ECN Capital

TSX Approves ECN Capital’s Normal Course Issuer Bids for Common Shares and Series C Preferred Shares

Retrieved on: 
Wednesday, September 14, 2022
Partner, Indian stock exchange, TSX, BID, Plan, Series, Intention, Company, ECN, ECN Capital, BIDS, GLOBE, Toronto Stock Exchange, Security (finance), Auction, RV

TORONTO, Sept. 14, 2022 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN, ECN.PR.C) (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 Series C Preferred Share Bid and, together with the Common Share Bid, the Bids) for the Companys Cumulative 5-year Minimum Rate Reset Preferred Shares, Series C (the Series C Preferred Shares).

Key Points: 
  • TORONTO, Sept. 14, 2022 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN, ECN.PR.C) (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 Series C Preferred Share Bid and, together with the Common Share Bid, the Bids) for the Companys Cumulative 5-year Minimum Rate Reset Preferred Shares, Series C (the Series C Preferred Shares).
  • Pursuant to the Bids, the Company may repurchase on the open market (or as otherwise permitted), up to 22,170,050 Common Shares and 371,040 Series C Preferred Shares, representing approximately 10% of the public float of each of the Common 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.
  • As of September 6, 2022, the Company had 246,781,223 Common Shares and 3,712,400 Series C Preferred Shares issued and outstanding and a public float of 221,700,508 Common Shares and 3,710,400 Series C Preferred Shares.
  • Pursuant to previous notices of intention to conduct normal course issuer bids, under which the Company sought and received approval of the TSX to purchase 22,455,925 Common Shares, 384,210 Cumulative 5-Year Minimum Rate Reset Preferred Shares, Series A (the Series A Preferred Shares) and 371,040 Series C Preferred Shares, which commenced on September 17, 2021 and expires September 16, 2022, the Company purchased 653,976 Common Shares at the average purchase price of $6.57 per Common Share, 0 Series A Preferred Shares and 0 Series C Preferred Shares on the open market.

ECN Capital Announces Intention to Renew its Normal Course Issuer Bid for Common Shares and Series C Preferred Shares

Retrieved on: 
Friday, September 9, 2022
Indian stock exchange, Toronto Stock Exchange, Company, GLOBE, Intention, TSX, ECN, BIDS, ECN Capital, Series, Partner, Security (finance), Auction

TORONTO, Sept. 09, 2022 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN, ECN.PR.C) (ECN Capital or the Company) today announced that it has filed notices of intention with the Toronto Stock Exchange (the TSX) to renew its normal course issuer bid (the Common Share Bid) for its common shares (Common Shares) and a normal course issuer bid (the Series C Preferred Share Bid and, together with the Common Share Bid, the Bids) for the Companys Cumulative 5-year Minimum Rate Reset Preferred Shares, Series C (Series C Preferred Shares).

Key Points: 
  • TORONTO, Sept. 09, 2022 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN, ECN.PR.C) (ECN Capital or the Company) today announced that it has filed notices of intention with the Toronto Stock Exchange (the TSX) to renew its normal course issuer bid (the Common Share Bid) for its common shares (Common Shares) and a normal course issuer bid (the Series C Preferred Share Bid and, together with the Common Share Bid, the Bids) for the Companys Cumulative 5-year Minimum Rate Reset Preferred Shares, Series C (Series C Preferred Shares).
  • There cannot be any assurance as to how many Common Shares or Series C Preferred Shares, if any, will ultimately be acquired by ECN Capital.
  • ECN Capitals intention to renew the Series C Preferred Share Bid reflects the Companys belief that purchasing the Series C Preferred Shares will be accretive to earnings and value per Common Share.
  • ECN Capital previously sought and received approval of the TSX to purchase up to 22,455,925 Common Shares, 384,210 Cumulative 5-Year Minimum Rate Reset Preferred Shares, Series A (the Series A Preferred Shares) and 371,040 Series C Preferred Shares in normal course issuer bids (the Previous Bids) which commenced on September 17, 2021 and will expire on September 16, 2022.

ECN Capital to Sell its Kessler Group Business to Stone Point Capital

Retrieved on: 
Wednesday, August 24, 2022
Trident, ECN, BMO Capital Markets, IFG, CEO, LLP, Solution, Sale, IFRS, Kirkland & Ellis, TSX, Investment, CIBC, Blake, Cassels & Graydon, Partner, GLOBE, ECN Capital, Company, Stone Point, Capital, Intercoastal, Growth, Industry, Acquisition, Financial services, Bank, Triad, RV

TORONTO, Aug. 24, 2022 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (ECN Capital or the Company), today announced that it has entered into a definitive agreement with funds managed by Stone Point Capital LLC (Stone Point), a leading private equity firm focused on investing in financial services, to sell all of the issued and outstanding equity interests in ECN Kessler Holdco LLC (the Kessler Group), a wholly-owned, indirect subsidiary of the Company through which ECN operates the Kessler Group business.

