A Spin-Out from Element Financial Corporation (TSX:EFN)
TORONTO, Sept. 26, 2016 /CNW/ - S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The shareholders of Element Financial Corporation (TSX:EFN) have approved the terms of a Plan of Arrangement whereby the company will be separated into two TSX-listed entities. Element Financial Corporation will be renamed Element Fleet Management Corp. – the ticker symbol will remain EFN. A new company, ECN Capital Corp. (Ticker ECN), will be spun out on a 1-for-1 basis from Element Financial Corporation. ECN Capital will be added to all indices where Element Financial is currently a constituent at zero price after the close of trading on Monday, October 3, 2016. The GICS codes of the two new companies going forward will be the same as the current Element Financial (40201040 – Specialized Finance).
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