Invesque shareholders have voted to approve the sale or lease of “all or substantially all of the assets” of the company.

The decision came at a special meeting Wednesday. The move was approved with 93.34% in favor.

The vote follows the company’s actions over the past several years first to shed its skilled nursing facilities and medical office buildings and then to sell its portfolio of Commonwealth Senior Living communities and the Commonwealth management company, which it had acquired in 2019.

As of May 15, Invesque’s footprint included 28 communities, not including assets held for sale. The company had $631.2 million in total assets and a debt balance of $389.1 million.

Also Wednesday, shareholders overwhelmingly approved a capital reduction resolution by a margin of 99.39% to 0.61%.

“Returns of capital could allow the corporation to return on a tax efficient basis to shareholders any remaining proceeds of asset divestitures following the repayment of indebtedness,” Invesque said previously.

The special resolution allows a reduction in capital in respect of the common shares of the corporation by an aggregate amount of up to $183 million to facilitate potential cash distributions following asset divestitures. 

“These outcomes reflect strong shareholder confidence and support for Invesque’s strategic direction, potentially enhancing its position in the healthcare real estate market,” TipRanks reported.

Additionally at the meeting, shareholders appointed KPMG LLP as auditor for Invesque.

And Invesque’s nominees for board of directors likewise were affirmed by an overwhelming majority. The five-person board includes Brad Benbow, Invesque CEO Adlai Chester, Shaun Hawkins, Gail Steinel and Scott White.