VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 1, 2017) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
Premier Diversified Holdings Inc. ("Premier" or the "Company") (CSE:PDH)(PDH.CN) is pleased to announce that on February 1, 2017 it acquired 600,000 common shares ("Shares") of Sequant Re Holdings Limited ("SRHL") at USD$0.50 per common share for total consideration of USD$300,000 (approximately CAD$391,860). 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 5,326,000 common shares of SRHL (approximately 43.65% on an undiluted basis), 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, Mr. Parsad is a director and officer of Premier and Messrs. Mohan and Cooke are directors 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.
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 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. Its current holdings include interests in medical diagnostic clinics located in Canada and China, in a reinsurance business located in Bermuda, in several Vancouver-based real estate development projects and in an online medical consulting company.