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.
SOURCE Home Capital Group Inc.
For further information: For further information:
Gerald M. Soloway, CEO, or
Martin Reid, President