Key Points: 
  • TORONTO, Aug. 24, 2022 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (ECN Capital or the Company), today announced that it has entered into a definitive agreement with funds managed by Stone Point Capital LLC (Stone Point), a leading private equity firm focused on investing in financial services, to sell all of the issued and outstanding equity interests in ECN Kessler Holdco LLC (the Kessler Group), a wholly-owned, indirect subsidiary of the Company through which ECN operates the Kessler Group business.
  • ECN Capitals primary strategic directive has been to manage and maximize returns on investor capital in the specialty finance sector.
  • These services are offered through four operating businesses: Triad Financial Services, Source One Financial Services, Intercoastal Finance Group and the Kessler Group.
  • In addition, Stone Point Capital Markets supports our firm, portfolio companies and other clients by providing dedicated financing solutions.

ECN Capital Reports US$0.09 in Adjusted Net Income per Common Share in Q2-2022

Retrieved on: 
Thursday, August 11, 2022
CCIM, CEO, GLOBE, Triad, Income Tax Act 1967, TSX, ECN Capital, Environment, Adjustment, ECN, EBITDA, Company, Intercoastal, Income Tax Act, IFG, Renewable energy, Online gambling, Holding company, RV

TORONTO, Aug. 11, 2022 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (ECN Capital or the Company) today reported financial results for the three-month period ended June 30, 2022.

Key Points: 
  • TORONTO, Aug. 11, 2022 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (ECN Capital or the Company) today reported financial results for the three-month period ended June 30, 2022.
  • For the three-month period ended June 30, 2022, ECN Capital reported Adjusted net income applicable to common shareholders from continuing operations of $21.7 million or $0.09 per share (basic) versus $14.3 million or $0.06 per share (basic) for the previous three-month period and $11.1 million or $0.05 per share (basic) for the same period last year.
  • Net Income attributable to common shareholders for the three-month period ended June 30, 2022 was $8.1 million versus $4.3 million for the previous three-month period and $14.9 million for the same period last year.
  • The Company will host its analyst briefing to discuss these results commencing at 5:30 PM (ET) on Thursday, August 11, 2022.

ECN Capital Schedules Q2-2022 Conference Call

Retrieved on: 
Tuesday, August 2, 2022
TSX, Partner, ECN, ECN Capital, Internet service provider, Financial services, Bank

A telephone replay of the conference call may also be accessed until September 11, 2022 by dialing 1-800-319-6413 and entering the passcode 9331#.

Key Points: 
  • A telephone replay of the conference call may also be accessed until September 11, 2022 by dialing 1-800-319-6413 and entering the passcode 9331#.
  • With managed and advised assets of US$31 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American based banks, credit unions, life insurance companies, pension funds and investment funds (collectively our Partners).
  • ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically secured loan portfolios and credit card portfolios.
  • These services are offered through three operating businesses: Triad Financial Services, Source One Financial Services and The Kessler Group.

ECN Capital Reports Results of Exercise of Conversion Rights for Series C Preferred Shares

Retrieved on: 
Monday, June 20, 2022
TSX, Partner, Company, Rate, ECN Capital, Calendar, ECN, GLOBE, Life insurance, Security (finance), Series

TORONTO, June 20, 2022 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (ECN Capital or the Company) announced today that none of its Cumulative 5-Year Minimum Rate Reset Preferred Shares, Series C (the Series C Shares) (TSX: ECN.PR.C) will be converted into Cumulative Floating Rate Preferred Shares, Series D of the Company (the Series D Shares).

Key Points: 
  • TORONTO, June 20, 2022 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (ECN Capital or the Company) announced today that none of its Cumulative 5-Year Minimum Rate Reset Preferred Shares, Series C (the Series C Shares) (TSX: ECN.PR.C) will be converted into Cumulative Floating Rate Preferred Shares, Series D of the Company (the Series D Shares).
  • On June 3, 2022, ECN Capital notified holders of Series C Shares that they could elect to convert their Series C Shares into Series D Shares, subject to the terms and conditions of the Series C Shares.
  • As of 5:00 p.m. (Toronto time) on June 17, 2022, the end of the period during which holders of Series C Shares could elect to convert their Series C Shares into Series D Shares, elections for conversion into Series D Shares were received in respect of only 15,582 of the 3,712,400 outstanding Series C Shares.
  • As a result, the condition for conversion into Series D Shares is not satisfied and no Series C Shares will be converted into Series D Shares.

