Mount Logan Capital Inc. to Proceed with Share Consolidation
TORONTO, Nov. 19, 2019 (GLOBE NEWSWIRE) — Mount Logan Capital Inc. (NEO: MLC) (“Mount Logan,” “our,” “we,” or the “Company”) announces that its board of directors (the “Board”) has determined to proceed with a consolidation of the issued and outstanding common shares of the Company on the basis of one (1) post-consolidation share for every eight (8) pre-consolidation shares (the “Consolidation”). Upon completion of the Consolidation, the Company will have approximately 10,605,235 common shares outstanding, subject to adjustment for fractional shares and assuming no additional shares are issued prior to the Consolidation becoming effective. The Company expects the effective date for the Consolidation will be on or about December 3, 2019.
Ted Goldthorpe, Chief Executive Officer and Chairman of Mount Logan, noted, “We believe the share consolidation will result in a share price that better reflects the institutional nature of our business. Subject to board approval, we intend to follow our share consolidation with a dividend before year end and will in the ordinary course continue to evaluate additional capital raise opportunities in the near term.”At the Company’s annual and special meeting of shareholders held on May 30, 2019 (the “Meeting”), shareholders approved the consolidation of the Company’s common shares on the basis of one (1) post-consolidation share for up to ten (10) pre-consolidation shares and gave authority to the Board to determine the ratio for the share consolidation within such range and to implement such share consolidation at any time prior to the next annual meeting of shareholders.The Consolidation is subject to acceptance by the NEO Exchange. For additional details regarding the Consolidation, please see the Company’s management information circular dated April 29, 2019 prepared in connection with the Meeting which is available under the Company’s SEDAR profile at www.sedar.com.About Mount Logan Capital Inc.