|Element Financial Corporation - EFN.t is one of North America’s leading fleet management and equipment finance companies. On October 3, 2016, Element Financial separated into two market leading, independent public companies - an $18 billion world class fleet management company (Element Fleet Management) and a North American commercial finance company (ECN Capital) with $8.2 billion in owned and managed assets.|
Element Financial Corporation (“Element”), now Element Fleet Management Corp. (TSX: EFN) (“Element Fleet”) and ECN Capital Corp. (TSX: ECN) (“ECN Capital”) today jointly announced the completion of the reorganization of Element into two separate publicly-traded companies (the “Separation Transaction”), implemented by way of statutory plan of arrangement (the “Arrangement”).
As a result of the Separation Transaction, Element Fleet, led by Bradley Nullmeyer as CEO, has been established as the world’s largest publicly traded fleet management company with approximately $18.0 billion in assets and ECN Capital, led by Steven Hudson as CEO, has been established as a leading North American commercial finance company with approximately $8.2 billion in owned and managed assets. The Separation Transaction was approved by 99.5% of Element Fleet shareholders at a special meeting of shareholders on September 20, 2016, and by the Ontario Superior Court of Justice (Commercial List) on September 21, 2016.