NEW YORK, Nov. 01, 2017 (GLOBE NEWSWIRE) -- Since September 2013, ADW Capital Partners L.P. (“ADW Capital”) had acquired beneficial ownership of 3,491,188 common shares of Imvescor Restaurant Group Inc. (“Imvescor”), representing approximately 5.8% of the then issued and outstanding common shares of Imvescor.
During the period of October 27, 2017 to November 1, 2017, ADW Capital acquired beneficial ownership of an additional 2,562,912 common shares (“Additional Acquired Shares”) of Imvescor, representing approximately 4.2% of the issued and outstanding common shares of Imvescor. After giving effect to the acquisition of the Additional Acquired Shares, ADW Capital controls and directs 6,054,100 common shares of Imvescor, representing approximately 10.01% of the issued and outstanding common shares of Imvescor.
The acquisition of the Additional Acquired Shares occurred through the facilities of the TSX at a price per Additional Acquired Share of between Cdn$3.60 and Cdn$4.21. The Additional Acquired Shares were acquired for investment purposes. ADW Capital may dispose of its holdings or acquire ownership of, or control or direction over, additional securities of Imvescor, depending on market conditions and in compliance with applicable law.
By way of background, ADW Capital is a concentrated, deep value partnership, that employs a long term, high conviction, and low turnover "buy and hold" strategy. ADW is an investor driven by the fundamentals of the companies in which it is invested. Additionally, at times, ADW will employ activist/constructivist strategies to help enact change at its portfolio companies. Since its initial acquisition of Imvescor common shares, ADW Capital has tried, on multiple occasions, to engage with Imvescor’s senior management to implement strategies designed to maximize shareholder value. These strategies include, but are not limited to, or may result in changes to the board of directors or management of Imvescor and the solicitation of proxies from other holders of common shares of Imvescor.
ADW Capital is located at 1133 Broadway, Suite 719, New York, NY 10010, USA.