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Home Capital Group Inc (HCG.TO)

HCG.TO on Toronto Stock Exchange

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Latest Key Developments (Source: Significant Developments)

‍West Face Confirms Draft Statement of Claim was Provided to Home Capital​
Tuesday, 28 Nov 2017 

Nov 28 (Reuters) - West Face Capital ::‍WEST FACE CAPITAL SAYS REVIEWED PRESS RELEASE ISSUED BY HOME CAPITAL AND CONFIRMS A DRAFT STATEMENT OF CLAIM WAS PROVIDED TO HOME CAPITAL​.‍WEST FACE CAPITAL SAYS IT ELECTED TO OPT OUT OF SETTLEMENT OF SECURITIES CLASS ACTION THIS PAST SUMMER AND RAISED ITS CLAIM WITH HOME CAPITAL DIRECTLY​.  Full Article

Home Capital Says Received Draft Statement Of Claim Prepared On Behalf Of West Face
Tuesday, 28 Nov 2017 

Nov 28 (Reuters) - Home Capital Group Inc ::HOME CAPITAL - HAS RECEIVED DRAFT STATEMENT OF CLAIM PREPARED ON BEHALF OF WEST FACE.HOME CAPITAL GROUP - ‍WEST FACE LONG TERM OPPORTUNITIES GLOBAL MASTER LP OPTED OUT OF GLOBAL SETTLEMENT OF SECURITIES CLASS ACTION EARLIER THIS YEAR.HOME CAPITAL GROUP INC - ‍AMOUNT CLAIMED AS DAMAGES IN THE DRAFT STATEMENT OF CLAIM​ WOULD BE $70 MILLION.  Full Article

Home Capital Group Q3 ‍shr $ 0.37​
Wednesday, 15 Nov 2017 

Nov 14 (Reuters) - Home Capital Group Inc :Home Capital reports third quarter 2017 results.Qtrly ‍shr $ 0.37​.Home Capital Group Inc-qtrly ‍total loans under administration were $23.2 billion compared to $26.0 billion as a result of sale of loans and lower originations​.‍During Q3, company's expenses were in line with management expectations​.Home Capital Group - ‍now estimates that balance of non-securitized single-family residential mortgages will be about $10 billion at end of 2017.Home Capital Group-‍moving forward into q4 and h1 2018, expects to experience some continued elevated costs associated with liquidity event.Qtrly ‍net interest income​ $88.8 million versus $119.9 million last year.  Full Article

Home Capital Group files final universal base shelf prospectus
Thursday, 19 Oct 2017 

Oct 19 (Reuters) - Home Capital Group Inc ::Home Capital Group files final universal base shelf prospectus.Prospectus qualifies offerings of up to $750 million of securities over a 25-month period​.Prospectus was filed to satisfy Co's obligations under registration rights agreement entered into with unit of Berkshire Hathaway​.Universal base shelf prospectus not commitment to undertake any financing, nor does it intends to offer securities from treasury under prospectus.  Full Article

Home Capital exits non-core businesses including sale of payment services interactive gateway
Tuesday, 17 Oct 2017 

Oct 16 (Reuters) - Home Capital Group Inc ::Home Capital exits non-core businesses including the sale of payment services interactive gateway.Expects approximately $20 million in annual salary and other operating cost savings​.‍Resulting impact to net income on a full year basis is insignificant from sale of assets​.Company expects reduction in fee and other income of approximately $18 million from sale of businesses​.Agreed to enter into a transition services agreement and will continue to provide services for certain clients for up to a year​.‍Does not expect any significant costs to complete sale transaction ​.  Full Article

Home Capital substantially completes Project Expo, cuts workforce
Monday, 2 Oct 2017 

Oct 2 (Reuters) - Home Capital Group Inc ::Home Capital substantially completes Project Expo; expects to achieve $15 million in future annual cost savings.It has substantially completed Project Expo, an expense savings initiative announced in february 2017​.Expects to achieve approximately $15 million in future annual cost savings as previously targeted​.Approximately 65 full-time positions in company's operational, sales and underwriting division were impacted​.Taking into account changes made, head count measured from end of Q2 2017 has been reduced by approximately 10%​.Does not expect to record any further significant expenses with respect to Project Expo other than those recorded up to end of Q2.Still faces "elevated expense levels related to liquidity event" that occurred earlier this year​.  Full Article

Home Capital provides update on agreement to settle class action matters
Monday, 21 Aug 2017 

Aug 21 (Reuters) - Home Capital Group Inc ::Home capital provides update on agreement to settle class action matters.Ontario superior court of Justice to issue order approving announced settlement of Feb class action regarding disclosure in 2014, 2015​.  Full Article

Home Capital Group says "going concern uncertainty resolved"
Thursday, 3 Aug 2017 

Aug 2 (Reuters) - Home Capital Group Inc ::Home Capital updates outlook for 2017 and reports second quarter 2017 results.Says "going concern uncertainty resolved".Home Capital-Management concluded there is no longer material uncertainty that casts significant doubt as to ability of co to continue as going concern.Says q2 loss per share $1.73.Qtrly total loans under administration were $25.9 billion compared to $25.7 billion..Home Capital - incoming chief executive officer, along with management and board, will reassess business plans, set new strategic goals and objectives.Qtrly net interest loss $3.4 million versus net interest income of $122.1 million last year.Says search for a chief financial officer is nearing completion.Says repaid all outstanding amounts under Berkshire credit facility subsequent to end of Q2.  Full Article

Home Capital provides update on liquidity and deposits
Thursday, 3 Aug 2017 

Aug 2 (Reuters) - Home Capital Group Inc ::Home Capital provides update on liquidity and deposits.Home trust high interest savings account (HISA) deposit balances stood at approximately $126 million as of aug 1, 2017.Aggregate available liquidity and credit capacity stood at approximately $3.94 billion at aug 1.Home Capital -Total GIC deposits, including oaken and broker gics, stood at about $12.48 billion & oaken savings accounts at about $186 million as of aug 1.Home Capital provides update on liquidity and deposits.  Full Article

Home Capital announces agreements to settle OSC, class action matters
Thursday, 15 Jun 2017 

June 14 (Reuters) - Home Capital Group Inc :Home capital announces agreements to settle OSC and class action matters.Says has reached two agreements which together comprise a global settlement with Ontario Securities Commission.Says has reached agreements related to class action commenced in Feb by Claire R. Mcdonald relating to allegations of misleading disclosure.Says under proposed settlement with commission, co will make a payment of $10 million and reimburse commission costs in amount of $500,000.Says Home Capital expects to fund substantially all of costs of such settlements through available liability insurance.Says ‍will make a payment of $29.5 million to be distributed (net of costs and other expenses) to class as defined in class action.Says payment of $29.5 million includes $11 million of payments being made in commission settlement.Says there will be no deduction for legal fees of counsel for class plaintiff in respect of $11 million being paid in commission settlement.Says Robert Morton, Martin Reid will be reprimanded, prohibited from acting as director or officer of any reporting issuer for 2 years.Says under settlement with commission, Gerald Soloway will be prohibited from acting as director/officer of any reporting issuer for 4 years.Says under its proposed settlement with commission, Soloway will pay an administrative penalty in amount of $1 million.  Full Article

UPDATE 1-Home Capital says West Face to claim C$70 mln in damages

Nov 28 Canadian mortgage lender Home Capital Group Inc said on Tuesday that West Face Long Term Opportunities Global Master LP had sent it a draft statement alleging misrepresentation and claiming C$70 million ($54.7 million) in damages.