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HomeCapital – Buffett suffers slump in mortgage financier News

Tuesday, September 12th, 2017 | Economy

89 percent of the owners voted against the plans of Buffy's investment company Berkshire Hathaway to almost double their shares to 38 percent, as Home-capital board member Brenda Eprile announced on Tuesday at an extraordinary general meeting.
A few months ago Buffett had rushed to help the mortgage financier in extreme need. He provided a credit line of over two billion Canadian dollars and acquired 20 percent of the company for 400 million Canadian dollars. He also announced that he would increase his stake after a positive shareholder vote. However, the influential shareholder adviser ISS advised investors to vote against the increase in share capital. It is not clear how this would create additional advantages.
Home Capital was under pressure in the spring following the accusation that its investors had been deceived. The stock fell, the company got liquidity problems. The Buffett and Home Capital agreement reached in June provided that the investor will pay 10.30 Canadian dollars per share in the increase in share capital. But the share price has now recovered, on Monday it was trading at around 14 Canadian dollars.
(Reuters)

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