Purchases bring insider holdings to 12.5 percent of the fully diluted issued and outstanding common shares
TORONTO, Sept. 13, 2012 /CNW/ - Element Financial Corporation (TSX:EFN) ("Element" or "the Company"), Canada's leading independent equipment finance company, today announced that it has filed an insider trading report on behalf of Brad Nullmeyer, who joined the Company on September 1, 2012 as President. This report confirms that Mr. Nullmeyer purchased 280,000 shares of the Company in the open market on September 10, 2012 at prices ranging from between $5.95 and $6.00 per share. Together with previous holdings, Mr. Nullmeyer now directly and indirectly holds 518,095 common shares of the Company. Including Mr. Nullmeyer's holdings, members of senior management, the board of directors and others deemed as insiders of the company currently hold 6,561,711 common shares and 4,489,783 common share options. These holdings represent 12.5 percent of the issued and outstanding common shares on a fully diluted basis.
"To participate in Element's performance-based incentive plan, senior managers are expected to have equity at risk alongside our common shareholders," noted Steven Hudson, Element's Chairman and Chief Executive Officer. "This additional investment of $1.7 million, together with his prior holdings, is in keeping with that compensation philosophy and represents a strong endorsement of the scale of the market opportunity that we see on Element's horizon and Brad's commitment to the Company," added Mr. Hudson.
About Element Financial Corporation
With total assets of approximately $1 billion, Element Financial Corporation is Canada's leading independent equipment finance company. Element operates nationally in three segments of the equipment finance market - Element Capital provides large ticket equipment leasing, Element Finance serves the mid-ticket equipment finance market and Element Fleet provides vehicle fleet leasing and management solutions through the Company's TLS Fleet Management division.
Forward Looking Statements
This release includes forward-looking statements regarding Element and its business. Such statements are based on the current expectations and views of future events of Element's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE Element Financial Corporation