News
Sale of Equitable group shares by Vice-Chairman
TSX Symbol: ETC TORONTO, March 2 /CNW/ - The block of 971,773 shares crossed by GMP Securities on Thursday, March 1 represented the sale by Geoffrey Bledin, Vice-Chairman, of substantially all of his shares. Mr. Bledin retains his options on 125,000 shares which he intends to exercise, and remains an owner of $3 million of the Company's debenture debt. As noted in recent reports by the Company, Mr. Bledin assumed the position of Vice-Chairman with the responsibility to assist in the transition of the leadership of the Company to Andrew Moor, newly appointed President and CEO. This transition is expected to extend through the balance of this year. "Geoffrey Bledin provided Equitable Group and Equitable Trust with wonderful leadership for a period of 17 years", said Austin Beutel, Chairman. "His decision to resign as President was part of his desire to phase out of operations in an orderly fashion. He remains available to Equitable to assist in such areas and for such services as may be required of him. His sale of shares is part of his personal financial planning, and was accomplished in one block to avoid the overhang and downward pressure on the share price which a series of sales, over several months, might have precipitated. The directors of Equitable look forward to Andrew Moor's leadership, and the seamless continuation of the Company's services in first mortgage financing and in deposit taking through its Guaranteed Investment Certificates," added Mr. Beutel. About Equitable Group Equitable Group Inc. provides first mortgage financing through its wholly-owned subsidiary, The Equitable Trust Company. It also offers Guaranteed Investment Certificates to depositors as a nationally-licensed deposit-taking institution. Equitable Trust was founded in 1970, and by following a prudent, results-driven approach, Equitable has become a lead in its primary niches: alternative single family dwelling as well as multi-unit residential mortgage lending. The common shares of Equitable Group Inc. are listed on the Toronto Stock Exchange under the trading symbol of "ETC." For more information visit www.equitablegroupinc.com.
For further information:
For further information: Austin Beutel, Chairman of the Board, (416) 932-6304; or Andrew Moor, President and Chief Executive Officer, (416) 515-7000