Element Fleet plans normal course bid for preferreds, debentures

New York, Aug. 10 – Element Fleet Management Corp. said it plans to file a notice of intention to commence normal course issuer bids for its preferred shares and debentures.

The notice will be filed with the Toronto Stock Exchange, according to a news release.

The issuer bids provide the company with “a flexible way of rebalancing its capital structure while returning value to security holders that choose to participate,” Element Fleet commented.

Under the bids, the company will be able to buy up to 10% of the public float of each issue of preferreds and debentures during the 12 months after the notice is accepted by the exchange.

Purchases will be made in the open market or as otherwise permitted.

Element Fleet Management is a Toronto-based provider of management services and financing for commercial vehicle and equipment fleets.

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