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Principale » TSX lower as Home Capital, big banks weigh

TSX lower as Home Capital, big banks weigh

12 Mai 2017

The company has said the accusations are without merit. Home Capital has said it plans to secure a loan on more favorable terms.Caisse de depot et placement du Quebec, as well as other pension funds and some private equity firms, are in talks with Home Capital about providing an alternative loan, the people said. The sale of assets, if successful, is likely to delay the sale of the entire company, the people said. It says the extent that access will be reduced going forward is uncertain.

Home Capital Group, Canada's biggest non-bank lender, said on Thursday that uncertainty around its future funding capabilities had cast doubt about whether it would be able to continue as a going concern.

Shares in the company were up 18 percent to C$10.32, having traded as high as C$10.50 earlier.The stock has almost doubled in value since the start of the week, with some investors buying the shares in the belief that they have been oversold.

The company has scheduled a conference call with analysts this morning, followed by Home Capital's annual meeting of shareholders in Toronto.

CIBC Asset Management purchased 8.4 million shares on April 30, according to Thomson Reuters data, taking its holding to 9.7 million shares, or 15.1 percent.Home Capital's commercial mortgage business, which includes both residential and non-residential mortgages targeting higher-quality borrowers, may be worth about C$2 billion, the people said. But the company did say the buyer was someone they had done business with in the past.

Home Capital has also taken steps to fix its image with the appointment of high-profile business leaders to its board including Claude Lamoureux, former chief executive of the Ontario Teachers' Pension Plan and a founder of the Canadian Coalition for Good Governance.

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Eprile says the Toronto-based lender is working diligently to resolve those issues and "right the ship".

She added the company is continuing its search for a new CEO and chief financial officer.

Earlier on Friday, the lender said it expects to have $125 million deposited in its high interest savings accounts by the end of Friday. That's still a huge drop from $1.4 billion just over two weeks ago.

The company agreed last month to receive $2 billion in emergency funding from the Healthcare of Ontario Pension Plan, a deal which requires it to pay a non-refundable commitment fee of $100 million and a 10 per cent interest rate on outstanding balances.

Meanwhile, its total GIC deposits stood at $12.54 billion - down from $12.58 billion on Monday and $13.01 billion on April 24.

The lender announced late Thursday that it earned $58 million or 90 cents a share in the first quarter ended March 31, slightly less than the $64.2 million in earnings or 92 cents a share reported in the first quarter of 2016.

TSX lower as Home Capital, big banks weigh