Homburg Invest terminates management agreement with privately held Homburg Canada Incorporated and internalizes CEO and CFO roles
(Thomson Reuters ONE) -
Shares issued: Class A - 17,034,489 Class B - 3,104,838
HALIFAX, July 29, 2011 - (TSX: HII.A HII.B) (AEX:HII) - Homburg Invest Inc.
("HII") announced today that its board of directors (the "Board") has terminated
the master property and asset management agreement between HII and Homburg
Canada Incorporated ("HCI"), with immediate effect. In addition, the Board has
internalized the positions of president and chief executive officer, held by Jan
Schöningh, and chief financial officer, held by James F. Miles.
Prior to the decision taken today by the Board, HCI provided property and asset
management services to HII in consideration for the payment of certain
management fees. Until the announcement today, HII had no employees of its own.
Mr. Schöningh and Mr. Miles held their positions as officers of HII, but were
employees of HCI and remunerated by HCI out of the management fees paid by HII.
Mr. Schöningh and Mr. Miles are now direct employees of HII.
HII will oversee the transition of management services resulting from the
termination of the management agreement with HCI. Details of any new property
and asset management arrangements or the further internalization of the
management function will be provided in due course.
HII has taken note of the press release issued by HCI today and reminds
shareholders that no formal offer has been made for the shares of HII. HII will
respond in due course if and when a formal offer is made.
About Homburg Invest
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 :
Paul de la Plante
NATIONAL Public Relations
514 843-2332
PDF version of the press release:
http://hugin.info/138798/R/1535591/468296.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters 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: Homburg Invest Inc. via Thomson Reuters ONE
[HUG#1535591]
Unternehmensinformation / Kurzprofil:
Datum: 02.08.2011 - 14:20 Uhr
Sprache: Deutsch
News-ID 56911
Anzahl Zeichen: 2807
contact information:
Town:
Halifax
Kategorie:
Business News
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