Colliers International Becomes an Independent Public Company
(Thomson Reuters ONE) -
Colliers Strategically Positioned as a Leading Global, Publicly Traded
Commercial Real Estate Firm Operating in 67 Countries
TORONTO and SEATTLE, June 1, 2015 (GLOBE NEWSWIRE) -- Colliers International
Group Inc. (Nasdaq:CIGI) (TSX:CIG) and FirstService Corporation (Nasdaq:FSV) and
(TSX:FSV) today announced the completion of their separation into two
independent, publicly traded companies - Colliers International Group Inc.
("Colliers") and new FirstService Corporation ("FirstService"). Colliers's
shares are expected to begin trading on The NASDAQ Stock Market ("NASDAQ") under
symbol CIGI and the Toronto Stock Exchange ("TSX") under symbol CIG on June
2, 2015. The spin-off establishes Colliers' place as one of the leading publicly
traded commercial real estate firms in the world.
"The spin-off is a critical and very carefully considered part of our growth
strategy that will strengthen our visibility among investors and clients and
further accelerate Colliers' evolution in key markets and service areas around
the world," said Jay Hennick, Executive Chairman and largest shareholder of
Colliers. "Colliers thrived as part of FirstService; its revenues grew from
approximately $200 million in 2004 to $1.6 billion in 2014, thanks to an
exceptional management team, soundly executed growth strategy, and a disciplined
approach to creating shareholder value. The added visibility and flexibility
that comes with the spin-off will only further enhance Colliers' reputation as
one of the leading advisors to clients across a broad spectrum of property types
and services in commercial real estate the world over," he added.
The move gives Colliers more flexibility to pursue a broader variety of growth
opportunities including acquisitions and service-line diversification -- all
with a view to enhancing global client service and shareholder value. One of the
fastest growing commercial real estate firms over the past decade, Colliers will
now also have a focused capital structure with significant inside ownership,
making it a powerful "pure play" in global commercial real estate services that
can be easily understood, evaluated, and compared to its competitors by the
capital markets.
"Our mission has been to establish Colliers as the global firm that best serves
the needs of today's real estate clients," said Doug Frye, Global President and
Chief Executive Officer of Colliers. "To successfully support the next phase of
this mission, we will continue to grow our global platform in professional
services and seek out opportunities to diversify our revenue streams while
advancing our track record of exceptional service. Consolidation is a reality of
the commercial real estate industry, and Colliers will continue to stand out as
a trailblazer, building on its proven record of growth, strong balance sheet and
focus on building an enterprising and dynamic global commercial real estate
services organization to benefit clients, professional advisors, and
shareholders over the long-term," he added.
"With ample liquidity, modest leverage, and a newly established $525 million,
five year, revolving credit facility, Colliers has the financial wherewithal to
support continued investment in its balanced growth strategy focused on internal
growth, targeted recruiting of top professionals, and prudent acquisitions as we
have done so often in the past," said John Friedrichsen, CFO of Colliers. "With
our spin-off complete, we can now focus our efforts on executing our growth
strategy and with the support of our experienced board of directors, ensuring
Colliers operates at the very highest of standards expected of publicly traded
companies," he added.
Shareholders will benefit from the strong insider ownership and continuity of
management to which they're accustomed; largest shareholder Jay Hennick
continues his leadership role as Executive Chairman, while John Friedrichsen,
serves as Chief Financial Officer and Elias Mulamoottil will serve as Global
Head of Mergers and Acquisitions. Doug Frye, Global President and Chief
Executive Officer of Colliers International, will retain the role he has for 13
years with Dylan Taylor, Chief Operating Officer, overseeing the executive team
in charge of operations of Colliers.
Plan of Arrangement
On April 21, 2015, shareholders of FirstService voted overwhelmingly in favour
of the transaction and, on May 28, 2015, the Ontario Superior Court of Justice
(Commercial List) approved the transaction.
Under the terms of the arrangement: (i) each holder of Subordinate Voting Shares
of the former FirstService will continue to hold one Subordinate Voting Share of
Colliers (which will continue to be represented by former FirstService share
certificates, until replaced against transfer) and will receive one Subordinate
Voting Share of New FirstService for every Subordinate Voting Share of the
former FirstService held at the close of business on May 29, 2015; and (ii) each
holder of Multiple Voting Shares of the former FirstService will continue to
hold one Multiple Voting Share of Colliers (which will continue to be
represented by former FirstService share certificates, until replaced against
transfer) and will receive one Multiple Voting Share of new FirstService for
every Multiple Voting Share of the former FirstService held at the close of
business on May 29, 2015.
