TMCnet News
Home Capital Announces TSX Approval of Normal Course Issuer BidHome Capital Group Inc. (TSX: HCG) ("Home Capital") announced today that the Toronto Stock Exchange ("TSX") has approved the previously announced renewal of its Normal Course Issuer Bid. Under the terms of the Normal Course Issuer Bid, Home Capital may purchase for cancellation up to 4,367,617 of its common shares (the "Common Shares"), representing approximately 10% of its public float as of January 11, 2021, calculated in accordance with TSX rules. The average daily trading volume of Home Capital's Common Shares from July 1, 2020 to December 31, 2020 was 183,210 Common Shares. Daily purchases under the new bid will be limited to 45,802 Common Shares, other than block purchase exceptions. As of January 11, 2021, Home Capital had 52,187,634 Common Shares issued and outstanding. The purchases may commence on January 22, 2021, and will terminate on January 21, 2022, or on such earlier date as Home Capital may complete its purchases pursuant to the Notice of Intention submitted to the TSX. The purchases made by Home Capital will be effected through the facilities of TSX, other designated exchanges and/or alternative trading systems, and in accordance with the rules of TSX. The price that Home Capital will pay for any Common Shares will be the market price of such Common Shares at the time of acquisition or such other price as may be permitted. Home Capital will make no purchases of Common Shares other than open-market purchases. Home Capital believes that, from time to time, the market price of its Common Shares does not fully reflect the value of its business and its future business prospects. As a result, Home Capital believes that the purchase of its outstanding Common Shares may represent an appropriate and desirable use of its available funds. Common Shares purchased under the Normal Course Issuer Bid will be cancelled or used in connection with Home Capital's equity settled incentive plans. Pursuant to ts previous Normal Course Issuer Bid, Home Capital received approval from the TSX to purchase up to 5,266,187 Common Shares for the period of January 22, 2020 to January 21, 2021. Under the previous Normal Course Issuer Bid, Home Capital purchased 1,373,227 Common Shares as of January 14, 2021 at a weighted average price of C$27.15 through the facilities of the TSX, other designated exchanges and alternative trading systems. As previously announced, Home Capital suspended purchases under its prior Normal Course Issuer Bid in March 2020 due to the onset of the COVID-19 pandemic and resumed purchases thereunder at the end of December 2020. Aggregate purchases under the renewed Normal Course Issuer Bid are not currently expected to exceed C$50 million, inclusive of any amounts purchased under the prior Normal Course Issuer Bid from December 30, 2020 to January 21, 2021. Home Capital will enter into an automatic purchase plan with a broker in respect of the renewed Normal Course Issuer Bid. From time to time, when Home Capital does not possess material non-public information about itself or its securities, it may direct its broker to allow for the purchase of Common Shares at times when Home Capital ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. The 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
About Home Capital and Home Trust
View source version on businesswire.com: https://www.businesswire.com/news/home/20210120005110/en/ |
