Homburg Invest Inc.
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Publicatie datum
28 nov 2011 - 20:39
Statutaire naam
Homburg Invest Inc.
Titel
HOMBURG INVEST ENTERS INTO AGREEMENT TO FURTHER INTERNALIZE THE MANAGEMENT OF ITS PROPERTIES
Bericht
MONTREAL, Quebec, Canada. November 28, 2011 – Homburg Invest Inc. (NYSE Euronext Amsterdam: HII) (“HII” or the “Company”) announced today that it has entered into an agreement dated as of November 17, 2011 (the “Agreement”) with Homburg Canada Incorporated (“HCI”) and certain of its affiliates (collectively, the “Vendor Group”) pursuant to which the Company will further internalize the management of its properties (the “Transaction”). The closing of the Transaction is subject to certain conditions, including satisfactory due diligence and obtaining a final order from the Court under the Canadian Companies’ Creditors Arrangement Act (“CCAA”) and the approval of Samson Bélair / Deloitte & Touche Inc., the independent monitor appointed by the Court to oversee the CCAA proceedings.
The Agreement was entered into to facilitate the diligent pursuit of HII’s restructuring efforts with a view to submitting a plan of arrangement or compromise to creditors in due course. The Agreement provides that the Company will acquire from the Vendor Group the real estate management business activities carried on by the Vendor Group with respect to the properties owned by the Company in Europe (other than those located in the Baltics), and certain related assets. The closing will also settle the claim for damages received from HCI totalling approximately $27 million further to the termination by the Company of the master property and asset management agreement between the Company and certain of its affiliates and HCI and certain outstanding intercompany payables owing to the Vendor Group. The Agreement also provides HII with appropriate control mechanisms in respect of its assets held through its partnership entities and currently controlled by the Vendor Group through general partners. The consideration payable by HII for the Transaction is equal to $21 million, subject to certain adjustments. It would be satisfied by a cash payment of $10.5 million and other consideration.
Datum laatste update: 16 december 2025