TSX: IVQ.U, IVQ and IVQ.DB.V
TORONTO, Dec. 20,
2022 /CNW/ - Invesque Inc. ("Invesque")
(TSX: IVQ.U) (TSX: IVQ) and (TSX: IVQ.DB.V) today announced
that the Toronto Stock Exchange has approved its notices of
intention to renew its normal course issuer bid for a portion of
its common shares ("Shares") and a portion of its 6.00%
convertible unsecured subordinated debentures due September 30, 2023 (the "Debentures", and
collectively with the Shares, the "Securities") as
appropriate opportunities arise from time to time. Invesque's
normal course issuer bids (collectively, the "NCIB")
will be made in accordance with the requirements of the Toronto
Stock Exchange.
Pursuant to the notices, Invesque is authorized to acquire up to
a maximum of 2,806,947 of its Shares, or approximately 5% of
Invesque's 56,138,948 outstanding Shares as of December 9,
2022, and up to a maximum of US$4,867,200 aggregate principal amount of
Debentures, or approximately 10% of the public float of
US$48,672,000 aggregate
principal amount of Debentures outstanding as of December 9, 2022, 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 ("TSX")
or through a Canadian alternative trading system and in accordance
with applicable regulatory requirements at a price per Share or
Debenture, as applicable, equal to the market at the time of
acquisition. The number of Shares that can be purchased pursuant to
the NCIB is subject to a current daily maximum of 3,944 Shares
(which is equal to 25% of 15,779 Shares, being the average
daily trading volume during the six months ended November 30, 2022), and the aggregate principal
amount of Debentures that can be purchased pursuant to the NCIB is
subject to a current daily maximum of US$8,187 aggregate principal amount of
Debentures (which is equal to 25% of US$32,750 aggregate principal amount of
Debentures, being the average daily trading volume during the six
months ended November 30, 2022), in
each case subject to Invesque's ability to make one block purchase
of Securities per calendar week that exceeds such limits.
Invesque may begin to purchase Securities on or about
December 22, 2022 and the bid will
terminate on December 21, 2023 or
such earlier time as Invesque completes its purchases pursuant to
the bid or provides notice of termination. Any Securities purchased
under the NCIB will be cancelled upon their purchase. Invesque
intends to fund the purchases out of its available cash.
In connection with the NCIB, Invesque has established automatic
securities purchase plans (the "Plans") with its
designated broker to facilitate the purchase of Securities under
the NCIB at times when Invesque would ordinarily not be permitted
to purchase Securities due to regulatory restrictions or
self-imposed blackout periods. Under the Plans, before entering a
self-imposed blackout period, Invesque may, but is not required to,
ask the designated broker to make purchases under the NCIB within
specified parameters. Outside of the pre-determined blackout
periods, Securities may be purchased under the NCIB based on the
discretion of Invesque's management, in compliance with TSX rules
and applicable securities laws. Invesque may elect to suspend or
discontinue its NCIB in accordance with certain conditions set
forth in the Plans. The automatic securities purchase plans will be
effective as of December 22,
2022.
Invesque has implemented the NCIB in respect of the Securities
because it believes that, from time to time, the market price of
the Securities may not fully reflect the underlying value of
Invesque's business and future prospects. Invesque believes that,
at such times, the repurchase of the Securities for cancellation
would be in the best interests of shareholders.
Under Invesque's normal course issuer bid expiring December 21, 2022, Invesque received approval
from the TSX to purchase for cancellation up to a maximum of
2,811,814 Shares, or approximately 5% of Invesque's 56,236,292
outstanding Shares at the time of approval, and up to a maximum of
US$5,000,000 aggregate principal
amount of Debentures, or approximately 10% of the public float of
US$50,000,000 aggregate principal
amount of Debentures outstanding at the time of approval. As of the
date hereof, Invesque had repurchased and cancelled 559,800 Shares,
at a weighted average purchase price of approximately $1.31 per Share, and US$1,639,000 aggregate principal amount of
Debentures, at a weighted average purchase price of approximately
$80.80 per $100 principal amount of Debentures through
market purchases on the TSX and other Canadian alternative trading
systems.
Forward-Looking
Statements
This news release contains forward-looking information that
reflects the current expectations of management about the future
results and opportunities for Invesque. Forward-looking statements
generally can be identified by words such as "will", "expects",
"anticipates", "intends", "plans", "believes", "estimates" or
similar expressions suggesting future outcomes or events. More
particularly and without limitation, this press release contains
forward-looking statements and information concerning future
purchases of Securities under the NCIB. Such forward-looking
statements reflect Invesque's current beliefs and are based on
information currently available to management, and there is no
assurance that any Securities will be purchased under the NCIB.
Although Invesque believes that the expectations and assumptions on
which such forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the
forward-looking statements and information because Invesque can
give no assurance that they will prove to be correct. By its
nature, such forward-looking information is subject to various
risks and uncertainties, which could cause the actual results and
expectations to differ materially from the anticipated results or
expectations expressed. Readers are cautioned not to place undue
reliance on this forward-looking information, which is given as of
the date hereof and to not use such forward-looking information for
anything other than its intended purpose. Invesque undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by law.
About Invesque Inc.
Invesque is a North American health care real estate company
with an investment thesis focused on the premise that an aging
demographic in North America will
continue to utilize health care services in growing proportion to
the overall economy. Invesque currently capitalizes on this
opportunity by investing in a portfolio of income-generating
properties across the health care spectrum. Invesque's portfolio
includes investments in independent living, assisted living, memory
care, skilled nursing, transitional care, and medical office
properties, which are operated under long-term leases and joint
venture arrangements with industry-leading operating partners.
Invesque's portfolio also includes investments in owner-occupied
seniors housing properties in which Invesque owns the real estate
and provides management services through its subsidiary management
company, Commonwealth Senior Living LLC, a Delaware limited liability company. For more
information, please visit www.invesque.com.
SOURCE Invesque Inc.