TORONTO, Aug. 31,
2022 /CNW/ - E-L Financial Corporation Limited (TSX:
ELF) (TSX: ELF.PR.F) (TSX: ELF.PR.G) (TSX: ELF.PR.H) (the
"Company") announced today that on September 6, 2022, it will mail to Shareholders a
notice of change (the "Notice of Change") to its substantial
issuer bid circular (the "Circular") dated as of
August 16, 2022, previously filed on
SEDAR under the Company's issuer profile at www.sedar.com,
announcing the Company's intention to commence a substantial issuer
bid (the "Offer") to purchase up to $100,000,000 in value of its outstanding common
shares (the "Shares") for cash.
The Offer commenced on August 22,
2022 and will expire on September 26, 2022 (the
"Expiration Date"), unless withdrawn or extended. The Offer
is not be 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 $18.00 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 Corporation
Limited
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.
Forward Looking
Statements
This press release may contain forward-looking information
within the meaning of applicable securities regulation. The words
"may", "will", "would", "should", "could", "expects", "plans",
"intends", "trends", "indications", "anticipates", "believes",
"estimates", "predicts", "likely" or "potential" or the negative or
other variations of these words or other comparable words or
phrases, are intended to identify forward-looking statements. These
statements include, without limitation, statements including the
aggregate amount of Shares to be purchased for cancellation under
the Offer, the expected expiration date of the Offer and the
estimated paid-up capital. The Company believes the expectations
reflected in the forward-looking statements in this press release
are reasonable but no assurance can be given that these
expectations will prove to be correct and such forward- looking
statements should not be unduly relied upon. Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties that may cause the results or
events mentioned in this press release to differ materially from
those that are discussed in or implied by such forward-looking
information. These risks and uncertainties include, but are not
limited to, general, local economic, and business conditions. All
forward-looking information in this press release speaks as of the
date hereof. The Company does not undertake to update any such
forward-looking information whether as a result of new information,
future events or otherwise. Additional information about these
assumptions and risks and uncertainties is disclosed in filings
with securities regulators filed on SEDAR (www.sedar.com).
SOURCE E-L Financial Corporation Limited