shares in the capital of the Company (“Shares”) in total, being approximately 5% of the total number of 3,461,722 Shares outstanding as at February 27, 2025. The price which the Company will pay for any such Shares will be the prevailing market price at the time of acquisition. The actual number of Shares which may be purchased pursuant to the Bid will be determined by management of the Company. Any Shares purchased pursuant to the Bid will be cancelled.
The average daily trading volume of the Shares on the Exchange for the most recently completed six calendar months was 227. Under the Bid, the Company may purchase up to 1,000 Shares on the Exchange during any trading day.
The timing of purchases will be determined by management of the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. The funding for any purchase pursuant to the Bid will be financed out of the working capital of the Company.
The Company’s previous Normal Course Issuer Bid (the “Previous NCIB”) expires on March 11, 2025. Under the Previous NCIB, the Company obtained the approval of the Exchange to purchase up to 173,086 Shares, which represented 5% of the 3,461,722 Shares issued and outstanding as at the close of business on February 27, 2024. The Company did not purchase any Shares on the open market under the Previous NCIB.
The Board of Directors believes that, in the event the Shares trade in a price range that does not fully reflect their value, the purchase of the Shares would be an appropriate use of corporate funds in the best interests of the Company and its shareholders. Furthermore, the purchases are expected to benefit all persons who continue to hold Shares by increasing their equity interest in the Company if the repurchased Shares are cancelled.
About E-L Financial Corporation Limited
The Company 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.