TORONTO, April 8, 2019 /CNW/ - Invesque Inc. ("Invesque") (TSX:IVQ.U) today announced that the Toronto Stock Exchange has approved its notice of intention to make a normal course issuer bid for a portion of its 6.00% convertible unsecured subordinated debentures due September 30, 2023 (the "2023 Debentures") and a portion of its 5.00% convertible unsecured subordinated debentures due January 31, 2022 (the "2022 Debentures" and together with the 2023 Debentures, the "Debentures") as appropriate opportunities arise from time to time. Invesque's normal course issuer bid ("NCIB") will be made in accordance with the requirements of the Toronto Stock Exchange.
Pursuant to the notice, Invesque is authorized to acquire up to a maximum of US$5,000,000 aggregate principal amount of 2023 Debentures, or approximately 10% of the public float of the US$50,000,000 aggregate principal amount of 2023 Debentures outstanding as of March 28, 2019, and up to a maximum of US$4,500,000 aggregate principal amount of 2022 Debentures, or approximately 10% of the public float of the US$45,000,000 aggregate principal amount of 2022 Debentures outstanding as of March 28, 2019, in each case for cancellation over the next 12 months. Purchases under the NCIB will be made through the facilities of the Toronto Stock Exchange or through a Canadian alternative trading system and in accordance with applicable regulatory requirements at a price per Debenture equal to the market at the time of acquisition. The aggregate principal amount of Debentures that can be purchased pursuant to the NCIB is subject to a current daily maximum of US$19,934 aggregate principal amount of 2023 Debentures (which is equal to 25% of US$79,736 aggregate principal amount of 2023 Debentures, being the average daily trading volume during the last six months), and US$13,112 aggregate principal amount of 2022 Debentures (which is equal to 25% of US$52,448 aggregate principal amount of 2022 Debentures, being the average daily trading volume during the last six months), in each case subject to Invesque's ability to make one block purchase of Debentures per calendar week that exceeds such limits.
Invesque may begin to purchase Debentures on or about April 10, 2019 and the bid will terminate on April 9, 2020 or such earlier time as Invesque completes its purchases pursuant to the bid or provides notice of termination. Any Debentures purchased under the NCIB will be cancelled upon their purchase. Invesque intends to fund the purchases out of its available cash.
Invesque has established the NCIB because it believes that, from time to time, the market price of the Debentures may not fully reflect the underlying value of Invesque's business and future prospects. Invesque believes that, at such times, the repurchase of the Debentures for cancellation would be in the best interests of securityholders.
This news release may include forward-looking statements. All such statements constitute forward looking information within the meaning of securities law and are made pursuant to the "safe harbour" provisions of applicable securities laws. Forward-looking statements may include, but are not limited to, statements about future purchases of Debentures under the NCIB. Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and are identified by words such as "will", "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions concerning matters that are not historical facts. Such statements are based on current expectations of Invesque's management and inherently involve numerous risks and uncertainties, known and unknown, including economic factors. Actual results may differ materially from those expressed, implied or forecasted in such forward-looking statements and there is no assurance that any Debentures will be purchased under the NCIB.
About Invesque Inc.
Invesque Inc. is a North American health care real estate company with a growing portfolio of high-quality properties located in the United States and Canada and operated by best-in-class operators primarily under long-term leases and joint ventures. Invesque's mission is to create long-term shareholder value while providing an investment opportunity that matters. For more information, visit www.invesque.com.
SOURCE Invesque Inc.
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