E-L Financial Corp Ltd T.ELF

SIB

[Thor16]

What are your thoughts on the SIB chuck?

[chuck84]

say there is a near zero chance of full fills on either so top of range for certain. note simulataneous on all 3, ELF, UNC and EVT but major steps towards end game

[chuck84]

keep in mind, in 2015 they bid 35% over market for ALC in a SIB and got a 25% fill! BUT ALC subsequently tanked so doesnt mean must hold that price after if market implodes but this is a major step to end game i have to think

[chuck84]

lastly, if by some miracle they get full fill on ELF... 1) would be accretive to NAV by approx $30 and 2) would put discount in somewhat but still wider than it was when s&p bottomed month or so ago AND wider than decv 2019 when board made decision to commence NCIBs tough decision to take 10-15% return but forego what would still be an additional 100% in go private

[Malpeque2]

What are the percentages here of all the public shares being bid for on each company? ELF.    EVT.   UNC   by the Jackman's. Got to be moving closer to the "end game" as you say

[chuck84]

well thats the trick... they currently report owning just over 80% of each but i am a firm believer that figure is understated. have argued in prior posts how, say in ELF's case, they report the "public float" as shares o/s less the big three insiders (D&A, C&F and EVT which collectively own approx 2.4mm - see last SIB circular) however, HNR reports almost 3mm. the

[Thor16]

I am very curious to see what the uptake is.  Full fill would be ~25% of public float.  Potentially interesting.

[chuck84]

put in another context... approximately 1% of what the SIBs are looking for traded today

[Thor16]

Above average volume! ;)