TSX: IVQ.U
TORONTO, Nov. 9, 2018 /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 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 2,647,954 of its Units, or approximately 5% of Invesque's 52,959,070 outstanding Shares as of November 1, 2018, 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 7,918 Shares (which is equal to 25% of 31,675, 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 14, 2018 and the bid will terminate on November 13, 2019 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.
Invesque has established 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.
Forward-Looking Statements
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 Shares 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 Shares will be purchased under the NCIB.
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.
SOURCE Invesque Inc.