ECN Capital Provides Notice of Series C Preferred Shares Conversion Right and Announces Reset Dividend Rates

Retrieved on: 
Friday, June 3, 2022
Exercise, CDS, Company, United States Treasury security, Partner, Toronto Stock Exchange, GLOBE, TSX, Rate, Government, Board, Government of Canada, ECN Capital, ECN, Security (finance), Life insurance, Series

TORONTO, June 03, 2022 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (ECN Capital or the Company) announced today that it does not intend to exercise its right to redeem all or any part of the currently outstanding Cumulative 5-Year Minimum Rate Reset Preferred Shares, Series C (the Series C Shares) (TSX: ECN.PR.C) on June 30, 2022 (the Conversion Date).

Key Points: 
  • TORONTO, June 03, 2022 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (ECN Capital or the Company) announced today that it does not intend to exercise its right to redeem all or any part of the currently outstanding Cumulative 5-Year Minimum Rate Reset Preferred Shares, Series C (the Series C Shares) (TSX: ECN.PR.C) on June 30, 2022 (the Conversion Date).
  • As a result and subject to certain conditions set out in the terms of the Series C Shares as set out in the Companys articles and summarized in the prospectus supplement of the Company dated May 17, 2017 relating to the issuance of the Series C Shares, the holders of the Series C Shares will have the right to convert all or any of their Series C Shares into Cumulative Floating Rate Preferred Shares, Series D of the Company (the Series D Shares) on the basis of one Series D Share for each Series C Share on the Conversion Date.
  • As provided in the terms of the Series C Shares, if ECN determines after reviewing all Series C Shares tendered for conversion into Series D Shares that: (i) there would remain outstanding on the Conversion Date less than 500,000 Series C Shares, all remaining Series C Shares shall be converted automatically into Series D Shares on a one-for one basis effective on the Conversion Date; or (ii) there would remain outstanding on the Conversion Date less than 500,000 Series D Shares, the holders of Series C Shares shall not be entitled to convert their shares into Series D Shares on the Conversion Date.
  • All rights of holders of Series C Shares must be exercised through CDS or the CDS Participant through which the Series C Shares are held.

ECN Capital Reports US$0.06 in Adjusted Net Income per Common Share in Q1-2022

Retrieved on: 
Thursday, May 12, 2022
Company, EBITDA, Income Tax Act 1947, ECN, Housing, Environment, Solution, Adjustment, CCIM, TSX, Triad, ECN Capital, KG, Income Tax Act, Growth, CEO, GLOBE, Online gambling, Holding company

TORONTO, May 12, 2022 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (ECN Capital or the Company) today reported financial results for the three-month period ended March 31, 2022.

Key Points: 
  • TORONTO, May 12, 2022 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (ECN Capital or the Company) today reported financial results for the three-month period ended March 31, 2022.
  • For the three-month period ended March 31, 2022, ECN Capital reported Adjusted net income applicable to common shareholders from continuing operations of $14.3 million or $0.06 per share (basic) versus $13.8 million or $0.06 per share (basic) for the previous three-month period and $4.7 million or $0.02 per share (basic) for the same period last year.
  • Net Income attributable to common shareholders for the three-month period ended March 31, 2022 was $4.3 million versus $913.3 million for the previous three-month period and $5.9 million for the same period last year.
  • These dividends are designated to be eligible dividends for purposes of section 89(1) of the Income Tax Act (Canada).

ECN Capital Schedules Q1-2022 Conference Call

Retrieved on: 
Friday, May 6, 2022
ECN Capital, TSX, Partner, ECN, Internet service provider, Financial services, Bank

A telephone replay of the conference call may also be accessed until June 12, 2022 by dialing 1-800-319-6413 and entering the passcode 8596#.

Key Points: 
  • A telephone replay of the conference call may also be accessed until June 12, 2022 by dialing 1-800-319-6413 and entering the passcode 8596#.
  • With managed and advised assets of US$31 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American based banks, credit unions, life insurance companies, pension funds and investment funds (collectively our Partners).
  • ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically secured loan portfolios and credit card portfolios.
  • These services are offered through three operating businesses: Triad Financial Services, Source One Financial Services and The Kessler Group.

ECN Capital Announces Annual Meeting Voting Results

Retrieved on: 
Friday, April 8, 2022
ECN Capital, TSX, SEDAR, Partner, ECN, Online gambling, Bank

Theresultsofthese mattersconsideredattheMeeting arereportedinthe Report of Voting Results as filed on SEDAR ( www.sedar.com ) on April 7, 2022.

Key Points: 
  • Theresultsofthese mattersconsideredattheMeeting arereportedinthe Report of Voting Results as filed on SEDAR ( www.sedar.com ) on April 7, 2022.
  • With managed and advised assets of US$31 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of business services to North American based banks, credit unions, life insurance companies, pension funds and investment funds (collectively our "Partners").
  • ECN Capital originates, manages and advises on credit assets on behalf of its Partners, specifically secured loan portfolios and credit card portfolios.
  • These services are offered through three operating businesses: Triad Financial Services, Source One Financial Services and The Kessler Group.