INFOR Acquisition Corp.
TSX : IAC.A
TSX : IAC.WT

INFOR Acquisition Corp.

September 23, 2016 13:58 ET

INFOR Acquisition Corp. Files Final Prospectus in Respect of Proposed Qualifying Acquisition With ECN Capital Corp.

TORONTO, ONTARIO--(Marketwired - Sept. 23, 2016) -

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  • IAC set to file and mail management information circular on September 30, 2016; shareholder meeting scheduled for October 24, 2016

  • IAC granted Interim Order in respect of Qualifying Acquisition with ECN Capital

  • Element separation received resounding support from Element shareholders with 99.52% approval; separation scheduled to close on October 3, 2016

INFOR Acquisition Corp. (TSX:IAC.A)(TSX:IAC.WT) ("IAC" or the "Company") announced today that, in accordance with applicable rules, it has received a receipt for a final non-offering prospectus in connection with the completion of its proposed Qualifying Acquisition with ECN Capital Corp. ("ECN Capital")

On July 25, 2016, the Company announced that it had entered into a definitive arrangement agreement (the "Arrangement Agreement") with Element Financial Corporation ("Element"), ECN Capital and 2510204 Ontario Inc. pursuant to which Element will effect its spin-out of ECN Capital which will operate Element's North American commercial finance business, by way of a plan of arrangement (the "Element Arrangement"). Following completion of the Element Arrangement, ECN Capital will acquire all of the outstanding shares of IAC (other than shares of IAC held by ECN Capital or its affiliates) in exchange for common shares of ECN Capital ("ECN Capital Common Shares") by way of a plan of arrangement (the "IAC Arrangement"). Pursuant to applicable rules, the prospectus contains disclosure of ECN Capital as the resulting issuer, assuming completion of the IAC Arrangement.

IAC will file and mail an information circular on September 30, 2016, to which the final prospectus will be attached, in connection with the special meeting of shareholders of the Company (the "Meeting") at which approval of the IAC Arrangement will be sought. The Meeting is scheduled for October 24, 2016 and the closing of the IAC Arrangement is expected to occur before the end of October, 2016 subject to satisfaction or waiver of the conditions contained in the Arrangement Agreement as well as shareholder and court approval.

"IAC's Qualifying Acquisition with ECN Capital remains well on track to close before the end of October," said Neil Selfe, Chief Executive Officer of IAC. "The overwhelming support from Element shareholders to approve ECN Capital's separation from Element validates our conviction that ECN Capital represents a best-in-class commercial finance platform with a robust growth profile. We believe that the positive reaction in Element's share price since the separation was approved is indicative of investors' strong appetite for ECN Capital as a standalone business. We are thrilled to be providing IAC shareholders with an opportunity to participate in ECN Capital's significant upside potential at this highly attractive inflection point for the company," added Mr. Selfe.

The prospectus is available on www.sedar.com under INFOR Acquisition Corp.'s profile.

About INFOR Acquisition Corp.

INFOR Acquisition Corp. is a special purpose acquisition corporation incorporated under the laws of the Province of Ontario for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or engaging in any other similar business combination with one or more businesses or assets.

Visit INFOR Acquisition Corp. at www.inforacquisitioncorp.com.

About INFOR Financial Group Inc.

INFOR Financial Group Inc. ("INFOR Financial Group"), the sponsor of INFOR Acquisition Corp., is a leading independent merchant and investment bank based in Toronto. INFOR Financial Group provides innovative, independent, forward thinking financial and strategic advice to corporations, institutional investors, entrepreneurs and government entities. INFOR Financial Group's asset management division currently is focused on relationship investing and structured private credit investments. INFOR Financial Inc., a wholly-owned subsidiary of INFOR Financial Group, is an independent investment bank that offers advice on mergers and acquisitions, capital raises, risk management, private funds as well as corporate restructurings and derivative hedging strategies. In 2015, INFOR Financial Inc. was ranked as the top independent M&A advisor in Canada.

Visit INFOR Financial Group at www.inforfg.com.

Contact Information

  • Neil M. Selfe
    Chief Executive Officer and Director, INFOR Acquisition Corp
    Chief Executive Officer, INFOR Financial Group Inc.
    (416) 646-2610