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ECN Capital Enters Into Automatic Share Purchase Plan

December 22, 2017, 08:00 AM
Filed Under: Industry News

ECN Capital Corp. announced that it has entered into an automatic securities purchase plan (the “Plan”) with a designated broker in order to facilitate repurchases of its outstanding common shares (the “Common Shares”) in connection with its previously established normal course issuer bid (the “Bid”), which commenced on July 5, 2017. The Plan has been approved by the Toronto Stock Exchange ("TSX") and will be implemented effective as of December 22, 2017.

Under the Plan, the Company's broker may purchase Common Shares under the Bid at times when the Company would ordinarily not be permitted to, due to its regular self-imposed quarterly blackout periods. Before the commencement of any particular internal trading black-out period, the Company may, but is not required to, instruct its broker to make purchases of Common Shares under the Bid during the ensuing blackout period in accordance with the terms of the Plan. Such purchases will be determined by the broker in its sole discretion based on parameters established by the Company prior to commencement of the applicable blackout period in accordance with the terms of the Plan and applicable TSX rules. Outside of these blackout periods, Common Shares will continue to be purchasable by the Company at its discretion under its Bid. The Plan will terminate on the earliest of the date on which: (a) the purchase limit specified in the Plan has been reached, (b) the purchase limit under the Bid has been reached, (c) the Company terminates the Plan in accordance with its terms, in which case the Company will issue a press release confirming such termination, and (d) the Bid terminates.

Under the Bid, which commenced on July 5, 2017, the Company is authorized to repurchase for cancellation up to 36,999,219 Common Shares. As at the close of business on December 21, 2017, the Company has purchased 9,687,400 Common Shares under the Bid.

With total owned and managed assets of more than $4.7 billion, ECN Capital Corp. (ECN) is one of North America's leading finance companies. ECN Capital operates in four verticals: Home Improvement Finance, Commercial & Vendor Finance, Rail Finance and Aviation Finance.

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