NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
COMPANY CONTACTS:
Jay S. Hennick Founder & CEO (416) 960-9500
John B. Friedrichsen
Senior Vice President & CFO (416) 960-9500
FIRSTSERVICE CONFIRMS APPROACH TO COLLIERS INTERNATIONAL UK
TORONTO, CANADA, January 24, 2012 - FirstService Corporation
(TSX: FSV and FSV.PR.U; NASDAQ: FSRV) ("FirstService") notes
the announcement released by Colliers International UK PLC
("Colliers International UK" or "the Company") today
confirming that it had received an approach from FirstService
that may or may not lead to an offer for the Company.
Colliers International UK is the London based franchisee of
Colliers International, the commercial real estate operations
of FirstService.
In accordance with Rule 2.4(c) of the Takeover Code,
FirstService will have until 5.00pm on 21
February 2012, being 28 days after 24 January 2012 (or such
later date as may be agreed by Colliers International UK and
the Takeover Panel), to announce either a firm intention to
make an offer for Colliers International UK or that it does
not intend to make an offer.
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Any offer made for the ordinary shares in Colliers
International UK is likely to be solely in cash and at a
price that is a significant discount to the current trading
price. Further, should any offer be made, such offer may
result in minimal, if any, value to the shareholders of the
Company, given
the significant level of indebtedness and other liabilities
of the Company. Pursuant to Rule 2.5(a) of the Takeover Code,
FirstService reserves the right to vary the form and/or mix
of the consideration.
This is an announcement falling under Rule 2.4 of the
Takeover Code and does not constitute an announcement of a
firm intention to make an offer under Rule 2.7 of the
Takeover Code. There can be no certainty that an offer will
be made nor as to the terms on which any offer might be made.
FirstService reserves the right to structure any proposal
ultimately made in any form whether by scheme of arrangement,
takeover offer or otherwise.
In late 2009, FirstService participated with a minority
investment as part of an equity financing to recapitalize its
franchisee, Colliers International UK, as it faced difficult
market conditions in the UK, while the Company's UK-based
executive management team and board of directors developed a
plan to revitalize and refocus its operations on improving
performance.
A copy of this announcement is also available on
FirstService's website at www.firstservice.com. A
further announcement will be made when appropriate.
About FirstService
FirstService Corporation is a global leader in the rapidly
growing real estate services sector, providing a variety of
services in commercial real estate, residential property
management and property services. As one of the largest
property managers in the world, FirstService manages more
than 2.3 billion square feet of residential and commercial
properties through its three industry-leading service
platforms: Colliers International, the third largest global
player in commercial real estate services; FirstService
Residential Management, the largest manager of residential
communities in North America; and Property Services,
including Field Asset Services, one of America's largest
providers of property preservation and distressed asset
management and FS Brands, one of North America's largest
providers of property services through franchise
networks.
FirstService generates over US$2.2 billion in annual revenues
and has more than 20,000 employees worldwide. More
information about FirstService is available at
www.firstservice.com
- 3 -
Dealing Disclosure Requirements
Under Rule 8.3(a) of the Takeover Code, any person who is
interested in 1% or more of any class of relevant securities
of an offeree company or of any paper offeror (being any
offeror other than an offeror in respect of which it has been
announced that its offer is, or is likely to be, solely in
cash) must make an Opening Position Disclosure following the
commencement of the offer period and, if later, following the
announcement in which any paper offeror is first
identified.
An Opening Position Disclosure must contain details of the
person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the
offeree company and (ii) any paper offeror(s). An Opening
Position Disclosure by a person to whom Rule 8.3(a) applies
must be made by no later than 3.30 pm (London time) on the
10th business day following the commencement of
the offer period and, if appropriate, by no later than 3.30
pm (London time) on the 10th business day following the
announcement in which any paper offeror is first identified.
Relevant persons who deal in the relevant securities of the
offeree company or of a paper offeror
prior to the deadline for making an Opening Position
Disclosure must instead make a Dealing
Disclosure.
Under Rule 8.3(b) of the Takeover Code, any person who is, or
becomes, interested in 1% or more of any class of relevant
securities of the offeree company or of any paper offeror
must make a Dealing Disclosure if the person deals in any
relevant securities of the offeree company or of any paper
offeror. A Dealing Disclosure must contain details of the
dealing concerned and of the person's interests and short
positions in, and rights to subscribe for, any relevant
securities of each of (i) the offeree company and (ii) any
paper offeror, save to the extent that these details have
previously been disclosed under Rule 8. A Dealing Disclosure
by a person to whom Rule 8.3(b) applies must be made by no
later than 3.30 pm (London time) on the business day
following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement
or understanding, whether formal or informal, to acquire or
control an interest in relevant securities of an offeree
company or a paper offeror, they will be deemed to be a
single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree
company and by any offeror and Dealing Disclosures must also
be made by the offeree company, by any offeror and by any
persons acting in concert with any of them (see Rules 8.1,
8.2 and 8.4).
Details of the offeree and offeror companies in respect of
whose relevant securities Opening Position Disclosures and
Dealing Disclosures must be made can be found in the
Disclosure Table on the Takeover Panel's website at
ww.thetakeoverpanel.org.uk, including details of
the number of relevant securities in issue, when the offer
period commenced and when any offeror was first identified.
If you are in any doubt as to whether you are required to
make an Opening Position Disclosure or a Dealing Disclosure,
you should contact the Panel's Market Surveillance Unit
on
+44 (0)20 7638 0129.
Forward-looking Statements
Certain statements included in this release contain words
such as "could", "expects", "expectations", "may",
"anticipates", "believes", "intends", "estimates" and "plans"
(and similar
- 4 -
expressions) and constitute "forward-looking statements"
within the meaning of applicable
securities law. These statements are based on FirstService's
current expectations, estimates, forecasts and projections
about the operating environment, economies and markets in
which FirstService and its subsidiaries operate. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which are difficult to
predict and may cause the actual results, performance or
achievements of FirstService, or outcomes or results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among others, the
following: general economic and business conditions which
will, among other things, impact demand for the
FirstService's services, service industry conditions and
capacity and the cost of providing services; the ability of
FirstService to implement its business strategy, including
FirstService's ability to acquire suitable acquisition
candidates on acceptable terms and successfully integrate
newly acquired businesses with its existing businesses;
changes in or the failure to comply with government
regulations (especially safety and environmental laws and
regulations); and other factors which are described in
FirstService's filings with the U.S. Securities and Exchange
Commission and Canadian regulatory authorities. These
statements, although considered reasonable by FirstService at
the date of this press release, may prove to be inaccurate
and consequently FirstService's actual results could differ
materially from its expectations as set out or implied in
this release. Unless otherwise required by applicable
securities laws, FirstService disclaims any intention or
obligation to update or revise any forward-looking
statements.
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