TSX Approves ECN Capital’s Normal Course Issuer Bids for Common Shares and Preferred Shares
TORONTO, Sept. 14, 2020 (GLOBE NEWSWIRE) -- ECN Capital Corp. (ECN Capital or the Company) today announced that the Toronto Stock Exchange (the TSX) has approved the Companys 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 Companys 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).
- TORONTO, Sept. 14, 2020 (GLOBE NEWSWIRE) -- ECN Capital Corp. (ECN Capital or the Company) today announced that the Toronto Stock Exchange (the TSX) has approved the Companys 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 Companys 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.
- Under the TSX rules, during the six months ended August 31, 2020, the average daily trading volume on the TSX of the Common Shares, Series A Preferred Shares and Series C Preferred Shares was 600,155, 4,860 and 3,150, respectively and, accordingly, daily purchases on the TSX pursuant to the Bids will be limited to 150,038 Common Shares, 1,215 Series A Preferred Shares and 1,000 Series C Preferred Shares, other than purchases made pursuant to the block purchase exception.
- As of September 3, 2020, the Company had 242,644,199 Common Shares, 4,000,000 Series A Preferred Shares and 4,000,000 Series C Preferred Shares issued and outstanding and a public float of 224,329,259 Common Shares, 3,999,000 Series A Preferred Shares and 3,998,000 Series C Preferred Shares.