TSX Symbol: ETC
TORONTO, March 2 /CNW/ - The block of 971,773 shares crossed by GMP
Securities on Thursday, March 1 represented the sale by Geoffrey Bledin,
Vice-Chairman, of substantially all of his shares. Mr. Bledin retains his
options on 125,000 shares which he intends to exercise, and remains an owner
of $3 million of the Company's debenture debt.
As noted in recent reports by the Company, Mr. Bledin assumed the
position of Vice-Chairman with the responsibility to assist in the transition
of the leadership of the Company to Andrew Moor, newly appointed President and
CEO. This transition is expected to extend through the balance of this year.
"Geoffrey Bledin provided Equitable Group and Equitable Trust with
wonderful leadership for a period of 17 years", said Austin Beutel, Chairman.
"His decision to resign as President was part of his desire to phase out of
operations in an orderly fashion. He remains available to Equitable to assist
in such areas and for such services as may be required of him. His sale of
shares is part of his personal financial planning, and was accomplished in one
block to avoid the overhang and downward pressure on the share price which a
series of sales, over several months, might have precipitated.
The directors of Equitable look forward to Andrew Moor's leadership, and
the seamless continuation of the Company's services in first mortgage
financing and in deposit taking through its Guaranteed Investment
Certificates," added Mr. Beutel.
About Equitable Group
Equitable Group Inc. provides first mortgage financing through its
wholly-owned subsidiary, The Equitable Trust Company. It also offers
Guaranteed Investment Certificates to depositors as a nationally-licensed
deposit-taking institution. Equitable Trust was founded in 1970, and by
following a prudent, results-driven approach, Equitable has become a lead in
its primary niches: alternative single family dwelling as well as multi-unit
residential mortgage lending. The common shares of Equitable Group Inc. are
listed on the Toronto Stock Exchange under the trading symbol of "ETC." For
more information visit www.equitablegroupinc.com.
For further information:
For further information: Austin Beutel, Chairman of the Board, (416)
932-6304; or Andrew Moor, President and Chief Executive Officer, (416)