Who do you believe, the OSC or Turtle Creek?

 We had a very serious fraud that took place without public disclosure and it took a long time before the company disclosed it and at that time there was an 18-per-cent drop in stock price. We did not create the situation; we did not create the uncertainty. This, in our humble opinion, was the action of the people inside Home Capital.

– Ontario Securities Commission (OSC) Enforcement Director Jeff Kehoe

Home Capital Group, This Never Gets Old

Why did Bonita Then, Jacqueline Beaurivage, and Robert Blowes as members of HCG’s board buy back 4m shares at $37.60 but now recommend shareholders approve selling 24m shares at $10.30?

There have been no changes. The perpetrators are still in the building.

Given the timeline of events summarized by the OSC, how can HCG still claim they are innocent victims?

Please click here to download pdf.

“TORONTO, April 18, 2016 /CNW/ – Home Capital Group Inc. (“Home Capital” or the “Company”) (TSX: HCG) today announced that it has taken up and paid for 3,989,361 common shares (the “Shares”) at a price of C$37.60 per Share (the “Purchase Price”) under the Company’s previously announced substantial issuer bid (the “Offer”) to repurchase for cancellation up to C$150,000,000 of its Shares.”

” As I said, we do intend to seek shareholder approval for the second tranche of Berkshire’s investment. This additional investment would be approximately CAD 247 million to acquire about 24 million shares at a price of approximately CAD 10.30 per share. This would take Berkshire’s ownership to approximately 38.4%. The board has agreed to recommend to the shareholders that they vote in favor of this additional investment at the shareholder meeting to approve it.”