Home Capital Group Inc.’s recent share conversion has reduced the number of the company’s multi-vote shares and placed voting control with the investing public.

The holders of the company’s 3,025,000 convertible Class ‘A’ multi-vote shares have converted 1.5 million of the Class ‘A’ shares into the same number of single-vote Class ‘B’ subordinated voting shares, effective January 24.

This conversion increased the float of publicly traded Class ‘B’ shares from 13,322,610 to 14,822,610 with no dilutive effect on the company’s earnings per share.

The Class ‘A’ shares are convertible at any time into Class ‘B’ shares on a one-for-one basis. Each Class ‘A’ share carries five votes while each Class ‘B’ share carries one vote. Following this conversion, the remaining 1,525,000 Class ‘A’ shares will represent 7.6 million votes (34%) while Class ‘B’ shares will represent 14.8 million votes (64%).

William Dimma, chairman of Home Capital Group, said “The board and the Class ‘A’ shareholders have stated on numerous occasions that the future of our dual class share structure would be considered on an ongoing basis. Given the company’s record of growth and increasingly positive performance of recent years, it was determined that this is an appropriate time to take such a step.

“The Class ‘A’ shareholders have taken this action without benefit or enhancement. They and the board agreed that reducing the number of multi-vote shares outstanding is in the best interests of Home Capital and all of its shareholders by enhancing the liquidity of the Class ‘B’ shares and placing voting control in the hands of the investing public.”