TORONTO, Sept. 12, 2013 /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
3,189,788 of its Common Shares, representing approximately 10.0% of its
31,897,875 public float of issued and outstanding Common Shares. As of
September 10, 2013, there are 34,733,590 Common Shares outstanding. The
average daily trading volume from March 1, 2013 to August 31, 2013 was 137,247
shares. Daily purchases will be limited to 34,311 Common Shares, other than
block purchase exceptions. The purchases may commence on September 16, 2013,
and will terminate on September 15, 2014, 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
Pursuant to its Normal Course Issuer Bid for Common Shares commencing
September 15, 2012, which expires September 14, 2013, Home Capital purchased
92,400 shares at a weighted average price of $55.33 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 its outstanding
Common Shares may represent an appropriate and desirable use of its available
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, Visa and payment card
services. 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.
Gerald M. Soloway, CEO, or Martin Reid, President 416-360-4663
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CO: Home Capital Group Inc.
-0- Sep/12/2013 17:17 GMT
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