ECN Capital Corp. has completed its substantial issuer bid to purchase for cancellation up to C$265 million of its outstanding common shares for cash.
Upon completion, the Toronto-based company has repurchased 70,666,666 shares at C$3.75 apiece, representing an aggregate purchase price of approximately $265 million. The shares purchased for cancellation represent roughly 23.04% of the company's issued and outstanding shares before giving effect to the offer, ECN Capital said in a release.
A total of 83,700,039 shares were properly tendered and not properly withdrawn at or below the purchase price. As the offer was oversubscribed, successfully tendering shareholders had about 84.43% of their tendered shares bought back.
After giving effect to the offer, about 235,976,685 ECN Capital shares are issued and outstanding, the company added.