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TORONTO, June 18, 2014 /CNW/ - Equitable Group Inc. (TSX: EQB and EQB. PR.A) ("Equitable" or the "Company") announced today that it has filed a preliminary short form base shelf prospectus (the "Prospectus") with the securities regulatory authorities in each of the provinces and territories of Canada.
Pursuant to the Prospectus, the Company may issue securities (the "Securities") for an aggregate offering amount of up to $500 million during the 25-month period in which the final short form base shelf prospectus, if approved, remains valid. Should Equitable offer any Securities, it will make available a prospectus supplement which includes the specific terms of the Securities being offered.
The Company filed the Prospectus to give it flexibility to take advantage of financing opportunities as it sees fit, subject to market conditions and other relevant factors. There is no certainty that any Securities will be offered or sold under the final short form base shelf prospectus within the 25-month period.
ABOUT EQUITABLE GROUP INC.
Equitable Group Inc. is a growing Canadian financial services business that serves the market through its wholly-owned subsidiary, Equitable Bank. Equitable Bank is a federally regulated Schedule I Bank with total assets of approximately $12 billion, with more than 300 employees and proven capabilities in lending and deposit-taking. The Company's integrated operations are organized according to specialty. Within Equitable Bank's Core Lending business, Single Family Lending Services funds mortgages for owner-occupied and investment properties across Canada while Commercial Lending Services provides mortgages on a variety of commercial properties on a national basis. Equitable's Securitization Financing business originates and securitizes insured residential mortgages under the Canada Mortgage and Housing Corporation administered National Housing Act. Equitable Bank provides savings products including Guaranteed Investment Certificates and savings accounts. Equitable Bank was founded in 1970 as The Equitable Trust Company. For more information, visit the Company's website at www.equitablebank.ca and click on Investor Relations.
Certain statements contained in this media release constitute forward-looking information within the meaning of applicable securities laws. These statements include, but are not limited to, statements about the Company's objectives, strategies and initiatives, financial performance expectations and other statements made herein, whether with respect to the Company's businesses or the Canadian economy. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases which state that certain actions, events or results "may" , "could", "would", "should", "might" or "will be taken", "occur", "be achieved", or other similar expressions of future or conditional verbs.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. This includes, but is not limited to, risks related to capital markets and additional funding requirements, fluctuating interest rates and general economic conditions, legislative and regulatory developments, changes in accounting standards, the nature of the Company's customers and rates of default, and competition as well as other factors discussed in the Company's documents filed on SEDAR at www.sedar.com.
All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current credit, interest rate and liquidity conditions affecting the Company and the Canadian economy as of the date of this media release. Although the Company believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain material assumptions are applied by the Company in making forward-looking statements, including without limitation, assumptions regarding its continued ability to fund its mortgage business, a continuation of the current level of economic uncertainty that affects real estate market conditions, continued acceptance of its products in the marketplace, as well as no material changes in its operating cost structure and the current tax regime. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.
SOURCE: Equitable Group Inc.
For further information:
President and Chief Executive Officer
Vice President and Chief Financial Officer