Independence Holding Company Declares Dividends in Connection With Potential Going-Private Transaction

STAMFORD, Conn., Feb. 04, 2022 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE: IHC) (the “Company” or “IHC”) today announced that its Board of Directors has declared a prorated dividend on the Company’s shares of common stock, contingent upon the consummation of the merger of Geneve Acquisition Corp., an indirect wholly-owned subsidiary of Geneve Holdings, Inc. (“Geneve”), with and into the Company, resulting in the Company being an indirect wholly-owned subsidiary of Geneve (the “Merger”). If the requisite stockholder approvals to consummate the Merger are received at the special meeting of stockholders of the Company to be held on February 15, 2022 (the “Special Meeting”), the contingent prorated dividend will be payable in cash to the Company’s stockholders of record as of the close of business on February 15, 2022 (the “Record Date”), payable on February 22, 2022 (the “Payment Date”), contingent upon the consummation of the Merger. If the requisite stockholder approvals to consummate the Merger are not received at the Special Meeting, the Record Date will automatically be changed to be the date of the subsequent special meeting at which the Merger is approved, and the Payment Date will automatically be changed to the date that is five business days after such new Record Date, contingent upon the consummation of the Merger. The amount of the contingent prorated dividend, on a per share basis, is expected to be $.06 per share, but the actual amount of the dividend will be based on a formula equal to (x) $0.44 multiplied by (y) the number of days between, and including, (i) December 28, 2021, which is the payment date of the last regular dividend paid by the Company and (ii) the date of the closing of the Merger, divided by (z) 365.

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