Shareholders of Home Capital Group Inc. voted against taking a second life line from Warren Buffett’s Berkshire Hathaway, which keeps the extremely rich person’s stake in the option mortgage lender at just shy of 20 percent.
More than 88 percent of Home Capital shareholders voted against a suggestion that would have seen Buffett’s company purchase another 23.9 million shares in the company for $10.30 per share.
Buffett’s company as of now claims 16 million shares in the company, which he obtained prior this late spring in return for loaning the company’s $2 billion US after depositors hauled out 90 percent of their money after regulators started to investigate the company.
Buffett purchased his original stake for generally $9.55 a share. As of now, Home Capital TSX shares are trading at $13.90. As of late as 2014, the shares were worth more than $50 a share.