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Equity Financial applies to delist shares, completes deal with Smoothwater

Equity Financial Holdings Inc. and Smoothwater Capital Corp. have completed their plan of arrangement, and Equity, a Canadian mortgage lender, has applied to delist its shares and cease to be a reporting issuer.

Under the arrangement, Smoothwater has acquired all the issued and outstanding shares of Equity Financial Holdings except those already owned or controlled by Smoothwater, its officers and certain other shareholders who agreed to continue to be shareholders. The shares were bought for C$10.25 per share.

Equity Financial Holdings applied to have its shares delisted from the Toronto Stock Exchange, which should occur on or about Dec. 22.

Hennick & Co., Freycinet Ventures and certain other investors who had previously committed to contribute capital to support Equity's business have acquired a noncontrolling interest, with Smoothwater maintaining control of the now-private company.