Shares issued: Class A - 168,412,323 Class B - 31,514,782
Halifax, Nova Scotia, December 2, 2008 (TSX: HII.A & HII.B and NYSE
Euronext Amsterdam: HII)- Mr. Richard Homburg, Chairman and CEO of
Homburg Invest Inc. ("Homburg Invest" or "HII") announces that HII
has filed a Material Change Report and Early Warning Report in
respect of the recent acquisition previously announced by Mr. Richard
Homburg of 13,127,042 Class A Subordinate Voting Shares (the
"Acquisition") through Homburg Finance AG of Zurich Switzerland, a
company controlled by Mr. Richard Homburg. The Acquisition
represents:
1) 7.8% of the issued and outstanding Class A Subordinate Voting
Shares; representing 1.4% of the total aggregate votes in the Issuer;
and
2) After giving effect to the Acquisition, Mr. Richard Homburg, will
own or control 67,454,480 Class A Subordinate Voting Shares and
24,745,277 Class B Multiple Voting Shares (the "Class B Shares") in
the Issuer. Each Class A share represents one vote and each Class B
share represents 25 votes. In aggregate, Mr. Richard Homburg will own
or control 40.05% of the votes entitled to be cast in connection with
Class A shares and 78.52% of the votes entitled to be cast in
connection with Class B shares for a total 71.75% of outstanding
votes entitled to be cast in the Issuer.
Mr. Homburg noted that the Acquisition was for investment purposes
and that additional securities may be acquired or disposed of from
time to time in the future.
Mr. Homburg again noted, that HII previously announced on 15 October
2008, that it had acquired regulatory approval to launch a normal
course issuer bid as management of HII does not feel that current
market prices reflect the underlying value of HII and therefore has
acquired regulatory approval to acquire 10% of Class A Shares and up
to 5% of Class B Shares. Under the Exchange Rules and Policies,
Homburg Invest is entitled to purchase up to a maximum of 47,538
Class A Shares and 1000 Class B Shares on any one trading day.
Please see the press release dated 15 October 2008 for further
details.
HII will also hold a special shareholder's meeting on December 11,
2008 to consider management's proposal to consolidate the shares of
HII at a ratio of 1 new share for every existing 10 shares. This
ratio would apply equally to all classes of shares. Further
information on the proposal is available in management's information
circular available at www.homburginvest.com or www.sedar.com
Homburg, with its head office in Halifax, Nova Scotia, is an
international real estate investment and development company that
owns a diversified portfolio of quality real estate, including
office, retail, industrial and residential apartment and townhouse
properties in Canada, Europe and the United States. The Company also
owns land assets for development in Calgary and Edmonton, Alberta;
Montreal, Quebec; and Charlottetown, Prince Edward Island. In 2007,
Homburg completed significant acquisitions totaling over
approximately CAD$ 1.1 billion and as of December 31, 2007 has assets
of over CAD$ 3.8 billion with an approximate aggregate of 18.2
million square feet of gross leasable area.
-30-
For further information, please contact:
Mr. Richard Homburg,
Chairman and CEO
Homburg Invest Inc.
902-468-3395
or
Richard Stolle
President and COO
Homburg Invest Inc.
011 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/1274730/283556.pdf
Copyright © Hugin AS 2008. All rights reserved.
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