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TORONTO, June 27, 2025 (GLOBE NEWSWIRE) — E-L Financial Corporation Limited (TSX:ELF) (TSX:ELF.PR.F) (TSX:ELF.PR.G) (TSX:ELF.PR.H) (the “Company”) announced today that, as part of its previously announced normal course issuer bid (the “Bid”), it has entered into a pre-defined automatic share purchase plan (“ASPP”) with its designated broker in order to facilitate repurchases of the Company’s common shares (the “Shares”). The ASPP has received clearance from the Toronto Stock Exchange (the “Exchange”) and is scheduled to take effect on June 30, 2025.
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The ASPP is designed to allow for the repurchase of the Shares in connection with the Bid at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Outside of the restricted periods, the timing of purchases will be determined by management of the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. The funding for any purchase pursuant to the Bid will be financed out of the working capital of the Company.
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The ASPP will terminate on the earliest of the following dates: (a) upon the expiration of the Bid; (b) when the maximum annual purchase limit under the Bid is reached; or (c) the ASPP otherwise terminates in accordance with its terms.
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All purchases of Shares made under the ASPP will be included in determining the number of Shares purchased under the Bid. Any Shares purchased by the Company pursuant to the ASPP will be cancelled. The Company is not currently in possession of any material undisclosed information in relation to the Company, the Shares or any of the Company’s other securities.
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The Company previously announced that it had received approval from the Exchange to purchase up to 173,086 Shares for cancellation through the facilities of the Exchange or through alternative Canadian trading systems during the 12-month period commencing March 12, 2025 and ending March 11, 2026. The Bid has been subsequently adjusted to reflect the a hundred-for-one share split of the Shares approved by the shareholders of the Company on May 7, 2025. Since the initiation of the Bid, the Company has not bought back any Shares.
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About E-L Financial Corporation Limited
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The Company operates as an investment and insurance holding company. In managing its operations, the Company distinguishes between two operating segments, E-L Corporate and Empire Life.
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E-L Corporate represents investments in stocks and fixed income securities held directly and indirectly through pooled funds, closed-end investment companies and other investment companies. The investment strategy is to accumulate shareholder value through long-term capital appreciation and dividend and interest income from its investments.
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