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E-L FINANCIAL CORPORATION LIMITED ANNOUNCES INTENTION TO COMMENCE SUBSTANTIAL ISSUER BID

Newswire.ca - Tue Aug 16, 2022

TORONTO, Aug. 16, 2022 /CNW/ - E-L Financial Corporation Limited (TSX: ELF) (TSX: ELF.PR.F) (TSX: ELF.PR.G) (TSX: ELF.PR.H) (the "Company") announced today its intention to commence a substantial issuer bid (the "Offer") pursuant to which the Company will offer to purchase up to $100,000,000 in value of its outstanding common shares (the "Shares") from holders of Shares (the "Shareholders") for cash. As of August 16, 2022, there were 3,660,716 Shares issued and outstanding. The Offer would be for approximately 3.3% of the total number of issued and outstanding Shares if the purchase price is determined to be $825.00 (which is the minimum price per Share under the Offer) or approximately 2.8% of the total number of issued and outstanding Shares if the purchase price is determined to be $975.00 (which is the maximum price per Share under the Offer).

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