Premier Diversified Holdings has announced that on June 22, 2017 it acquired 400,000 common shares of Sequant Re Holdings (SHRL) at $0.50 per common share for total consideration of $200,000.
The acquisition was made through Premier's wholly-owned Bermuda subsidiary company, Premier Diversified Holdings (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.
In the wake of this purchase, Premier holds a total of 6,126,000 common shares of SRHL, approximately 46.60 percent of the issued and outstanding shares of SRHL, all of which are held indirectly through Premier Bermuda.
Sequant Re underwrites various reinsurance transactions and collateralises its obligations through the issuance of insurance-linked securities (ILS). The ILSs are offered to third party investors, and the capital from the sale of the ILSs is used to fund the reinsurance business.
Premier continues to hold the right to appoint three directors to the board of SRHL, provided that it maintains a minimum of 10 percent 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, Parsad and Mohan are directors and officers of Premier and Cooke is a director of Premier. Cooke has been appointed to act as chairman of the audit and financial committee of SRHL and will oversee the financial management of SRHL.
Premier Diversified Holdings, Sequant Re Holdings, M&A, Shares, Acquisition, Bermuda