Holders of Homburg Bond series 8, 9, 10 and 11 approve amendments to the trust indenture by decision in writing
(Thomson Reuters ONE) -
Shares issued: Class A - 17,072,589 Class B - 3,125,138
HALIFAX, Nova Scotia. December 3, 2010 - (TSX: HII.A & HII.B and NYSE Euronext
Amsterdam: HII) - Richard Homburg, Chairman and Chief Executive Officer of
Homburg Invest Inc. ("Homburg Invest" or the "Company") announced today that
holders representing 77% of the Homburg Bonds series 8, 9, 10 and 11 have voted
88% in favour of proposed amendments to the trust indenture dated May
31, 2006. For each series of Homburg Bonds, the required quorum (2/3 of the
principal amount of all of the outstanding Bonds) has been fulfilled, enabling a
decision in writing.
Background
The terms and conditions for the Homburg Bond series 8, 9, 10 and 11 are
recorded in the trust indenture dated May 31, 2006 as supplemented from time to
time. In order to comply with historic Canadian tax legislation, which allowed
Homburg Invest Inc. to be exempted from withholding tax on the interest of the
Bonds, there originally was a "lock-up" period of 5 years and 1 day before
(amongst others) redemption was allowed. This legislation has been amended and
this "lock-up" is no longer necessary; therefore holders of the Bonds of Homburg
Invest Inc. were asked to consent to / vote for certain proposed amendments to
the Bonds. The amendments include:
(a) The Corporation having the option at any time to redeem for cash before
maturity all of the outstanding Bonds or from time to time to redeem before
maturity any of the outstanding at 100% of the principal amount thereof,
together in all cases with interest on such principal amount of the Bonds to be
redeemed accrued to the date specified for redemption;
(b) The Corporation having the option at any time prior to maturity purchase the
Bonds in the open market or by tender or by private contract at a price not
exceeding 100% of the principal amount thereof plus accrued and unpaid interest
to the date of purchase and reasonable costs of purchase; and
(c) The Corporation having the option at any time and from time to time to offer
Bondholders the opportunity to exchange some or all of the outstanding Bonds
held by them for an equal principal amount, or such other principal amount as
the Corporation may decide for the Homburg Capital Securities A or any other
securities, as the Corporation may decide.
In the last four weeks a total of 15.882 votes have been collected and processed
(a response of 77%). 88% of these votes are in favour of the proposed amendments
to the trust indenture, dated May 31, 2006. For each series the required quorum
(2/3 of the principal amount of all of the outstanding Bonds) has been
fulfilled, enabling a decision in writing.
"We would like to thank all holders of the Homburg Bonds for approval of this
proposal," said Richard Homburg, Chairman and Chief Executive Officer.
About Homburg Invest
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 33.7% of the
units of Homburg Canada Real Estate Investment Trust. The head office of the
Company is located in Halifax, Nova Scotia.
Forward-looking Statements
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,
which 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. 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 the information contained herein.
-30-
For further information, please contact:
Mr. Richard Homburg
Chairman and CEO
Homburg Invest Inc.
(902) 468-3395
J. Richard Stolle
President and COO
Homburg Invest Inc.
31-20-573-3855
[HUG#1468852]
PDF version of the press release:
http://hugin.info/138798/R/1468852/406232.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.
Source: Homburg Invest Inc. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 03.12.2010 - 19:42 Uhr
Sprache: Deutsch
News-ID 49401
Anzahl Zeichen: 6537
contact information:
Town:
Halifax
Kategorie:
Business News
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"Holders of Homburg Bond series 8, 9, 10 and 11 approve amendments to the trust indenture by decision in writing"
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