Halifax, Nova Scotia, October 15, 2008 (TSX: HII.A & HII.B and
Euronext:Hll (the "Shares")) Richard Homburg, Chairman and CEO of
Homburg Invest Inc. ("Homburg Invest") is pleased to announce that it
has received regulatory approval to launch a normal course issuer
bid. Homburg Invest believes the market prices of its shares do not
properly reflect the underlying value of Homburg Invest and that the
purchase of its shares makes appropriate and desirable use of its
available cash over the upcoming twelve months, Homburg Invest's
board of directors believes that the offer is in the best interests
of Homburg Invest and its shareholders.
Accordingly, Homburg Invest announces that the Toronto Stock Exchange
(the "Exchange") has accepted Homburg Invest's notice to make a
normal course issuer bid. According to the notice filed with the
Exchange, Homburg Invest intends to purchase, for cancellation, in
accordance with the Rules and Policies of the Exchange (i) up to
10,510,000 Class A Subordinate Voting Shares ("Class A Shares"),
representing 10% of the public float for the Class A Shares as at
today's date and (ii) up to 1,575,000 Class B Multiple Voting Shares
("Class B Shares"), representing 5% of the issued and outstanding
Class B Shares as at today's date.
As of September 30, 2008, there were 155,579,016 Class A Shares and
31,514,782 Class B Shares issued and outstanding. A total of
105,104,130 Class A Shares and 6,401,024 Class B Shares are held by
shareholders' other than directors, senior officers and insiders of
the Company (the "public float").
The average daily trading volume (the "ADTV") of Homburg Invest's
Class A Shares and Class B Shares over the last six completed
calendar months was 190,153 for the Class A Shares and 3,474 for the
Class B Shares. Accordingly, under the Exchange Rules and Policies,
Homburg Invest is entitled to purchase up to 47,538 Class A Shares
and 868 Class B Shares on any trading day.
The normal course issuer bid will begin on October 17, 2008 and will
terminate on October 16, 2009 or such earlier date as Homburg Invest
may complete its permitted purchases pursuant to its notice of
intention filed with the Exchange. All purchases will be made through
the facilities of the Exchange only, at the discretion of Homburg
Invest's management, as and when it will deem the market price of the
Class A Shares or of the Class B Shares to be favourable to the
reduction of its outstanding share capital. The purchase of and
payment for the shares will be made by Homburg Invest in accordance
with the Rules and Policies of the Exchange and the price Homburg
Invest will pay for any shares will be the market price of such
shares at the time of acquisition. All shares purchased by Homburg
Invest will be cancelled.
Homburg Invest has had several independent appraisals and valuations
prepared in connection with its acquisition of certain commercial
properties in the Netherlands in 2006 and the acquisition of office,
retail, industrial and residential properties in Montreal and Ottawa,
Canada, including a large commercial complex in greater Montreal.
Copies of these appraisals and valuations are available for viewing
during regular business hours at Homburg Invest's head office at
suite 600, 1741 Brunswick Street, Halifax, NS B3J 3X8. The valuation
prepared in connection with the Montreal property is also available
on SEDAR at www.sedar.com.
Homburg Invest, with its head office in Halifax, Nova Scotia, owns
and develops a diversified portfolio of quality real estate including
office, retail, industrial and residential apartment and townhouse
properties throughout Canada, the United States and Europe.
For further information, please contact:
Mr. Richard Homburg,
Chairman and CEO
Homburg Invest Inc.
902-468-3395
or
J. Richard Stolle
President and COO
Homburg Invest Inc.
31-20-573-3855
This news release may contain statements which by their nature are
forward looking and express the Company's beliefs, expectations or
intentions regarding future performance, future events or trends.
Forward looking statements are made by the Company in good faith,
given management's expectations or intentions however, they are
subject to market conditions, acquisitions, occupancy rates, capital
requirements, sources of funds, expense levels, operating performance
and other matters. Therefore, forward looking statements contain
assumptions which are subject to various factors including: unknown
risks and uncertainties: general economic conditions; local market
factors; performance of other third parties; environmental concerns;
and interest rates, any of which may cause actual results to differ
from the Company's good faith beliefs, expectations or intentions
which have been expressed in or may be implied from this news
release. Therefore, forward looking statements are not guarantees of
future performance and are subject to known and unknown risks.
Information and statements in this document, other than historical
information, should be considered forward-looking and reflect
management's current views of future events and financial performance
that involve a number of risks and uncertainties. Factors that could
cause actual results to differ materially include, but are not
limited to, the following: general economic conditions and
developments within the real estate industry, competition and the
management of growth. The Toronto Stock Exchange has neither approved
nor disapproved of the information contained herein.
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
http://hugin.info/138798/R/1260135/275698.pdf
Copyright © Hugin AS 2008. All rights reserved.
End-of-day quote
Other stock markets
|
||
- EUR | - |
|
- Stock Market
- Equities
- Stock
- Stock
- News HOMBURG INVEST SVA
- HOMBURG INVEST SVA : Invest Inc. launches a normal Course Issuer Bid