TORONTO, Aug. 28, 2014 /CNW/ - Stephen Smith announced that he has purchased, through First National Securities Corporation, 500,000 common shares of Equitable Group Inc. ("Equitable Group") at a purchase price of $65.9945 per common share, including commissions. The common shares were purchased through the facilities of the public market. The common shares purchased represent approximately 3.25% of the total number of issued and outstanding common shares of Equitable Group.
As a result of this transaction and other recent purchases, Mr. Smith now beneficially owns, directly or indirectly through First National Securities Corporation and First National Property Investments Limited, or exercises control or direction over, 2,732,900 common shares of Equitable Group, representing approximately 17.77% of the total number of issued and outstanding common shares of Equitable Group.
Mr. Smith's acquisition was made for investment purposes. Mr. Smith may, in the future, acquire ownership or control over additional securities of Equitable Group for investment purposes.
SOURCE Stephen Smith