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Home Capital Group discloses preliminary results of substantial issuer bid

Home Capital Group Inc. expects to take up and purchase for cancellation 4,392,386 common shares at C$34.15 apiece, based on preliminary results of its substantial issuer bid to repurchase for cancellation up to C$150 million of its common stock.

The shares expected to be purchased represent about 7.66% of Home Capital Group's issued and outstanding shares as of Jan. 10.

The offer was made through a modified Dutch auction, with offer prices ranging from C$34.15 to C$37.25 per share. Shareholders had until 5 p.m. ET on Jan. 10 to tender their shares. About 10.1 million shares were tendered under the offer, based on preliminary results. As the offer was oversubscribed, shareholders who made auction tenders at C$34.15 per share and purchase price tenders are expected to have about 53% of their tendered shares purchased by Home Capital Group, other than "odd lot" tenders, which are not subject to proration.