13D Filing: Spruce House Investment Management LLC and Colliers International Group Inc. (CIGI)

 

Item
4. Purpose of Transaction.

 

On
September 14, 2017, the Issuer’s board of directors (the “Board”) appointed Mr. Stein to the Board, effective
immediately. Mr. Stein and the other Reporting Persons look forward to continuing their long-standing support of the Issuer. The
Reporting Persons are supportive of the efforts of the senior management of the Issuer, which have generated, and in the Reporting
Persons’ views, will continue to generate, significant shareholder value.

 

The
Reporting Persons purchased the securities of the Issuer reported herein based on the Reporting Persons’ belief that such
securities, when purchased, were undervalued and represented, and continue to represent, an attractive investment opportunity.
Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability
of securities of the Issuer at prices that would make the purchase or sale of securities of the Issuer desirable, the Reporting
Persons may endeavor to increase or decrease their position in the Issuer through, among other things, the purchase or sale of
securities of the Issuer on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting
Persons may deem advisable.

 

No
Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs
(a) – (j) of Item 4 of Schedule 13D except in Mr. Stein’s capacity as a director of the Issuer or as otherwise set forth
herein or such as would occur upon completion of any of the actions discussed herein.

 

Item
5. Interest in Securities of the Issuer.

 

The
aggregate percentage of Shares reported owned by each person named herein is based upon 37,515,992 Shares outstanding as of August
2, 2017, which is the total number of Shares outstanding as reported in the Issuer’s Management’s Discussion and Analysis
for the Six Month Period Ended June 30, 2017, as filed with the Securities and Exchange Commission on August 2, 2017.

 

A.	Spruce Investment

 

	a)	Spruce Investment, as the investment adviser of Spruce Partnership, may be deemed the beneficial owner of the 5,985,242 Shares owned by Spruce Partnership.
		Percentage: Approximately 16%
	b)	1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 5,985,242 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 5,985,242
	c)	Spruce Investment has not entered into any transactions in the Shares during the past sixty (60) days.