At a special meeting held Tuesday in Toronto, those holding more than 88% of Home Capital’s shares voted at the meeting (excluding Berkshire Hathaway’s) voted against the shareholder resolution.
“We respect the decision our shareholders made today. This decision is a clear message that the majority of our shareholders believe that Home Capital’s improved deposit inflows and liquidity position diminish the need for additional capital. We are pleased to still have Berkshire as our largest shareholder,” said Brenda Eprile, Chair of the Board.
The additional investment would have raised Berkshire’s stake in the Canadian lender to 38% from the current holding of around 20%.
More market update:
Berkshire Hathaway will not be making an additional equity investment in Home Capital after the proposal was rejected by the lender’s shareholders.