Homburg Invest Inc. launches a normal course issuer bid
(Thomson Reuters ONE) -
Halifax, Nova Scotia, August 23, 2010 (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 that from time to
time 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 1,017,201 Consolidated Class A Subordinate Voting Shares
("Class A Shares"), representing 10% of the public float for the Class A Shares
as at August 20, 2010 and (ii) up to 157,426 Consolidated Class B Multiple
Voting Shares ("Class B Shares"), representing 5% of the issued and outstanding
Class B Shares as at August 20, 2010.
As of August 20, 2010, there were 17,094,490 Class A Shares and 3,148,538 Class
B Shares issued and outstanding. A total of 10,172,014 Class A Shares and
659,899 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 3,408 for the
Class A Shares and 322 for the Class B Shares. Accordingly, under the Exchange
Rules and Policies, Homburg Invest is entitled to purchase up to 1000 Class A
Shares and 1000 Class B Shares on any trading day.
The normal course issuer bid will begin on August 25, 2010 and will terminate on
August 24, 2011 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. Purchases of Class A
Shares and Class B Shares will be effected through the facilities of the TSX and
will be made by means of open market transactions or such other means as may be
permitted by the TSX, including block purchases of Class A Shares or Class B
Shares. All shares purchased by Homburg Invest will be cancelled.
Homburg Invest has had a number of independent appraisals and valuations
prepared in connection with its properties in the Baltics, Germany, the
Netherlands, and the United States. 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.
Homburg Invest Inc. owns and develops a diversified portfolio of quality
commercial real estate including office, retail, industrial and development
properties throughout Europe and the United States, as well as 41.3% of the
units of Homburg Canada Real Estate Investment Trust. The head office of the
Company is located in Halifax, Nova Scotia.
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.
[HUG#1439547]
PDF version of the press release:
http://hugin.info/138798/R/1439547/383931.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
All reproduction for further distribution is prohibited.
Source: Homburg Invest Inc. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 23.08.2010 - 14:29 Uhr
Sprache: Deutsch
News-ID 39888
Anzahl Zeichen: 0
contact information:
Town:
Halifax
Kategorie:
Business News
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"Homburg Invest Inc. launches a normal course issuer bid"
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