Invesque Inc. Announces Renewal of Normal Course Issuer Bid
Toronto, Ontario, November 15, 2019 – Invesque Inc. (“Invesque”) (TSX:IVQ.U and IVQ) today announced that the Toronto Stock Exchange (“TSX”) has approved its notice of intention to renew its normal course issuer bid for a portion of its common shares (“Shares”) 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 2,723,835 of its Shares, or approximately 5% of Invesque’s 54,476,694 outstanding Shares as of November 1, 2019, 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 Share 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 10,927 Shares (which is equal to 25% of 43,711, being the average daily trading volume during the last six months), subject to Invesque’s ability to make one block purchase of Shares per calendar week that exceeds such limits.
Invesque may begin to purchase Shares on or about November 19, 2019 and the bid will terminate on November 18, 2020 or such earlier time as Invesque completes its purchases pursuant to the bid or provides notice of termination. Any Shares purchased under the NCIB will be cancelled upon their purchase. Invesque intends to fund the purchases out of its available cash.
Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which Invesque sought and received approval from the TSX to purchase up to 2,647,954 Shares for the period from November 14, 2018 to November 13, 2019, Invesque has purchased 93,900 Shares at an average purchase price of $6.5917 per Share.
Invesque has renewed the NCIB because it believes that, from time to time, the market price of the Shares may not fully reflect the underlying value of Invesque’s business and future prospects. Invesque believes that, at such times, the repurchase of the Shares for cancellation would be in the best interests of shareholders.
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 Shares 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 Shares 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 health care real estate company with an investment thesis centered around the opportunity created by the global aging demographic trend. Invesque currently capitalizes on this opportunity by investing in a highly diversified portfolio of income generating health care properties located across the United States and Canada through long-term absolute net leases, joint ventures, and development capital. For more information, visit www.invesque.com.
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