TORONTO--(BUSINESS WIRE)--
Tiptree Operating Company, LLC (“Tiptree”), the operating
subsidiary of Tiptree Inc. announced today that it acquired 16,647,236
common shares (the “Common Shares”) of Invesque Inc. (the “Corporation”).
The Common Shares were acquired pursuant to a purchase agreement dated
November 16, 2017 among the Corporation, Invesque Holdings, LP (f/k/a
Mainstreet Health Holdings, LP) (the “Partnership”) and Tiptree,
pursuant to which the Partnership acquired all of the issued and
outstanding equity interests of Care Investment Trust, LLC and its
subsidiaries and two other seniors living facilities (the “Transaction”).
The Common Shares were issued at a fixed price of US$9.75 per Common
Share. Based on the daily average exchange rate on January 31, 2018, the
Canadian equivalent for the price per Common Share is CDN$11.99.
Following the completion of the Transaction, Tiptree will own
approximately 34% of the Corporation’s issued and outstanding
Common Shares. Prior to the Transaction, Tiptree did not hold any Common
Shares.
The Common Shares were issued to Tiptree as consideration in connection
with the Transaction and will be held for investment purposes. Tiptree
will evaluate its investment in the Corporation from time to time and
may, based on such evaluation, market conditions and other
circumstances, increase or decrease its shareholding as circumstances
require subject to the Governance and Investor Rights Agreement entered
into by Tiptree and the Corporation in connection with the Transaction.
This press release is being issued pursuant to National Instrument
62-103 – The Early Warning System and Related Take-Over Bid and
Insider Reporting Issues which requires a report to be filed under
the Corporation’s profile on SEDAR (www.sedar.com)
containing additional information respecting the foregoing matters. A
copy of such report may be obtained by contacting Tiptree Inc., 780
Third Avenue, 21st Floor, New York, NY, 10017, Attn: Secretary, or by
calling our corporate number at (212) 446-1400.
About Tiptree
Tiptree Inc. (NASDAQ:TIPT) (the “Company”) is a holding company
that combines a specialty insurance platform with investment management
expertise. The Company’s principal operating subsidiary is a leading
provider of specialty insurance underwriting products and services. The
Company also allocates its capital across private operations and
investments which we refer to as Tiptree Capital. Today, Tiptree Capital
consists of asset management operations, mortgage operations and other
investments. For more information, please visit www.tiptreeinc.com.
Forward-Looking Statements
This release contains “forward-looking statements” which involve risks,
uncertainties and contingencies, many of which are beyond Tiptree Inc.’s
control, which may cause actual results, performance, or achievements to
differ materially from anticipated results, performance, or
achievements. All statements contained in this release that are not
clearly historical in nature are forward-looking, and the words
“intend,” “may,” “might,” “plan,” “project,” “should,” “target,” “will,”
or similar expressions are intended to identify forward-looking
statements. Given these uncertainties, you should not place undue
reliance on these forward-looking statements. Except as required by
applicable laws, we undertake no obligation to update any
forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180201006441/en/
Tiptree Inc.
Investor Relations, 212-446-1400
ir@tiptreeinc.com
Source: Tiptree Inc.