VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 22, 2017) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Premier Diversified Holdings Inc. ("Premier" or the "Company") (CSE:PDH)(CSE:PDH.CN)(CNSX:PDH) is pleased to announce that on June 22, 2017 it acquired 400,000 common shares ("Shares") of Sequant Re Holdings Limited ("SRHL") at USD$0.50 per common share for total consideration of USD$200,000 (approximately CAD$270,000). The acquisition was made through Premier's wholly-owned Bermuda subsidiary company, Premier Diversified Holdings (Bermuda) Ltd. ("Premier Bermuda"), which is the registered holder of the Shares. The purchase price was paid in cash by Premier Bermuda, from a loan made by Premier.
Following this acquisition, Premier holds a total of 6,126,000 common shares of SRHL, approximately 46.60% of the issued and outstanding shares of SRHL (45.13% fully diluted), all of which are held indirectly through Premier Bermuda.
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, Messrs. Parsad and Mohan are directors and officers 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, and do not intend to, participate in management or daily operations of SRHL.
Premier Diversified Holdings Inc. participates in diversified industries through its acquisitions of assets and/or securities 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 subsidiary entities to varying degrees.
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.thecse.com. 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 through Premier Bermuda, 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, Premier Bermuda 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 2017 or beyond. Investors are cautioned against placing undue reliance on forward-looking statements. It is not our policy to update forward looking statements.