Mr. Richard Carty reports
E-L FINANCIAL CORPORATION LIMITED ANNOUNCES NOTICE OF CHANGE TO SUBSTANTIAL ISSUER BID CIRCULAR TO CORRECT DISCLOSED PAID-UP CAPITAL AMOUNT
On Sept. 6, 2022, E-L Financial Corp. Ltd. will mail to shareholders a notice of change to its substantial issuer bid circular dated as of Aug. 16, 2022, previously filed on SEDAR under the company's issuer profile, regarding the company's intention to commence a substantial issuer bid to purchase up to $100-million in value of its outstanding common shares for cash.
The offer commenced on Aug. 22, 2022, and will expire on Sept. 26, 2022, unless withdrawn or extended. The offer is not conditional upon any minimum number of shares being tendered. The offer is, however, subject to other conditions, and the company reserves the right, subject to applicable laws, to withdraw or amend the offer, if, at any time prior to the payment of deposited shares, certain events occur.
The notice of change states that the company estimates that on the expiration date, the paid-up capital per share should be approximately $18 for purposes of the Income Tax Act (Canada) and not $36.45 as incorrectly stated in the circular.
All terms of the offer remain the same as set out in the circular.
This press release is for informational purposes only, and does not constitute an offer to buy or the solicitation of offer to sell shares. Any questions or requests for information regarding the offer or the notice of change should be directed to Computershare, as the depositary, at: 416-263-9200, or Scotiabank, as the dealer manager, at: 416-945-4642.
About E-L Financial Corp. Ltd.
E-L Financial 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.
E-L Corporate represents investments in stocks and fixed-income securities held directly and indirectly through pooled funds, closed-end investment companies and other investment companies. The investment strategy is to accumulate shareholder value through long-term capital appreciation and dividend and interest income from its investments.
Empire Life is a subsidiary of the company. Since 1923, Empire Life has provided individual and group life and health insurance, investment, and retirement products to Canadians. Empire Life's mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income and achieve financial security.
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