TORONTO, Aug. 25, 2014 /CNW/ - Smoothwater Capital Corporation (Smoothwater Capital) announced today that Smoothwater Capital Partners LP I (Smoothwater LP), a partnership controlled by Smoothwater Capital, has acquired an additional 330,900 common shares of Equity Financial Holdings Inc. (Equity) (EQI:TSX), representing approximately 3.49% of the issued and outstanding common shares of Equity. Smoothwater LP now holds an aggregate of 1,891,900 common shares of Equity, being approximately 19.96% of the outstanding common shares.
Smoothwater LP acquired the additional 330,900 common shares through the open market between August 18, 2014 and August 25, 2014 at prices ranging from $9.10 to $9.50 per share for investment purposes and is the largest shareholder of Equity based on a review of public filings.
"We are very pleased with the progress being made by Equity and its new management team," said Stephen J. Griggs, CEO of Smoothwater Capital. "Equity now has in place an excellent board and management team, and Smoothwater, as the largest shareholder, is delighted to be able to acquire additional shares at today's below book value market price. We are confident that this team will lead Equity Financial to significant success over the long term for all shareholders".
Smoothwater LP and its affiliates may in the future acquire additional shares of Equity through open market purchases, private agreements or otherwise.
This news release is issued pursuant to the early warning requirements of applicable Canadian securities laws. Smoothwater LP will file early warning reports in accordance with applicable securities laws, copies of which will be available on SEDAR at www.sedar.com or upon request to Smoothwater LP.
About Smoothwater Capital:
Smoothwater Capital Corporation focuses on investing in small to midcap Canadian public companies where there is an identifiable path to significantly improve shareholder value. Smoothwater works to effect change in targeted companies, often collaboratively with institutional and other like-minded investors who hold material positions but are not able to take on the time consuming and costly activist role.
SOURCE: Smoothwater Capital Corporation
For further information: or to obtain a copy of the related early warning report, please contact: Smoothwater Capital Partners LP, c/o Smoothwater Capital Corporation, Suite 2500, 120 Adelaide Street West, Toronto, Ontario, M5H 1T1, Attention: Stephen J. Griggs, Chief Executive Officer, Telephone: 416.644.6582, Email: [email protected]