Mr. Richard Homburg, Chairman, President and CEO of Homburg Invest Inc. announces the successful completion of its first quarterly redemption of shares. Under the previously announced program, the Corporation will redeem up to 0.5% of its issued and outstanding Common Shares quarterly at their intrinsic value.
The redemption, for the quarter ended June 30, 2002, was finalized on September 20, 2002 and was oversubscribed with 418,557 shares being tendered. The maximum number of shares eligible for redemption for the quarter was 176,935. As a result, shares were redeemed on a pro-rated basis with approximately 42% of the shares tendered by each individual shareholder being redeemed. The intrinsic value (redemption price) of the shares as at June 30, 2002 was $1.29.
Homburg Invest Inc., with its head office in Halifax, Nova Scotia, owns a diverse portfolio of quality real estate including office, retail, warehouse and residential apartment, condominium and townhouse properties located in Nova Scotia, New Brunswick, Prince Edward Island, Alberta and British Columbia.
(source: Homburg Invest Inc.)