First National receives court approval for takeover

Mr. Robert Inglis reports FIRST NATIONAL OBTAINS FINAL COURT APPROVAL FOR PLAN OF ARRANGEMENT First National Financial Corp. has obtained a final order from the Ontario Superior Court of Justice (commercial list) approving the previously announced plan of arrangement under the Business Corporations Act (Ontario). Under the arrangement, a newly formed acquisition vehicle controlled by private equity funds managed by Birch Hill Equity Partners Management Inc. and private equity funds managed by Brookfield Asset Management will acquire all of the outstanding common shares of First National, other than certain shares owned by the company's founders, Stephen Smith and Moray Tawse, for $48 per share in cash. Receipt of the final order follows First National's special meeting of holders of shares held on Sept. 30, 2025, where a special resolution approving the arrangement was overwhelmingly approved by shareholders. Remaining conditions to completion of the arrangement Completion of the arrangement remains subject to clearance under the Competition Act (Canada) and the satisfaction or waiver of other customary closing conditions that are set out in the arrangement agreement entered into between First National and the purchaser on July 27, 2025. Subject to obtaining clearance under the Competition Act (Canada), the arrangement is anticipated to close in October, 2025. About First National Financial Corp. First National is the parent company of First National Financial LP, a Canadian-based originator, underwriter and servicer of predominantly prime residential (single family and multiunit) and commercial mortgages. With almost $160-billion in mortgages under administration, First National is one of Canada's largest non-bank mortgage originators and underwriters. We seek Safe Harbor.