TSX Symbol: ETC
TORONTO, Jan. 18 /CNW/ - Equitable Group Inc. ("EGI") (TSX:ETC) announced
today that it currently holds, as part of its investment portfolio, 207,000
preferred shares Series 5 of Quebecor World Inc. (IQW.PR.5). The book value of
the holding is $5.2 million. EGI anticipates an impairment charge will be
taken on this investment for the period ended December 31, 2007 due to the
recent market activity of the IQW.PR.5 preferred shares. The impact on net
income of a full write down of this investment is estimated to be $3.1 million
($0.24 per share). EGI's total preferred share investment portfolio as at
September 30, 2007 was $170.3 million.
EGI's business operations continue to be in line with management's
About Equitable Group Inc.
Equitable Group Inc. is a leading niche mortgage lender that focuses on
single family dwelling, multi-unit residential and commercial mortgage
financing in selected geographic territories in Canada. It conducts business
through its wholly-owned subsidiary, The Equitable Trust Company, which was
founded in 1970. Equitable is also a nationally-licensed deposit-taking
institution. Equitable's non-branch business model, valued relationships with
third-party mortgage professionals and deposit-taking agents, and disciplined
lending practices have allowed the Company to grow profitably and efficiently
for many years. 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.
Notice to Readers
Certain forward-looking statements are made in this news release,
including statements regarding possible future business, financing and growth
objectives. Investors are cautioned that such forward-looking statements
involve risks and uncertainties detailed from time to time in the Company's
periodic reports filed with Canadian regulatory authorities. Many factors
could cause actual results, performance or achievements to be materially
different from any future results, performance or achievements that may be
expressed or implied by such forward-looking statements. Equitable Group Inc.
does not undertake to update any forward-looking statements, oral or written,
made by itself or on its behalf.
For further information:
For further information: Andrew Moor, President & Chief Executive
Officer, (416) 513-3519; Randy Nanek, Chief Financial Officer, (416) 513-3535