Homburg Invest objects to AFM's decision to revoke its license
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MONTREAL, Jan. 5, 2012 /CNW Telbec/ - Homburg Invest Inc. (NYSE Euronext Amsterdam: HII) ("Homburg Invest" or the "Company") has filed today a formal objection to the decision of the Netherlands Authority for Financial Markets ("AFM") issued on November 23, 2011 revoking Homburg Invest's license to operate as a financial institution in the Netherlands.
The Company previously announced it would challenge the grounds for the revocation of the license and that all legal steps would be considered to contest the AFM's decision.
The listing on the NYSE Euronext Amsterdam remains despite the revocation of the license.
Without its license, Homburg Invest is not authorized to issue new equity in the Netherlands. The Company emphasized that maintaining its license would allow it to consider the widest number of potential alternatives for creditors, including bondholders, as part of its restructuring process. The independent monitor who was appointed by a Canadian court to oversee the restructuring of Homburg Invest under the Canadian Companies' Creditors Arrangement Act, Samson Bélair/Deloitte & Touche, supports Homburg Invest's initiatives in this regard.
"Homburg Invest strongly believes that the AFM's decision is premature in the current restructuring context. During the restructuring, it is important to keep as many options open as possible. There are various instruments with which to carry out the restructuring and issuing shares could be a possibility in this regard. I think it would be in the bondholders' best interests if all options remain on the table, but that road has been blocked for the time being by the AFM license revocation," said Jan Schöningh, President and Chief Executive Officer of Homburg Invest.
About Homburg Invest
Homburg Invest owns and develops a diversified portfolio of quality commercial real estate including office, retail, industrial and development properties throughout Europe and the United States, as well as an interest in CANMARC Real Estate Investment Trust.
Media: | |
Canada Caroline Martel NATIONAL Public Relations Tel.: 514-843-2313 |
Netherlands Heleen Jansen Cohn & Wolfe Tel.: 0031 (0)20 6768666 |
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