Homburg Invest Inc. - Launches a normal course issuer bid

    HALIFAX, Oct. 15 /CNW/ - (TSX: HII.A & HII.B and Euronext:Hll (the
"Shares")) Richard Homburg, Chairman and CEO of Homburg Invest Inc. ("Homburg
Invest") is pleased to announce that it has received regulatory approval to
launch a normal course issuer bid. Homburg Invest believes the market prices
of its shares do not properly reflect the underlying value of Homburg Invest
and that the purchase of its shares makes appropriate and desirable use of its
available cash over the upcoming twelve months, Homburg Invest's board of
directors believes that the offer is in the best interests of Homburg Invest
and its shareholders.
    Accordingly, Homburg Invest announces that the Toronto Stock Exchange
(the "Exchange") has accepted Homburg Invest's notice to make a normal course
issuer bid. According to the notice filed with the Exchange, Homburg Invest
intends to purchase, for cancellation, in accordance with the Rules and
Policies of the Exchange (i) up to 10,510,000 Class A Subordinate Voting
Shares ("Class A Shares"), representing 10% of the public float for the Class
A Shares as at today's date and (ii) up to 1,575,000 Class B Multiple Voting
Shares ("Class B Shares"), representing 5% of the issued and outstanding Class
B Shares as at today's date.
    As of September 30, 2008, there were 155,579,016 Class A Shares and
31,514,782 Class B Shares issued and outstanding. A total of 105,104,130 Class
A Shares and 6,401,024 Class B Shares are held by shareholders' other than
directors, senior officers and insiders of the Company (the "public float").
    The average daily trading volume (the "ADTV") of Homburg Invest's Class A
Shares and Class B Shares over the last six completed calendar months was
190,153 for the Class A Shares and 3,474 for the Class B Shares. Accordingly,
under the Exchange Rules and Policies, Homburg Invest is entitled to purchase
up to 47,538 Class A Shares and 868 Class B Shares on any trading day.
    The normal course issuer bid will begin on October 17, 2008 and will
terminate on October 16, 2009 or such earlier date as Homburg Invest may
complete its permitted purchases pursuant to its notice of intention filed
with the Exchange. All purchases will be made through the facilities of the
Exchange only, at the discretion of Homburg Invest's management, as and when
it will deem the market price of the Class A Shares or of the Class B Shares
to be favourable to the reduction of its outstanding share capital. The
purchase of and payment for the shares will be made by Homburg Invest in
accordance with the Rules and Policies of the Exchange and the price Homburg
Invest will pay for any shares will be the market price of such shares at the
time of acquisition. All shares purchased by Homburg Invest will be cancelled.
    Homburg Invest has had several independent appraisals and valuations
prepared in connection with its acquisition of certain commercial properties
in the Netherlands in 2006 and the acquisition of office, retail, industrial
and residential properties in Montreal and Ottawa, Canada, including a large
commercial complex in greater Montreal. Copies of these appraisals and
valuations are available for viewing during regular business hours at Homburg
Invest's head office at suite 600, 1741 Brunswick Street, Halifax, NS B3J 3X8.
The valuation prepared in connection with the Montreal property is also
available on SEDAR at www.sedar.com.

    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.

    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.
    %SEDAR: 00013330E

For further information:

For further information: 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

Organization Profile

Homburg Invest Inc.

More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890