VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 17, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Premier Diversified Holdings Inc. ("Premier" or the "Company") (CSE:PDH) announces that it intends to acquire common shares of the parent company, Sequant Re Holdings Limited ("SRHL"), of a reinsurance company registered in Bermuda, Sequant Reinsurance Company Limited. The purchase price of the common shares is USD$2.00 per common share. Premier intends to acquire up to USD$316,000 worth of shares, and intends to hold the shares for investment purposes only. The purchase price will be paid in cash. Premier currently holds approximately 33.04% (32.26% on a fully diluted basis) of the issued and outstanding common shares of SRHL.
"As a primary shareholder behind SRHL, Premier continues to support this boutique reinsurance company as it continues to build out its book of business, reputation and its unique offering in the insurance-linked securities market under Guy Cloutier," said Premier CEO and SRHL director, Sanjeev Parsad. "We believe SRHL will begin to generate fee income in 2016 and offset our future funding requirements."
The reinsurance company underwrites various reinsurance transactions and collateralizes its obligations through the issuance of insurance-linked securities ("ILSs"). The ILSs are offered to third party investors, and the capital from the sale of the ILSs is used to fund the reinsurance business.
Further Information
Further information regarding Premier may be found on Premier's website at www.pdh-inc.com and filed on SEDAR at www.sedar.com.
Premier Diversified Holdings Inc. participates in diversified industries through its acquisitions of securities and/or assets of public and private entities which it believes have potential for significant returns. It may act as a holding company (either directly or through a subsidiary) and may participate in management of investee entities to varying degrees. Its current holdings include interests in medical diagnostic clinics located in Canada and China, in a reinsurance business located in Bermuda, in a Canadian craft beer brewery and in a Vancouver real estate development partnership.
On behalf of the Board of Directors
Sanjeev Parsad, President, CEO and Director
The Canadian Securities Exchange (CSE) has not reviewed the adequacy or the accuracy of the contents of this document. Company information can be viewed here: www.cnsx.ca. Further information regarding the Company can be found on SEDAR at www.sedar.com.
Legal Notice Regarding Forward Looking Statements: This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking statements are indicated expectations or intentions. Forward-looking statements in this news release include that Premier will complete the share purchase, that the purchase price will be USD$2.00 per common share, that the shares will be acquired by Premier for investment purposes, that Premier will pay the purchase price in cash, that the reinsurance company will operate its business as described and that the reinsurance company will generate income. Factors that could cause actual results to be materially different include but are not limited to the following: that the nature of Premier's investment will change, that the purchase price may change, that the reason for the purchase may change or that the reinsurance company will operate its business differently than described. Investors are cautioned against placing undue reliance on forward-looking statements. It is not our policy to update forward looking statements.