The last day of "if, as and when issued" trading for New FirstService, ex-
distribution trading for Colliers and "due bill" trading for former FirstService
is expected to be June 1, 2015. New FirstService Subordinate Voting Shares and
Colliers Subordinate Voting Shares are anticipated to begin regular trading on
the TSX and NASDAQ at the commencement of trading on June 2, 2015. The new
FirstService Subordinate Voting Shares will trade under the symbol FSV on both
the TSX and NASDAQ while the Colliers Subordinate Voting Shares will trade under
the symbol CIG on the TSX and the symbol CIGI on NASDAQ.
About Colliers International Group Inc.
Colliers International Group Inc. (Nasdaq:CIGI) (TSX:CIG) is a global leader in
commercial real estate services with more than 16,300 professionals operating
from 502 offices in 67 countries. With an enterprising culture and significant
insider ownership, Colliers professionals provide a full range of services to
real estate occupiers, owners and investors worldwide. Services include
brokerage, global corporate solutions, investment sales and capital markets,
project management and workplace solutions, property and asset management,
consulting, valuation and appraisal services, and customized research and
thought leadership. Colliers International has been ranked among the top 100
outsourcing firms by the International Association of Outsourcing Professionals'
Global Outsourcing for 10 consecutive years, more than any other real estate
services firm.
For the latest news from Colliers International, visit Colliers.com or follow us
on Twitter ((at)ColliersIntl) and LinkedIn.
Advisory Regarding Forward-Looking Information
Information in this press release that is not a historical fact is "forward-
looking information". Words such as "plans", "intends", "outlook", "expects",
"anticipates", "estimates", "believes", "likely", "should", "could", "will",
"may" and similar expressions are intended to identify statements containing
forward-looking information. Forward-looking information in this press release
is based on current objectives, strategies, expectations and assumptions which
management considers appropriate and reasonable at the time. The forward-looking
information in this press release includes, but is not limited to, statements
with respect to: the expected future attributes of Colliers.
By its nature, forward-looking information is subject to risks and uncertainties
which may be beyond the ability of Colliers to control or predict. The actual
results, performance or achievements of Colliers could differ materially from
those expressed or implied by forward-looking information. Factors that could
cause actual results, performance, achievements or events to differ from current
expectations include, among others, risks and uncertainties related to: the
operations and financial condition of Colliers as a separately traded public
company; business cycles, including general economic conditions in the countries
in which Colliers operates, which will, among other things, impact demand for
services and the cost of providing services; the ability of Colliers to
implement its business strategy, including its ability to acquire suitable
acquisition candidates on acceptable terms and successfully integrate newly
acquired businesses with its existing businesses; changes in or the failure to
comply with government regulations; changes in foreign exchange rates; increased
competition; credit of third parties; changes in interest rates; and the
availability of financing. Additional information on certain of these factors
and other risks and uncertainties that could cause actual results or events to
differ from current expectations can be found in Old FirstService's Annual
Information Form for the year ended December 31, 2014 under the heading "Risk
Factors" (which factors are adopted herein and a copy of which can be obtained
at www.sedar.com). Certain risks and uncertainties specific to the arrangement
transaction, Colliers and New FirstService are further described in the
Management Information Circular of Old FirstService dated March 16, 2015. Other
factors, risks and uncertainties not presently known to Colliers or that
Colliers currently believes are not material could also cause actual results or
events to differ materially from those expressed or implied by statements
containing forward-looking information.
Readers are cautioned not to place undue reliance on statements containing
forward-looking information that are included in this press release, which are
made as of the date of this press release, and not to use such information for
anything other than their intended purpose. Colliers disclaims any obligation or
intention to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as required by
applicable law.
CONTACT: Margaret Meluzio
Havas PR
Phone: 646-510-6578
Margaret.Meluzio(at)havasww.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(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.
Source: FirstService Corporation via GlobeNewswire
[HUG#1925553]
Unternehmensinformation / Kurzprofil:
Datum: 01.06.2015 - 22:41 Uhr
Sprache: Deutsch
News-ID 397391
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contact information:
Town:
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Kategorie:
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