Element Financial’s business separation plan received nearly unanimous approval at a special meeting of shareholders. With 99.52% of shareholders voting in favor of the plan to split the company into two separate entities, Element has now overcome one of the final hurdles to its plan to break the company into two parts: ECN Capital and Element Fleet Management.

When the separation becomes official, shareholders will hold one new common share of Element Fleet Management and one common share of ECN Capital for each common share they held of Element.

“I am very pleased with the overwhelming show of support that this separation transaction has received from our shareholders,” said Steven Hudson, Element’s CEO. “This separation transaction is the culmination of the effort of all of our employees and the support of our customers and partners over the last five years to build Element into North America’s largest independent equipment finance and fleet management company.”

Completion of the separation remains subject to certain conditions, including final court approval. The final hearing to approve the arrangement is scheduled to be held on September 21. Element expects the separation to be completed on October 3.