A company owned by Invesque’s chief financial officer has boosted the CFO’s financial interest in the real estate company with the acquisition of 16.98 million shares of stock common from insurance holding company Tiptree, for $625,000.
“This strategic move will significantly increase Chester’s investment in the healthcare real estate company, which specializes in seniors housing and memory care facilities across North America,” TipRanks reported.
IVQ Stock Holding Company LLC, a company controlled by CFO and board member Adlai Chester, entered into the share purchase agreement. Once the transaction is completed, on or by April 30, Tiptree will no longer have ownership of, control of or direction over any common shares of Invesque.
Chester currently owns or controls 212,907 common shares of Invesque. After the Tiptree acquisition, ISHC and Chester will collectively own approximately 17.1 million common shares, representing approximately 30.59% of the outstanding common shares of the company.
According to a press release from Invesque, 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.”
The company issued the press release pursuant to National Instrument 62-103, known as The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. An early warning report regarding Invesque’s acquisition of Tiptree’s common shares will be filed at SEDAR+ under Invesque’s issuer profile.
“In particular, the purchase of the common shares was made from not more than five persons in the aggregate, the bid was not made generally to security holders of the class of securities that is the subject of the bid, and the value of the consideration being paid by [Invesque] for the common shares, including brokerage fees and commissions, is not greater than 115% of the market price of the securities at the date of the bid,” Invesque said.
For the full year of 2023, Invesque reported $198.8 million in revenue, an amount consistent with the prior year. The company’s net loss, however, was greater in 2023 than in 2022 at $99.2 million and $48.8 million, respectively.
Funds from operations were $18.9 million in 2023 compared with $23.9 million in 2022. In the fourth quarter of the year, FFO was $1.9 million compared with $6.8 million in the same quarter in 2022.
Invesque’s revenue for the fourth quarter was $46.2 million, compared with $50 million for the fourth quarter of 2022.
