Invesque (TSX: IVQ.U and IVQ) is in search of to promote or lease “all or considerably all” of its property, and it’s asking shareholders for approval to take action forward of a June 18 particular assembly.
The Fishers, Indiana-based healthcare actual property funding belief (REIT) with 45 senior dwelling properties within the U.S., is asking shareholders to contemplate a decision to probably promote or lease all of its property.
The corporate is asking its shareholders to contemplate a decision to cut back $183 million in frequent share capital, meant to be returned by way of money distribution to shareholders, although it’s famous it’s “extremely unlikely” whole distributions could be the whole quantity, in accordance with a press launch.
Invesque CEO Adlai Chester informed Senior Housing Information the company is trying to “maximize worth to shareholders by way of the disposition of property.”
“We’re not on a particular timeframe to take action however needed to get shareholder approval now to permit us to work in the direction of disposing of property and returning worth to our shareholders,” Chester stated in an electronic mail assertion.
The transactions might embody asset gross sales or leases, the sale of fairness of a number of subsidiaries, merger or enterprise mixtures, in accordance with a press launch.
Invesque not too long ago offered a complete of 11 senior dwelling property consisting of 1 senior housing property and 10 reminiscence care property in April, in accordance with the REIT’s first quarter administration dialogue and evaluation filed in Could. The corporate additionally offered its stake in senior dwelling operator Commonwealth Senior Dwelling final yr.
The transfer in calling for the particular assembly on June 18 isn’t required, however Chester stated it can permit the corporate to “have the flexibleness to transact sooner or later,” and receiving approval will make the method simpler.
“Though we’re in search of approval that might facilitate this technique, we are going to proceed to take a look at different methods to create worth for the shareholders,” Chester stated.
