The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from CNW Group

HOME CAPITAL GROUP INC. ANNOUNCES NORMAL COURSE ISSUER BID

Monday, August 30, 2010

HOME CAPITAL GROUP INC. ANNOUNCES NORMAL COURSE ISSUER BID12:17 EDT Monday, August 30, 2010 TORONTO, Aug. 30 /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, pursuant to which Home Capital may purchase for cancellation up to 3,134,841 of its Common Shares, representing approximately 10.0% of its 31,348,410 public float of issued and outstanding Common Shares. As of August 30, 2010, there are 34,669,840 Common Shares outstanding. The average daily trading volume from February 1, 2010 to July 31, 2010 was 76,139 shares, 25% being 19,035 shares. The purchases may commence on September 1, 2010, and will terminate on August 31, 2011, or on such earlier date as Home Capital may complete its purchases pursuant to the Notice of Intention. The purchases will be made by Home Capital in accordance with the rules of the exchange and the prices 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 August 1, 2009, which expired July 31, 2010, Home Capital purchased 191,700 shares at an average price of $41.40 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 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, Visa and payment card services. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British Columbia, Nova Scotia and Quebec. For further information: <p>Gerald M. Soloway, CEO, or<br/>Martin Reid, President<br/>416-360-4663<br/><a href="http://www.homecapital.com/">www.homecapital.com</a></p>