TORONTO, February 17, 2022–(BUSINESS WIRE)–Home Capital Group Inc. (TSX: HCG) (“Capital of origin“) announced today that the Toronto Stock Exchange (“TSX“) approved the renewal of its normal course issuer bid. Under the terms of the normal course issuer bid, Home Capital may purchase for cancellation up to 3,733,578 of its ordinary shares (the “Ordinary actions“), representing approximately 10% of its free float as of February 10, 2022, or 37,335,783 common shares, calculated in accordance with the rules of the TSX. The average daily trading volume of the common shares of Home Capital on the TSX from August 1, 2021 As of January 31, 2022, there were 203,894 common shares. Daily purchases under the new offering will be limited to 50,973 common shares, excluding block purchase exceptions. As of February 10, 2022, Home Capital had 43,499,284 common shares issued and outstanding The purchases may begin on February 22, 2022, and will end on February 21, 2023, or such earlier date as Home Capital may complete its purchases pursuant to the Notice of Intention subject to the TSX. Purchases made by Home Capital will be made through the facilities of the TSX, other designated exchanges and/or alternative trading systems, and in accordance with the rules of the TSX. The price that Home Cap ital will pay for any common stock will be the market price of such common stock at the time of acquisition or such other permitted price. Home Capital will not make any purchases of common stock other than open market purchases.
Home Capital believes that, from time to time, the market price of its common stock does not fully reflect the value of its business and its future business prospects. Accordingly, Home Capital believes that the purchase of its outstanding common stock may represent an appropriate and desirable use of its available funds. Common shares purchased under the normal course issuer bid will be canceled or used in Home Capital’s equity-settled incentive plans. Under its previous normal course issuer bid, Home Capital has received approval from the TSX to purchase up to 4,367,617 common shares for the period from January 22, 2021 to January 21, 2022. In the Under the previous normal course issuer bid, Home Capital purchased 1,836,366 shares of Common Stock at a weighted average price of C$38.17 through the facilities of the TSX, other stock exchanges designated and alternative trading systems.
Home Capital intends to enter into an automatic purchase plan with a broker in connection with the renewed normal course issuer bid. From time to time, when Home Capital does not have material non-public information about itself or its securities, it may direct its broker to permit the purchase of Common Shares at times when Home Capital would not normally not active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any automatic purchase plan to be entered into with Home Capital’s broker will be adopted in accordance with applicable Canadian securities laws.
Caution Regarding Forward-Looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities laws, including with respect to potential future purchases by Home Capital of its common stock pursuant to its normal course issuer bid. Please see Home Capital’s 2021 Annual Report and Fourth Quarter Report, available on Home Capital’s website at www.homecapital.com, and on the website of the Canadian Securities Administrators at www. .sedar.com, for Home Capital’s caution regarding forward-looking statements.
About Home Capital and Home Trust
Home Capital Group Inc. is a public company, listed on the Toronto Stock Exchange (HCG), operating through its principal subsidiary, Home Trust Company. Home Trust is a federally regulated trust company that provides residential and non-residential mortgages, securitization of residential mortgage products, consumer loans and credit card services. In addition, Home Trust and its wholly-owned subsidiary, Home Bank, offer deposits through brokers and financial planners, and through a direct-to-consumer brand, Oaken Financial. Authorized to do business across Canada, we have offices in Ontario, Alberta, British Columbia, Nova Scotia and Quebec.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220217005311/en/
Vice President, Investor Relations and ESG