ECN Capital Announces Completion of Substantial Issuer Bid

World News: . []

TORONTO, April 16, 2018 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX:ECN) (“” or the “”) announced today the final results of its modified “Dutch auction” substantial issuer bid to purchase for cancellation up to $115 million of its outstanding common shares (“”) from shareholders for cash (the “”). The Offer expired at 5:00 p.m. (Toronto time) on April 10, 2018.

Based on the final count by Computershare Trust Company of Canada, as depositary for the Offer (the “”), the Company has taken up and paid for 31,944,444 Shares at a price of $3.60 per Share (the “”), for an aggregate purchase price of approximately $115 million excluding fees and expenses relating to the Offer.

The Shares purchased for cancellation under the Offer represent approximately 8.82% of the Shares issued and outstanding before giving effect to the Offer. After giving effect to the Offer, approximately 330,149,996 Shares are issued and outstanding.

Based on the final count by the Depositary, a total of 37,774,395 Shares were properly tendered to the Offer and not properly withdrawn at or below the Purchase Price. In addition, in connection with the Offer approximately 36.5 million Shares were tendered at prices at or above $3.80 per Share. As the Offer was oversubscribed, successfully tendering shareholders had approximately 84.57% of their successfully tendered Shares purchased by the Company under the Offer, except for “odd lot” tenders (of holders beneficially owning fewer than 100 Shares) which were not subject to pro-ration.

The Company has made payment for the Shares tendered and accepted for purchase by tendering the aggregate purchase price to the Depositary in accordance with the Offer and applicable laws, and payment to the shareholders will be effected by the Depositary. Payment for the Shares will be made in cash, without interest. Any Shares invalidly tendered or tendered and not purchased will be returned to the tendering shareholder promptly by the Depositary.

With total owned and managed assets of more than C$5.5 billion, ECN Capital Corp. (TSX:ECN) is one of North America's leading finance companies. ECN Capital operates in four verticals: Home Improvement Finance, Manufactured Housing Finance, Rail Finance and Aviation Finance.

John WimsattSenior Vice President, Corporate Development and Investor Relations 647-649-4634 

More news and information about ECN Capital Corp.

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Globe Newswire: 13:43 GMT Monday 16th April 2018

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