Toronto and Amsterdam-listed real estate group Homburg Invest has decided to focus the company's activities exclusively on income producing properties.
Toronto and Amsterdam-listed real estate group Homburg Invest has decided to focus the company's activities exclusively on income producing properties.
Chairman and CEO Richard Homburg said in a statement that a special committee had been established to consider a plan to spin off the company's development and other non-income producing properties to its shareholders.
As part of the new strategic direction, the special committee will also consider a plan to reorganize Homburg's equity structure by creating a single class of common shares, each with a single vote and equal dividend rights. The terms of the share reorganization proposal, including the share exchange ratio, which will be subject to shareholder approval, will be announced in the coming months.
Homburg also announced that no dividend will be payable in 2009. In future years, as previously announced, the company will declare an annual dividend based on the Company's performance and market conditions. Dividends will be declared in June and paid in July.
