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Bullboard - Stock Discussion Forum ECN Capital Corp T.ECN

Alternate Symbol(s):  T.ECN.DB | T.ECN.DB.A | T.ECN.DB.B | T.ECN.PR.C | ECNCF | ECNNF

ECN Capital Corp. is a Canada-based company. The Company is a provider of business services to North American banks, credit unions, life insurance companies, pension funds and institutional investors (collectively, its Partners). It originates, manages and advises on credit assets on behalf of its Partners, specifically consumer (manufactured housing and recreational vehicle and marine) loans... see more

TSX:ECN - Post Discussion

ECN Capital Corp > ECN article Globe and Mail Feb 5 2024
View:
Post by Cheeky20 on Feb 05, 2024 7:56am

ECN article Globe and Mail Feb 5 2024

https://www.theglobeandmail.com/business/article-ecn-capital-finds-new-backer-for-manufactured-homes-business/

Not sure if you can access as it might be behind paywall.

Essence of article is this quote below:

Triad has been lending to home buyers since 1959. ECN acquired the company in 2017 for $125-million. As part of the parent company’s strategic shift, Toronto Stock Exchange-listed ECN is changing its name to Triad Financial Services Corp.

Skyline agreed to keep its investment in ECN at the current 19.8-per-cent level for the next two years. In a recent report, analyst Geoffrey Kwan at RBC Capital Markets said “bigger picture, we can’t help but wonder whether ECN is positioning itself for a potential sale to Skyline.”
 
Along with Triad, ECN owns a division that lends to boat and recreational vehicle buyers. Last September, the company said it plans to exit this business after a strategic review that concluded with the Skyline investment. Mr. Kwan said ECN is expected to sell or spin off the boat and RV lender in the first quarter of this year.

This is consistent with what was communicated last year when Skyline acquired their stake.  Rename to Triad, spin out or sell marine business.  Wheels are in motion, just very slowly
Comment by snootchybootchy on Feb 05, 2024 8:23am
Steven Hudson's contract ends at the end of this year. I believe the reason he extended his contract one more year in 2022 was to to make sure ECN is on the other side of the interest rate hikes when he preps it for sale. The $3.3M worth of open market purchases of ECN shares during Q4 of 2023 by Hudson also indicates to me he is setting himself up for a nice payday. I think Hudson will get ...more  
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