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Comrit Investments 1

Filed: 12 Nov 21, 5:29pm

 

 

 

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

 

 

 

SCHEDULE TO 

Tender Offer Statement Pursuant to Section 14(d)(1) or 13(e)(1) 

of the Securities Exchange Act of 1934

 

 

 

CNL HEALTHCARE PROPERTIES, Inc. 

(Name of Subject Company)

 

COMRIT INVESTMENTS 1, LIMITED PARTNERSHIP 

COMRIT INVESTMENTS LTD. 

(Bidders)

 

COMMON STOCK, $0.01 PAR VALUE PER SHARE 

(Title of Class of Securities)

 

None or unknown 

(CUSIP Number of Class of Securities)

 

 

 

Ziv Sapir 

Comrit Investments 1, Limited Partnership 

9 Ahad Ha’am Street 

Tel Aviv, Israel 6129101 

+ 972-3-519-9936

 

Copy to:

 

Amos W. Barclay 

Holland & Hart LLP 

1800 Broadway, Suite 300 

Boulder, Colorado 80302 

Phone: (303) 473-2700

 

(Name, Address, and Telephone Number of

Person Authorized to Receive Notices and 

Communications on Behalf of Offeror)

 

Calculation of Filing Fee:

 

 TransactionAmount of
 Valuation*Filing Fee**
   
 $39,532,500

$3,664.66

 

*

 

 

**

For purposes of calculating the filing fee only. Assumes the purchase of 8,785,000 shares of Common Stock at a purchase price equal to $4.50 per share in cash.

 

The filing fee was calculated in accordance with Rule 0-11 under the Securities Exchange Act of 1934, as amended, and Fee Rate Advisory No. 1 for Fiscal Year 2022, effective October 1, 2021, by multiplying the transaction valuation by 0.0000927.

  
¨Check box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
  
 Amount Previously Paid:
    

 Form or Registration Number:
 Filing Party:
 Date Filed:
  
¨Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.
  
 Check the appropriate boxes below to designate any transactions to which the statement relates:
  
xthird party tender offer subject to Rule 14d-1.
¨issuer tender offer subject to Rule 13e-4.
¨going private transaction subject to Rule 13e-3
¨amendment to Schedule 13D under Rule 13d-2
  
 Check the following box if the filing is a final amendment reporting the results of the tender offer: ¨
  
 If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:
  
¨

Rule 13e-4(i) (Cross-Border Issuer Tender Offer)

 

¨

Rule 14d-1(d) (Cross-Border Third-Party Tender Offer) 

 

 

 

 

 

 

TENDER OFFER

 

This Tender Offer Statement on Schedule TO relates to the offer (the “Offer”) by Comrit Investments 1, Limited Partnership (the “Purchaser”) to purchase up to 8,785,000 shares of common stock, par value $0.01 per share (the “Shares”), in CNL Healthcare Properties, Inc. (the “Corporation”), the subject company, at a purchase price equal to $4.50 per Share, upon the terms and subject to the conditions set forth in the Offer to Purchase (the “Offer to Purchase”) dated November 12, 2021 (the “Offer Date”) and the related Assignment Form, copies of which are attached hereto as Exhibits (a)(1) and (a)(2), respectively. Any dividends paid after January 7, 2022, or such other date to which the Offer may be extended (the “Expiration Date”), by the terms of the Offer and as set forth in the Assignment Form, would be assigned by tendering Shareholders to the Purchaser. Comrit Investments Ltd. is being named as a bidder herein because it is deemed to control the Purchaser, but otherwise is not participating in the Offer.

 

Tender of Shares will include the tender of any and all securities into which the Shares may be converted and any securities distributed with respect to the Shares from and after the Offer Date. The Purchaser is entitled to all proceeds that are paid after the Expiration Date from or as a result of any claim, litigation, class or derivative action brought by or for the benefit of the tendering Shareholders with respect to the transferred Shares, regardless of when the claims asserted and such action accrued.

 

The Corporation reported 45,951 holders of record owning an aggregate of 173,960,540 shares of common stock outstanding as of March 15, 2021, and reported approximately 173,960,540 shares of its common stock outstanding as of November 11, 2021, according to the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020 and its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 filed with the Securities and Exchange Commission on November 12, 2021, respectively. The Purchaser and its affiliates currently own 925,128 shares of the Corporation’s common stock, or approximately 0.5% of the common stock outstanding as of November 11, 2021. The 8,785,000 Shares subject to the Offer constitute approximately 5.05% of the outstanding shares of common stock of the Corporation as of November 11, 2021. Consummation of the Offer, if all Shares sought are tendered, would require payment by the Purchaser of up to $39,532,500 in aggregate purchase price, which the Purchaser intends to fund out of its available cash on hand.

 

The address of the Corporation’s principal executive offices is CNL Center at City Commons, 450 South Orange Avenue, Orlando, Florida 32801, and its phone number is (407) 650-1000.

 

The information in the Offer to Purchase, including all schedules and annexes thereto, is hereby expressly incorporated herein by reference in response to all the items of this Statement.

 

Item 12. Exhibits.

 

(a)(1)Offer to Purchase
  
(a)(2)Assignment Form
  
(a)(3)  Letter to Shareholders  
  
(a)(4)Summary Advertisement
 ��
(b) - (h)Not applicable.

 

Item 13. Information Required by Schedule 13E-3.

 

Not applicable.

 

 

 

 

 

SIGNATURES

 

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

Dated: November 12, 2021

 

Comrit Investments 1, LP

 

By:Comrit Investments Ltd., its General Partner 

 

 By:/s/ Ziv Sapir 
  

Ziv Sapir

Chief Executive Officer

 

 

 

Comrit Investments Ltd.

 

 By:/s/ Ziv Sapir  
  Ziv Sapir  
  Chief Executive Officer