TORONTO, Nov. 28, 2017 /CNW/ - West Face Capital Inc. ("West Face") has reviewed the press release issued this morning by Home Capital Group Inc. ("Home Capital") and confirms that a draft statement of claim was provided to Home Capital. The statement of claim has not been filed.
The Ontario Securities Commission commenced proceedings against Home Capital in April 2017 in respect of the incompleteness of Home Capital's disclosure. Home Capital settled that proceeding with the Ontario Securities Commission and also settled a related class action this past summer. West Face elected to opt out of that settlement and raised its claim with Home Capital directly. Home Capital determined to respond publicly.
West Face was short shares of Home Capital from April 2013 to April 2015, and has not traded shares of Home Capital since that time. West Face covered its short position during a period in which West Face now believes that market prices of Home Capital shares were inflated due to incomplete public disclosures by Home Capital. West Face acted alone in its short position and did not act in concert with any other short sellers.
About West Face Capital Inc.
West Face Capital Inc. is one of Canada's leading alternative investment managers combining control-through-distressed, high-yield, negotiated finance, proactive equity, and private equity activities. West Face's capabilities are underpinned by a seasoned multi-disciplinary investment team, proprietary origination channels, deep sector expertise, and the ability to address investment targets in domestic and international markets.
SOURCE West Face Capital Inc.
For further information: Philip Panet, General Counsel & Secretary, West Face Capital Inc., 2 Bloor Street East, Suite 3000, Toronto, Ontario, M4W 1A8, Tel: (647) 724-8900