E-L Financial Corporation Limited

E-L Financial Corporation Limited

November 15, 2013 12:54 ET

E-L Financial Corporation Limited Announces Acquisition of Common Shares of United Corporations Limited

TORONTO, ONTARIO--(Marketwired - Nov. 15, 2013) - E-L Financial Corporation Limited ("E-L") (TSX:ELF)(TSX:ELF.PR.F)(TSX:ELF.PR.G)(TSX:ELF.PR.H) announces that it acquired a further 6,400 Common Shares of United Corporations Limited ("United"), increasing its ownership from 6,259,259 (51.33%) of the Common Shares to 6,265,659 (51.38%) of the Common Shares. E-L has an informal understanding with other shareholders of United under which they act in concert with respect to the voting of securities of United held by them. The purchase increases the ownership of E-L and these other shareholders from 9,002,901 (73.83%) of the Common Shares to 9,009,301 (73.88%) of the Common Shares. The purchase was effected through the facilities of the Toronto Stock Exchange for consideration of $70.62 per share. The purchase, and E-L's holding of Common Shares of United, are for investment purposes only. E-L may purchase further Common Shares from time to time, if in its judgment the shares represent a good investment in view of their price. E-L is relying on the exemption from the formal bid requirements set forth in section 100 of the Securities Act (Ontario). The normal course purchase exemption is available as E-L's purchase of 6,400 Common Shares (together with other purchases by E-L, and the other shareholders with which E-L acts in concert, in the preceding 12 months) did not exceed 5% of the outstanding Common Shares of United; there is an established market for the Common Shares; and, the value of the consideration paid for the Common Shares will not exceed the market price, plus reasonable brokerage fees or commissions actually paid.

Contact Information

  • Mark M. Taylor
    Executive Vice-President and CFO
    165 University Avenue, Tenth Floor
    Toronto, Ontario M5H 3B8
    Telephone: (416) 947-2578
    Fax: (416) 362-2592