VANCOUVER, British Columbia, Feb. 06, 2018 (GLOBE NEWSWIRE) -- Premier Diversified Holdings Inc. ("Premier" or the "Company") (CSE:PDH), announces that it has disposed of a total of 10,256,000 Common shares ("Russell Shares") of Russell Breweries Inc. ("Russell"), representing 11.76% of the issued and outstanding common shares of Russell. The disposition took place through the TSX Venture Exchange on February 6, 2018.
Prior to the disposition, Premier held 11.76% of the issued and outstanding common shares of Russell and following this disposition it holds no Russell Shares and has no remaining interest in any securities of Russell. Premier received $0.01 per Russell Share for 705,000 of the Russell Shares for total consideration of $7,050. Premier received $0.005 per Russell Share for 9,551,000 of the Russell Shares for total consideration of $47,755. The total aggregate gross consideration was $54,805.
On January 5, 2018, Russell announced that, following receipt of certain final payments contemplated by the sale of all or substantially all of its assets related to its two former operating businesses in two separate transactions completed on December 2, 2016 and December 17, 2016, the board of directors of Russell fixed the amount and record date for the second cash distribution by way of a return of capital (the "Return of Capital").
The Return of Capital was in the amount of CAD$0.035 per Russell Share. The Return of Capital was made on January 26, 2018. On February 2, 2018, Premier's two nominees to the board of directors of Russell resigned. As the Return of Capital was completed and Premier's nominees no longer serve as directors of Russell, Premier determined to dispose of part of its interest in Russell on February 5, 2018. Following that disposition, Premier determined to dispose of the remainder of its Russell Shares. Premier does not intend to acquire additional securities of Russell.
Russell's head office is located at 202-13018 80th Avenue, Surrey, B.C. V3W 3A8. Premier's head office is located at 301-3185 Willingdon Green, Burnaby, B.C. V5G 4P3. Premier has filed an Early Warning Report ("EWR") in Form 62-103F1 and is not relying on an exemption from requirements in securities legislation applicable to formal bids for the transaction. A copy of the EWR may be obtained by contacting the Corporate Secretary of the Company, Marta Davidson, at 604-678-9115.
Premier notes that the EWR filed on SEDAR under the profile of Russell on February 6, 2018 is incorrectly dated June 24, 2015. The report should be dated February 5, 2018.
About Premier Diversified Holdings Inc.
Premier is a British Columbia company which operates in diversified industries. It acts as a holding company (either directly or through a subsidiary) that may be active in the management of its subsidiary companies to varying degrees. Information about Premier may be found at www.pdh-inc.com.
On behalf of the Board of Directors
“Sanjeev Parsad”
Sanjeev Parsad
President, CEO and Director
For further information, contact:
Sanjeev Parsad, President and CEO
Phone: (604) 678.9115 ext 205
E-mail: sparsad@pdh-inc.com Web: www.pdh-inc.com
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 does not intend to acquire additional Russell securities in the future. Factors that could cause actual results to be materially different include but are not limited to the following: that the management’s intentions may change or that the Premier's management may determine acquire Russell securities. Investors are cautioned against placing undue reliance on forward-looking statements. It is not our policy to update forward looking statements.