TORONTO and SEATTLE, June 17, 2015 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (Nasdaq:CIGI) (TSX:CIG) ("Colliers") today announced the appointment of Katherine Lee to its Board of Directors. The Board also announced the adoption of a dividend policy.
Katherine Lee was appointed to the Board of Directors, and will also serve both as a member of the Audit & Risk Committee and the Executive Compensation Committee. A senior executive with General Electric for more than 20 years, Lee recently retired from her roles as President and Chief Executive Officer of GE Capital Canada. Previously Lee served as the President and Chief Executive Officer of GE Capital Real Estate Canada.
The Board of Directors also approved a dividend policy such that Colliers will pay semi-annual cash dividends to holders of Subordinate Voting Shares and Multiple Voting Shares (collectively, the "Common Shares") of record at the close of business on the last business day in June and December in each year. The semi-annual dividend is initially set at US$0.04 per Common Share (US$0.08 per annum). Each semi-annual dividend will be paid within 30 days after the dividend record date. The terms of the dividend policy remain, among other things, at the discretion of the Board of Directors. Future dividends on the Common Shares, if any, will depend on the results of Colliers' operations, cash requirements, financial condition, contractual restrictions, business opportunities, provisions of applicable law and other factors. The first dividend to be paid is for the six months ended December 31, 2015.
About Colliers International
Colliers International Group Inc. (Nasdaq:CIGI) (TSX:CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals' Global Outsourcing for 10 consecutive years, more than any other real estate services firm.
Advisory Regarding Forward-Looking Information
Information in this press release that is not a historical fact is "forward-looking information". Words such as "plans", "intends", "outlook", "expects", "anticipates", "estimates", "believes", "likely", "should", "could", "will", "may" and similar expressions are intended to identify statements containing forward-looking information. Forward-looking information in this press release is based on current objectives, strategies, expectations and assumptions which management considers appropriate and reasonable at the time. The forward-looking information in this press release includes, but is not limited to, statements with respect to expected future dividends and the amounts of those dividends and expected future attributes of Colliers.
By its nature, forward-looking information is subject to risks and uncertainties which may be beyond the ability of Colliers to control or predict. The actual results, performance or achievements of Colliers could differ materially from those expressed or implied by forward-looking information. Factors that could cause actual results, performance, achievements or events to differ from current expectations include, among others, risks and uncertainties related to: the operations and financial condition of Colliers; business cycles, including general economic conditions in the countries in which Colliers operates, which will, among other things, impact demand for services and the cost of providing services; the ability of Colliers to implement its business strategy, including its 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; changes in foreign exchange rates; increased competition; credit of third parties; changes in interest rates; and the availability of financing. Additional information on certain of these factors and other risks and uncertainties that could cause actual results or events to differ from current expectations can be found in former FirstService Corporation's Annual Information Form for the year ended December 31, 2014 under the heading "Risk Factors" (which factors are adopted herein and a copy of which can be obtained at www.sedar.com). Other factors, risks and uncertainties not presently known to Colliers or that Colliers currently believes are not material could also cause actual results or events to differ materially from those expressed or implied by statements containing forward-looking information.
Readers are cautioned not to place undue reliance on statements containing forward-looking information that are included in this press release, which are made as of the date of this press release, and not to use such information for anything other than their intended purpose. Colliers disclaims any obligation or intention to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
CONTACT: COMPANY CONTACTS: Jay S. Hennick Chairman and CEO John B. Friedrichsen CFO (416) 960-9500
Source:FirstService Corporation;Colliers International Group Inc.