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Everyday People Financial Corp. (TSXV:EPF) announced that its shareholders approved the divestiture of its non-core financial services subsidiaries to FinCard Financial Services Inc. for $850,000 during the annual and special meeting held on July 23, 2026. The company also revealed plans to change its name to Global Receivables Management Inc. and update its trading symbol as it refocuses on its core revenue cycle management operations. Approximately 46.8% of issued and outstanding common shares were represented at the meeting, with shareholders overwhelmingly supporting the divestiture, name change, and other governance proposals.
Key Highlights
- Everyday People Financial Corp. (TSXV: EPF, OTCQB: EPFCF) held its annual and special shareholders meeting on July 23, 2026, in Edmonton, Alberta.
- Shareholders unanimously approved the sale of non-core financial services subsidiaries to FinCard Financial Services Inc. for $850,000, with 100% support from disinterested shareholders.
- The company announced intentions to rebrand as Global Receivables Management Inc. and update its TSX Venture trading symbol, pending regulatory and shareholder approvals.
- FinCard will issue 139,581,636 Class A common voting shares to be distributed on a one-for-one basis to shareholders of record as of July 23, 2026, subject to resale and transfer restrictions.
- All seven board nominees were elected by significant majorities; MNP LLP was reappointed as auditor; and the Omnibus Share Incentive Plan was ratified by 96.9% of disinterested shareholders.
- Shareholders approved issuing 435,075 common shares at $0.67 each to settle $291,500 in accrued director fees.
Subsidiary Sale Gains Full Backing from Disinterested Shareholders
The divestiture of Everyday People Financial's non-core financial services subsidiaries to FinCard Financial Services Inc., valued at $850,000, received unanimous approval from disinterested shareholders at the annual meeting. Votes from parties with material interests, including Gordon Reykdal, EAM Enterprises Inc., Carrie Reykdal, David Guebert, and Scott Sinclair, were excluded from the tally.
This strategic divestiture allows Everyday People Financial to concentrate resources on its core revenue cycle management (RCM) business. Completion of the transaction remains subject to final approval from the TSX Venture Exchange, reflecting standard regulatory oversight.
Planned Rebranding to Global Receivables Management Inc. Pending Approvals
Alongside the subsidiary sale, the company announced its plan to change its name to Global Receivables Management Inc. and update its TSX Venture Exchange trading symbol. This rebranding aligns with the company’s renewed focus on its international RCM operations, which serve clients across Canada and the United Kingdom under brands including BPO, EPFS, CCS, ACT, GCS, and Groupe Solution.
The name and symbol change require shareholder consent, Exchange acceptance, and other regulatory approvals, including filing Articles of Amendment. No timeline has been provided for these approvals, so investors should monitor for future updates.
Details on FinCard Share Distribution and Transfer Restrictions
As disclosed on June 23, 2026, FinCard Financial Services Inc. issued 139,581,636 Class A common voting shares held in trust for Everyday People Financial shareholders. These shares will be distributed on a one-for-one basis to shareholders of record as of July 23, 2026, under a Trust Agreement involving FinCard, Everyday People Financial, Barret Reykdal as bare trustee, and Odyssey Trust Company as transfer agent.
Since FinCard is a private Alberta corporation and not a reporting issuer in Canada, the distributed shares will be subject to resale and transfer restrictions under securities laws and FinCard’s articles. Shareholders should review these restrictions carefully as the shares will not be freely tradable immediately upon distribution.
Board of Directors Elected with Strong Shareholder Support
All seven director nominees were elected in accordance with Everyday People Financial’s Majority Voting Policy, demonstrating robust shareholder confidence. David Guebert, Graham Rankin, Gordon Reykdal, Scott Sinclair, and Amy ter Haar each received 100% support, while Nitin Kaushal and Barret Reykdal received 99.8% approval.
The directors will serve until the next annual meeting or until successors are elected or appointed. The strong voting margins reflect investor endorsement of the board’s strategic direction, including the subsidiary divestiture and rebranding initiatives.
MNP LLP Unanimously Reappointed as Independent Auditor
MNP LLP was reappointed as the company’s independent auditor until the next annual meeting, with 100% of votes cast in favor. The Board was authorized to set auditor remuneration, providing management flexibility in fee negotiations.
This reappointment ensures continuity in financial oversight during the company’s strategic transition, offering investors assurance amid operational changes.
Omnibus Share Incentive Plan Ratified by Majority of Disinterested Shareholders
The Omnibus Share Incentive Plan was approved by 96.9% of disinterested shareholders, pending final TSX Venture Exchange approval. The plan authorizes grants of stock options, restricted share units, performance share units, and deferred share units to eligible participants, supporting equity-based compensation for directors, officers, employees, and consultants.
The plan includes a rolling stock option limit of 10% of outstanding common shares and a separate cap of 5,000,000 shares for Share Units and DSUs. The strong approval indicates shareholder support for equity incentives during the company’s strategic repositioning.
Director Fee Settlement Approved Through Share Issuance
Shareholders approved issuing 435,075 common shares at a deemed price of $0.67 each to settle $291,500 in accrued director fees. Votes from related parties—David Guebert, Amy ter Haar, Nitin Kaushal, and Scott Sinclair—were excluded from the count.
This equity-based settlement preserves company liquidity while aligning directors’ interests with shareholders. The transaction awaits final TSX Venture Exchange approval.
Meeting Participation and Voting Quorum
The virtual annual meeting on July 23, 2026, achieved quorum with approximately 46.8% of issued and outstanding common shares represented, totaling 60,858,894 shares based on the June 8, 2026 record date. Voting was conducted online, facilitating shareholder engagement.
While participation was significant, a substantial portion of shares did not vote. Non-participating investors should stay informed on upcoming regulatory approvals and company developments.
Company Overview and Core Revenue Cycle Management Operations
Founded in 1988, Everyday People Financial is a pure-play international Revenue Cycle Management company providing fee-for-service receivables management and debt collection across Canada and the UK. Employing over 700 professionals, its RCM platform operates under brands including BPO, EPFS, CCS, ACT, GCS, and Groupe Solution, assisting organizations in receivables recovery and billing optimization without purchasing consumer debt.
The company emphasizes responsible receivables management focused on customer outcomes, dignity, and affordability, reflecting a commitment to ethical collection practices. The divestiture and planned rebranding to Global Receivables Management Inc. reinforce its strategic focus on core RCM services.
Regulatory Approvals and Forward-Looking Statements
The announcement contains forward-looking information contingent on conditions including distribution of FinCard Shares, TSX Venture Exchange approvals for the divestiture and name change, and completion of a qualifying transaction involving FinCard and Smartset Services Inc. These statements are subject to risks such as failure to obtain approvals, transaction delays, adverse market conditions, and uncertainties related to FinCard’s business execution.
Investors are cautioned not to place undue reliance on forward-looking statements as actual outcomes may differ materially from those anticipated.
