Home Capital Group is pleased to announce that the required regulatory approvals under the Bank Act (Canada) and Trust and Loan Companies Act (Canada) have been granted by the Federal Minister of Finance in respect of the previously announced acquisition of Home Capital by a wholly owned subsidiary of Smith Financial Corporation (“SFC”) (such acquisition, the “Arrangement”) and that the Arrangement is expected to be completed , subject to the satisfaction of customary closing conditions.
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Pursuant to the Arrangement, SFC has agreed to acquire the issued and outstanding common shares of Home Capital that SFC does not already own for $44.00 in cash per share (the “Purchase Price”). Since the Arrangement did not close on or prior to May 20, 2023, the Purchase Price will be increased by an amount equal to $0.00273973 per share in cash per day up to and including the day prior to the closing of the Arrangement (equivalent to approximately $0.25 per share for every three-month delay beyond May 20, 2023). Completion of the Arrangement on August 31, 2023 will result in a Purchase Price of $44.28 in cash per share.
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Home Capital previously applied for and obtained an exemption from the Toronto Stock Exchange’s requirement to hold its annual shareholder meeting (the “Meeting”) by June 30, 2023, provided the Meeting is held on or prior to September 29, 2023. Since the Arrangement is expected to be completed prior to September 29, 2023, Home Capital will not hold its annual shareholder meeting. Similarly, as the Arrangement will be completed prior to the close of business on August 31, 2023, shareholders will not be paid on September 15, 2023 the previously announced quarterly dividend of $0.15 per common share.
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