TORONTO, Sept. 11, 2014 /CNW/ - Home Capital Group
Inc. (TSX: HCG) announced today that it has filed with the Toronto
Stock Exchange a Notice of Intention to make a Normal Course Issuer
Bid, as approved by Home Capital's Board of Directors, pursuant to
which Home Capital may purchase for cancellation up to 1,293,070 of
its Common Shares, representing approximately 2.0% of its
64,653,544 public float of issued and outstanding Common
Shares. As of September 11,
2014, there are 70,107,830 Common Shares outstanding.
The average daily trading volume from March
1, 2014 to August 31, 2014 was
146,926 shares. Daily purchases will be limited to 36,731 Common
Shares, other than block purchase exceptions. The purchases may
commence on September 16, 2014, and
will terminate on September 15, 2015,
or on such earlier date as Home Capital may complete its purchases
pursuant to the Notice of Intention. The purchases made by
Home Capital will be effected through the facilities of TSX and in
accordance with the rules of TSX. The price that Home Capital will
pay for any Common Shares will be the market price of such shares
at the time of acquisition. Home Capital will make no
purchases of Common Shares other than open-market purchases.
Pursuant to its Normal Course Issuer Bid for Common Shares
commencing September 16, 2013, which
expires September 15, 2014, Home
Capital purchased 10,000 shares at a weighted average price of
$47.302 per share.
Home Capital believes that, from time to time, the market price
of its Common Shares does not fully reflect the value of its
business and its future business prospects. As a result, Home
Capital believes that the purchase of its outstanding Common Shares
may represent an appropriate and desirable use of its available
funds.
Home Capital Group Inc. is a public company, traded on the
Toronto Stock Exchange (HCG), operating through its principal
subsidiary, Home Trust Company. Home Trust is a federally regulated
trust company offering deposit, residential and non-residential
mortgage lending, securitization of insured residential first
mortgage products, consumer lending and credit card services. In
addition, Home Trust offers deposits via brokers and financial
planners, and through its direct to consumer deposit brand, Oaken
Financial. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British
Columbia, Nova Scotia,
Quebec and Manitoba.
SOURCE Home Capital Group Inc.