TORONTO, March 26, 2019 (GLOBE NEWSWIRE) -- ECN Capital Corp. (TSX: ECN) (“ECN Capital”) confirmed today that the seven nominees listed in its management information circular (the “Circular”) dated February 27, 2019 were elected as directors at today’s Annual Meeting of Shareholders (the “Meeting”). The detailed results of the vote for the election of directors at the Meeting held earlier today in Toronto, Ontario are set out below.
At the Meeting, the following seven individuals nominated to serve as directors of ECN Capital were elected by show of hands. Proxies were received as follows:
| For | Withheld | |||
| William Lovatt | 98.76% | 1.24% | ||
| Steven Hudson | 99.82% | 0.18% | ||
| Paul Stoyan | 99.80% | 0.20% | ||
| Pierre Lortie | 99.79% | 0.21% | ||
| David Morris | 98.28% | 1.72% | ||
| Donna Toth | 98.59% | 1.41% | ||
| Carol Goldman | 99.59% | 0.41% |
At the Meeting, the following resolutions as set out in the Circular, were passed as an ordinary resolution of ECN Capital’s shareholders by a vote conducted by ballot. The results of the ballots were as follows:
| Resolutions | Ballots For | Percentage | ||
| Say on Pay | 125,665,237 | 86.13% | ||
| Re-Approval of Share Option Plan | 136,630,452 | 93.65% | ||
| Re-Approval of Deferred Share Unit Plan | 124,927,491 | 85.62% | ||
| Re-Approval of Share Unit Plan | 123,376,352 | 84.56% |
The re-appointment of Ernst & Young LLP as the independent auditors of ECN Capital was also approved at the Meeting. The results of these matters considered at the Meeting are reported in the Report of Voting Results as filed on SEDAR (www.sedar.com) on March 26, 2019.
CFO Transition
During the Meeting, ECN Capital further announced the retirement of Grier Colter as Chief Financial Officer effective today, and thanked Mr. Colter for his significant contributions to the Company’s success during his tenure. The Company also announced the appointment and promotion of Michael Lepore, SVP, Controller, to the position of Chief Financial Officer effective today. This transition is part of ECN’s previously announced plan to relocate senior management to its Florida-based corporate office. During 2018, Mr. Colter informed management that he did not intend to relocate and has since been actively working with Mr. Lepore to transition all relevant functions over the last several months. Mr. Lepore will relocate with his family to Florida where he will join the ECN leadership team at its new corporate office later this Spring.
“I want to thank Grier for all of his numerous contributions to the success of ECN over his tenure as Chief Financial Officer”, said Steven K. Hudson, Chief Executive Officer. “Grier is a tremendous talent and we wish him well in his future endeavors.” Mr. Hudson continued, “I also want to congratulate Michael on his appointment to Chief Financial Officer. Michael has been intimately involved with all aspects of ECN’s business over the last several years and is perfectly suited to the role going forward.”
About ECN Capital Corp.
With managed and advised assets of more than US$31 billion, ECN Capital Corp. (TSX: ECN) is a leading provider of prime credit portfolios to more than ninety US financial institutions. ECN Capital originates, manages and advises on prime credit assets offering unsecured and secured consumer portfolio solutions as well as credit card portfolios. These services are offered through three operating businesses: Service Finance, Triad Financial Services and The Kessler Group.
Contact
John Wimsatt
647-649-4634
jwimsatt@ecncapitalcorp.com