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Invesque Announces Acquisition of Shares by Company controlled by Chief Financial Officer
Invesque Announces Acquisition of Shares by Company controlled by Chief Financial Officer ...
About this update from Invesque Inc
[{"type":"text","content":"\n \n \n \n Invesque Announces Acquisition of Shares by Company controlled by Chief Financial Officer\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n March 29, 2024\n \n \n /CNW/ - Invesque Inc.\n \n (TSX:\n \n IVQ.U\n \n ) (TSX:\n \n IVQ\n \n )\n \n (\"\n \n Invesque\n \n \" or the \"\n \n Company\n \n \") and\n \n Adlai Chester\n \n today announced that IVQ Stock Holding Company, LLC (\"\n \n ISHC\n \n \"), a company controlled by Mr. Chester, the Company's Chief Financial Officer and a member of its board of directors, has entered into a share purchase agreement to acquire 16,982,283 common shares of the Company from certain subsidiaries of Tiptree Inc. (collectively, \"\n \n Tiptree\n \n \") at a price of\n \n US$0.0368\n \n per common share and an aggregate purchase price of\n \n US$625,000\n \n . Based on the daily average exchange rate on\n \n March 28, 2024\n \n , the Canadian dollar equivalent for the price per common share is\n \n CDN$0.049868\n \n and the aggregate purchase price is\n \n CDN$846,875\n \n . Following the acquisition, Tiptree will no longer own or control any shares in the Company. The acquisition is expected to close on or before\n \n April 30, 2024\n \n , and remains subject to customary closing conditions.\n \n \n After giving effect to the acquisition described above, ISHC would own or control, directly or indirectly, 16,982,283 common shares, representing approximately 30.21% of the outstanding common shares of the Company. Together with the 212,907 common shares currently owned or controlled by Mr. Chester, ISHC and Mr. Chester will collectively own 17,195,190 common shares, representing approximately 30.59% of the outstanding common shares of the Company.\n \n \n ISHC is acquiring the common shares for investment purposes and may increase or decrease its investment in these or other securities of the Company, subject to market conditions.\n \n \n ISHC is relying on the private agreement exemption under section 4.2 of National Instrument 62-104 –...