VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 31, 2017) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
Premier Diversified Holdings Inc. ("Premier" or the "Company") (CSE:PDH)(CSE:PDH.CN) announces that it intends to acquire common shares of Sequant Re Holdings Limited ("SRHL"), the parent company of a reinsurance company registered in Bermuda, Sequant Reinsurance Company Limited. The acquisition will be made through Premier's wholly-owned Bermuda subsidiary, Premier Diversified Holdings (Bermuda) Ltd ("Premier Bermuda"). The purchase price of the common shares is USD$0.50 per common share. Premier Bermuda intends to acquire up to USD$300,000 worth of shares. The purchase price will be paid in cash, via a loan from Premier to Premier Bermuda. Premier currently holds approximately 40.73% (undiluted) of the issued and outstanding common shares of SRHL.
The reinsurance company 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. Note: In news releases dated January 27 and January 30, 2017, Premier's holdings in SRHL were incorrectly disclosed as 37.50% (undiluted) of the issued and outstanding common shares of SRHL.
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 two Vancouver real estate development entities and in an online medical consulting company.
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 ww.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 and Premier Bermuda will complete the share purchase, that the purchase price will be USD$0.50 per common share, that Premier Bermuda will pay the purchase price in cash by way of a loan from Premier, that the reinsurance company will operate its business as described, that Premier will continue to support the reinsurance company, that SRHL will continue to be operated and that any income from the acquisition of the SRHL shares will be retained by Premier Bermuda. Factors that could cause actual results to be materially different include but are not limited to the following: that the nature of Premier and/or Premier Bermuda's shareholdings of SRHL will change, that the purchase price may change, that the reason for the purchase may change, that the reinsurance company will cease to operate as a going concern or will operate its business differently than described, that Premier will be unwilling or unable to loan funds to Premier Bermuda, that SRHL will not generate income in 2016 or at all and will require additional funding from other sources. Investors are cautioned against placing undue reliance on forward-looking statements. It is not our policy to update forward looking statements.