Mr. Richard Homburg, Chairman and CEO of Homburg Invest Inc. ("HII" or "Homburg Invest") announces that Homburg Invest has entered into a so-called exchange agreement with Equity One Inc. Concurrently with the exchange agreement Equity One and Homburg Invest entered into a so-called voting rights transfer agreement.
Under the exchange agreement, Homburg Invest will dispose of approximately 2 million ordinary shares of DIM Vastgoed N.V. ("DIM") to Equity One in exchange for shares of common stock of Equity One ("Common Stock"). At initial closing, Homburg Invest will acquire 866,373 shares of Common Stock in exchange for a total of 1,151,276 DIM shares and 86,400 rights to DIM Shares, expected to occur no later than January 14, 2009. In addition, under the voting rights transfer agreement, Homburg Invest has granted an irrevocable proxy to Equity One with respect to another 766,573 DIM shares that Homburg has the right to acquire on October 1, 2010. The exchange agreement also provides, subject to certain conditions, that Equity One will acquire these DIM shares from Homburg once Homburg has obtained the DIM shares at the same exchange ratio, being an aggregate of 536,601 shares of Common Stock.