Home Capital (TSX:HCG) to launch $115M substantial issuer bid

• Home Capital Group Inc. (HCG) has announced a substantial issuer bid to buy and cancel up to $115 million of its common shares
• Under the bid, the company may purchase up to 4.56 million of its shares
• Shareholders will have the option to tender their shares for between $25.20 and $28.60 per share
• The SIB will expire on September 13^th
• Home Capital Group Inc is a specialty finance company that offers residential and commercial mortgage lending,
• Home Capital Group Inc. (HCG) is up 5.04 per cent, trading at $27.29 per share at 3:30 p.m. ET

Home Capital Group (HCG) has announced a substantial issuer bid to buy and cancel up to $115 million of its common shares from shareholders.

Home Capital will buy back a maximum of 4.56 million of its shares. The company’s directors and officers have advised that they will not tender any of their shares.

The offer is planned to take the form of a modified Dutch auction, allowing shareholders to select a price between $25.20 and $28.60 per share.

The company expects to open the offer by Monday, which will expire on September 13^th.

After the offer has expired, Home Capital will determine the lowest purchase price that will allow it to purchase the maximum number of properly tendered shares.

Home Capital Group Inc is a specialty finance company that offers residential and commercial mortgage lending.

Home Capital Group Inc. (HCG) is up 5.04 per cent, trading at $27.29 per share at 3:30 p.m. ET.