VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 25, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
Premier Diversified Holdings Inc. ("Premier" or the "Company") (CSE:PDH) is pleased to announce that on February 18, 2016 it acquired 158,000 common shares of Sequant Re Holdings Limited ("SRHL") at USD$2.00 per common share for total aggregate consideration of USD$316,000 (CAD$439,208.40). Prior to completion of this share purchase, Premier held 3,168,000 common shares of SRHL (approximately 33.04% on an undiluted basis). Premier will now hold a total of 3,326,000 common shares of SRHL (approximately 33.76% on an undiluted basis).
SRHL is an exempted company registered in Bermuda. SRHL's wholly owned subsidiary, Sequant Reinsurance Company Limited ("Sequant Re") is a reinsurance company licensed as a Class 3 commercial insurance company under the Insurance Act 1978 (Bermuda) and registered as a segregated accounts company under the Segregated Accounts Companies Act 2000 (Bermuda). Sequant Re 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 about Sequant Re may be found here: www.SequantRe.com.
Premier continues to hold the right to appoint three directors to the Board of SRHL, provided that it maintains a minimum of 10% of the issued and outstanding common shares of SRHL. Premier previously nominated Alnesh Mohan, Sanjeev Parsad and G. Andrew Cooke to the board of SRHL as of December 12, 2014. All three of Premier's nominees continue to act as directors of SRHL. Additionally, Mr. Mohan is a director of Premier, Mr. Parsad is a director and officer of Premier and Mr. Cooke is a director of Premier. Mr. Cooke has been appointed to act as Chairman of the Audit and Financial Committee of SRHL and will oversee the financial management of SRHL. Messrs. Parsad and Mohan do not intend to participate in management or daily operations of SRHL.
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 and in a Vancouver-based real estate developer.
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 hold the purchased shares of SRHL, that SRHL will operate its business as described in this news release, and that Messrs. Parsad and Mohan will not participate in management or daily operations of SRHL. Factors that could cause actual results to be materially different include but are not limited to the following: that the nature of Premier's acquisition will change, that Premier or Messrs. Parsad and/or Mohan will become active in management and/or daily operations of SRHL, and that no significant positive developments will occur for SRHL in 2016 or beyond. Investors are cautioned against placing undue reliance on forward-looking statements. It is not our policy to update forward looking statements.