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Shares issued:  Class A - 168,222,323    Class B - 31,510,782

 

Halifax, Nova Scotia, December 12, 2008 (TSX: HII.A & HII.B and NYSE Euronext: HII (the "Shares") -  Richard Homburg, Chairman and CEO of Homburg Invest Inc. ("Homburg Invest") is pleased to announce that the shareholders of Homburg Invest yesterday approved a consolidation of the Class A Subordinate Voting Shares (the "Class A") and the Class B Multiple Voting Shares (the "Class B"). 

 

Under the consolidation, each 10 pre-consolidation shares, whether of Class A or Class B, will be exchanged for 1 post-consolidation share in their respective class of share, either of Class A or Class B.  The terms for Class A and Class B shares remain otherwise unchanged so for example, Class A shares remain entitled to 1 vote and Class B shares remain entitled to 25 votes.  Homburg Invest expects that the consolidated shares will begin trading on the TSX and NYSE Euronext on a post-consolidation basis within 7 to 10 days.

 

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.

 

 

 

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.