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Hudson Invests $18.2MM in ECN Common Shares

November 22, 2016, 07:03 AM
Filed Under: Industry News

ECN Capital Corp. reported that the Company’s CEO, Steven Hudson, has purchased $18.2 million in ECN Common Shares in the open market at an average price of $2.88 per share. He also exercised previously vested options to purchase 300 thousand common shares of Element Fleet Management (formerly Element Financial Corporation) and options to purchase 300 thousand common shares of ECN Capital for tax planning purposes. The purchases bring Mr. Hudson’s direct and indirect holdings in ECN Capital to approximately 9.2 million shares with a current market value of $26.6 million.

Mr. Hudson’s ECN Capital share purchase transaction was funded from the net proceeds of the sale of 1.98 million common shares of Element Fleet Management Corp. On October 3, 2016 Element Financial Corporation concluded a separation transaction which resulted in Element Fleet and ECN Capital becoming two separate publicly traded companies.

“These transactions re-balance my holdings in ECN Capital and Element Fleet Management so that they are now approximately equal and continue to represent the largest single investments in my portfolio,” said Mr. Hudson. “The purchase of ECN Capital shares also signals my personal conviction as CEO that this Company is uniquely positioned to seize the growth opportunities that we see emerging in the North American specialty finance market,” added Mr. Hudson.

Mr. Hudson served as the CEO of Element Financial Corporation for six years prior to the separation transaction and continues to serve as a Director and Vice-Chairman of that company. Insider trading reports for both transactions have been filed under the System for Electronic Disclosure by Insiders (SEDI).

“I remain a significant shareholder of Element Fleet Management Corp. and firmly believe that its management team will deliver exceptional value to investors as they consolidate their leadership position in the market and execute on the company’s growth strategy,” added Mr. Hudson.

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