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Stephen Smith and Smith Financial's ownership stake in EQB Inc.
January 7, 2023
5:27 pm
British Columbia, Canada
Forum Posts: 4138
Member Since:
December 12, 2009
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With Smith Financial Corporation proposing to take Home Capital Group, Inc., private, I was curious to see what Mr. Smith's ownership stake was in EQB Inc., parent company of Equitable Bank, Equitable Trust, Concentra Bank, and Concentra Trust, the latter two of which will likely be legally amalgamated into the former two, respectively, at some point.

As of the most recent SEDI filing, Stephen Smith, through his private corporations, owned approximately 17.2% of the outstanding common shares of EQB Inc.

Through his private holding company, First National Property Investments Ltd., Mr. Smith owns 12,000 shares of EQB Inc. Through Smith Financial Corporation, he owns 6,560,000 shares of EQB Inc. Together this represents 17.2% of the common equity of EQB Inc., based on 37,515,884 shares outstanding.

As of 2020 or 2021, he used to own 19-20% of the company, but the effect of EQB's bought deal share issuances has likely diluted his ownership stake.

Don't forget, too, that he is effectively a controlling shareholder in Canada's largest mortgage origination and finance company, First National Financial Corporation, a co-owner in Canada's second-largest private residential mortgage insurer Canada Guaranty Mortgage Insurance Corporation, and a co-owner of Fairstone Bank of Canada, which also owns consumer lender Fairstone Financial Inc. (formerly CitiFinancial Canada Inc.).

Oakwest Investment Partnership owns 3,622,800 common shares as of February 2022, plus 200,000 subscription receipts for additional common shares (which most likely have been converted into common shares). This represents about 10.1% of EQB Inc.

EQB Inc. President & CEO Andrew Moor owns about 1.2% of EQB Inc.


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