ElementFinancial Corp. has completed its reorganization into two separatepublicly traded companies.
Element Fleet Management Corp., formerly known as ElementFinancial Corp., was established as a fleet management company. It is led byBradley Nullmeyer as CEO and has about C$18.0 billion in assets.
ECN Capital Corp. was formed as a North American commercialfinance company with about C$8.2 billion in owned and managed assets. Led bySteven Hudson as CEO, it will operate commercial and vendor finance, railfinance and aviation finance businesses.
Common shares of Element Fleet will commence trading on theToronto Stock Exchange under the ticker symbol EFN, and common shares of ECNCapital will commence trading on the exchange under the ticker symbol ECN, atthe start of trading Oct. 4.
At closing of the reorganization, the company's shareholdersreceived 1 Element Fleet common share and 1 ECN Capital common share for eachcommon share held prior to the separation.
The reorganization was implemented through a statutory planof arrangement. The company has adjusted the applicable conversion prices ofthe C$345 million aggregate principal amount of 5.125% convertible debenturesdue June 30, 2019, and the C$575 million aggregate principal amount of 4.25%convertible debentures due June 30, 2020, based on a formula approved by theToronto Stock Exchange. The debentures continue to be the outstandingobligations of Element Fleet.