Homburg Invest announces delisting on NYSE Euronext Amsterdam
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MONTREAL, Jan. 31, 2013 /CNW Telbec/ - Homburg Invest Inc. (NYSE Euronext Amsterdam: HII) ("HII") announces that the listing of HII on NYSE Euronext Amsterdam will be terminated as of 13 March 2013.
As a result of the filing for the Canadian Companies' Creditors Arrangement Act ("CCAA") in September 2011, NYSE Euronext allocated HII's ordinary shares to a specific trading group in accordance with the NYSE Euronext rules. The NYSE Euronext rules provide for an automatic delisting within a year of allocation to the specific trading group, unless there is sufficient evidence that steps for a restructuring have been implemented and are expected to be effectuated within six months. NYSE Euronext Amsterdam granted HII an extension of the listing for a period of six months in September 2012.
The plan of arrangement under the CCAA (the "CCAA Plan"), as currently contemplated, provides for a cancellation of all existing shares of HII with no recovery or payment to its shareholders. It now becomes clear that with a successful emergence under the CCAA, a listing of HII on NYSE Euronext Amsterdam is no longer required. Therefore, HII will not request NYSE Euronext Amsterdam for an extension of its listing by a second term of maximum six months.
The delisting of HII's ordinary shares will not affect the position of the creditors of HII (including the bondholders). HII continues to diligently pursue its restructuring efforts, with the assistance of the Court appointed Monitor and their respective advisors, and is in the process of finalizing the CCAA Plan. HII will be filing and presenting the CCAA Plan to its creditors shortly. The position of bondholders will be considered in an adequate manner with due regard to their interest under the CCAA Plan. The CCAA Plan provides inter alia for emergence of a newly incorporated company taking over activities from HII.
About Homburg Invest
Homburg Invest owns a diversified portfolio of commercial real estate including office, retail, industrial and development properties throughout Canada, Europe and the United States.
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