Colliers Completes Transaction to Settle Long-Term Incentive Arrangement and Establish Timeline for Orderly Elimination of Du...
April 16 2021 - 1:15PM
Colliers International Group Inc. (TSX: CIGI; NASDAQ: CIGI)
(“Colliers” or the “Company”) today announced that it has completed
the previously announced transaction (the
“
Transaction”) to settle the Management Services
Agreement (the “
MSA”), including the long-term
incentive arrangement, between Colliers, Jay S. Hennick and Jayset
Management CIG Inc., a corporation controlled by Mr. Hennick. The
Transaction has also established a timeline for the orderly
elimination of Colliers’ dual class voting structure by no later
than September 1, 2028.
Colliers and Mr. Hennick have entered into a new
five-year management services agreement, with mutual one-year
renewal options thereafter (the "New MSA")
pursuant to which Mr. Hennick will continue to provide services to
Colliers as, at his option, the Chief Executive Officer and/or
Executive Chairman. The New MSA is substantially similar to the
current MSA, except that there is no entitlement to a long-term
incentive arrangement, stock options or other equity-linked
compensation.
Mr. Hennick continues as the Chairman and Chief
Executive Officer of the Company and has control and direction over
a total of 5,005,369 Subordinate Voting Shares and 1,325,694
Multiple Voting Shares, which in the aggregate represent 14.4% of
Colliers’ total outstanding shares and which carry 45.6% of the
total votes associated with Colliers shares.
About ColliersColliers (NASDAQ,
TSX: CIGI) is a leading diversified professional services and
investment management company. With operations in 67 countries, our
more than 15,000 enterprising professionals work collaboratively to
provide expert advice to real estate occupiers, owners and
investors. For more than 25 years, our experienced leadership with
significant insider ownership has delivered compound annual
investment returns of almost 20% for shareholders. With annualized
revenues of $3.0 billion ($3.3 billion including affiliates) and
$40 billion of assets under management, we maximize the potential
of property and accelerate the success of our clients and our
people. Learn more at corporate.colliers.com,
Twitter @Colliers or LinkedIn.
COMPANY CONTACTS:Peter F. CohenLead
DirectorChristian MayerChief Financial Officer(416) 960-9500
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