E-L Financial Corporation Limited (ELF) revealed on Tuesday its strategy to buy back its outstanding common shares through a "modified Dutch auction". The proposal allows shareholders to tender their shares at a price they determine or accept the final auction-determined rate. Depending on the ultimate purchase price, the offer could represent approximately 3.1% or 2.7% of the total 3,552,390 circulation shares. This pricing structure is intended to enable ELF to acquire the maximum number of shares within a predetermined financial limit.
In related news, Stella-Jones Inc., a prominent North American manufacturer of pressure-treated wood products, announced its plan to repurchase shares via the normal course issuer bid (NCIB) on the TSX. The company intends to carry out purchases at market prices, with a daily limit set at 29,020 common shares. This amount represents 25% of the average daily trading volume over six months ending October 31, 2023. To ensure continuity during self-imposed blackout periods, an automatic share purchase plan with a designated broker has been established. According to Stella-Jones' board of directors, this share repurchase strategy is viewed as a beneficial investment that aligns with the company's best interests.
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