The board of directors of Home Capital Group Inc. have adopted a shareholder rights plan, the company said Wednesday.

The rights plan is effective immediately, and will be submitted for ratification at the shareholders meeting to be held May 13.

Home Capital said the purpose of the plan is to provide its board with sufficient time to explore and develop alternatives for maximizing shareholder value if a take-over bid is made for the company and to ensure that every shareholder has an equal opportunity to participate in such a bid.

“The shareholder rights plan is not intended to deter take-over proposals,” the company said in a release.

Home Capital said it is not aware of any pending or threatened take-over bid for the company.

The Toronto Stock Exchange has accepted Home Capital’s notice of filing of the Shareholder Rights Plan. The Shareholder Rights Plan will be filed today and available for viewing through the Internet at the Canada System for Document Analysis and Retrieval (SEDAR) at www.sedar.com.

Home Capital Group Inc. operates through its principal subsidiary, Home Trust Co, a federally regulated trust company offering deposit, mortgage lending, retail credit and payment card services.

IE