ECN Capital Enters into Automatic Share Purchase Plan
DEC 26, 2017 - 6:30 am
ECN Capital entered into an automatic securities purchase plan with a designated broker to facilitate repurchases of its outstanding common shares in connection with its previously established normal course issuer bid, which commenced on July 5, 2017.
The plan has been approved by the Toronto Stock Exchange and will be implemented effective 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: the purchase limit specified in the Plan has been reached, the purchase limit under the bid has been reached, the company terminates the plan in accordance with its terms, in which case the company will issue a press release confirming such termination and 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 purchased 9,687,400 common shares under the bid.
If you are a secured lender, then you know to file a UCC financing statement to perfect your security interest in the collateral, whether or not it is tangible (such as equipment) or intangible (such as accounts or leases). You... read more
What are the things you find most useful when working with funding sources? What do you find least useful? Paul Burnham: Funders, please let the TPO [third party originator] know how important they are to the organization. Answer the phone... read more