Smith Financial Corporation (“Smith Financial”) announced the completion of its plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”). Pursuant to the terms of the Arrangement, a wholly-owned subsidiary of Smith Financial Corporation acquired all the issued and outstanding shares of Home Capital Group Inc. (“Home Capital” or “Home”) (TSX: HCG) that Smith Financial Corporation did not already own for $44.28 in cash per share. Since the Arrangement closed after May 20, 2023, the base consideration of $44.00 in cash per share was increased by $0.28 in cash per share, being an amount equal to $0.00273973 per share in cash per day from
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“Home Capital is a strategic holding for us, and we will give our support to preserve, protect and advance Home’s place in the industry under its dedicated leadership. We look forward to collaborating with all Home stakeholders as a committed long-term owner.”
A New and Proven Owner with Deep Affinity for Customers, Employees and Partners
Now operating as a Smith Financial Corporation company, Home Capital will maintain its focus on delivering great service to customers and business partners and leveraging its award-winning work culture.
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“For many reasons, including the strength of Home’s brand among mortgage brokers, deposit brokers and hundreds of thousands of customers across Canada, we are delighted to welcome this market-leading company and its hard-working team into the Smith Financial Corporation family,” said Stephen Smith, founder and CEO of Smith Financial Corporation. “Home Capital is a strategic holding for us, and we will give our support to preserve, protect and advance Home’s place in the industry under its dedicated leadership. We look forward to collaborating with all Home stakeholders as a committed long-term owner.”
With the Arrangement now complete, Home Capital’s common shares are expected to be delisted from the Toronto Stock Exchange shortly after the date hereof. Home Capital also will apply to cease to be a reporting issuer under applicable Canadian securities laws
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