TORONTO, Sept. 12, 2011 /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 3,164,861 of its
Common Shares, representing approximately 10.0% of its 31,648,614
public float of issued and outstanding Common Shares. As of September
12, 2011, there are 34,664,840 Common Shares outstanding. The average
daily trading volume from March 1, 2011 to August 31, 2011 was 52,583
shares. Daily purchases will be limited to 13,146 Common Shares, other
than block purchase exceptions. The purchases may commence on September
15, 2011, and will terminate on September 14, 2012, 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
Pursuant to its Normal Course Issuer Bid for Common Shares commencing
September 1, 2010, which expired August 31, 2011, Home Capital
purchased 168,500 shares at an average price of $49.95 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:
Gerald M. Soloway, CEO, or
Martin Reid, President