ECN Capital Corp. released the preliminary results of its tender offer to repurchase C$265 million of its common shares.
Approximately 83,700,039 common shares were properly tendered and not withdrawn in the offer. ECN Capital expects to repurchase 70,666,666 of the common shares at C$3.75 apiece.
As the tender offer was oversubscribed, the company expects that shareholders will have about 84.43% of their tendered shares bought back.
ECN Capital will have approximately 235,976,685 issued and outstanding common shares after the tender offer.