Medical Facilities Corporation Announces Amendment to Normal Course Issuer Bid
TORONTO, April 4, 2022 /CNW/ – Medical Facilities Corporation (“Medical Facilities” or the “Company”) (TSX: DR), today announced that the Toronto Stock Exchange has approved an amendment to its notice of intention to make a public offering of Normal Course Issuer Repurchase (“OPRCNA”) effective from April 7, 2022originally announced on November 29, 2021 and started the 1st December2021. The initial OPRCA provided for the repurchase by the Company of a maximum of 1,555,312 of its outstanding ordinary shares (“ordinary shares”), representing 5% of the 31,106,259 ordinary shares issued and outstanding at November 15, 2021. Pursuant to the amendment, the Company may repurchase up to 3,101,774 common shares representing 10% of its free float as of November 15, 2021. The Company has repurchased 701,100 common shares since December 1, 2021.
The Company may purchase the Common Shares at prevailing market prices during the period from December 1, 2021 to November 30, 2022 through the facilities of the Toronto Stock Exchange and/or other Canadian trading systems in accordance with applicable regulatory requirements. . Purchases will be made at market prices in accordance with the rules and policies of the Toronto Stock Exchange. Subject to the Toronto Stock Exchange’s bulk purchase exceptions, daily purchases will be limited to 18,641 common shares on each trading day, representing 25% of the six-month average daily trading volume of 74,565 common shares. preceding the start of the public buyback offer. All securities purchased by Medical Facilities pursuant to the normal course issuer bid will be cancelled. The Company has not repurchased any of its common shares under its prior issuer bid for up to 621,144 common shares, which commenced on May 16, 2019 and expired on May 15, 2020.
Medical Facilities believes that, from time to time, the market price of its publicly traded securities may not reflect their underlying value and that the purchase of its securities may represent an appropriate and desirable use of Company funds. Medical Facilities intends to fund purchases with available cash.
In connection with the issuer bid, the Company has entered into an automatic securities purchase program with National Bank Financial, its registered broker for the issuer bid, in order to facilitate the repurchases of common shares in the framework of the public takeover bid. The Automatic Regime contains strict parameters regarding how Common Shares may be redeemed during periods when the Company would not normally be permitted to purchase Common Shares due to regulatory restrictions or self-imposed blackout periods, including the period from the end of a fiscal quarter until the disclosure of the applicable quarterly or annual financial results and before the disclosure of certain material changes.
About medical facilities
Medical Facilities, in partnership with physicians, has a diverse portfolio of highly rated, high quality surgical facilities in United States. MFC’s ownership includes a controlling interest in four specialty surgical hospitals located in Arkansas, Oklahomaand South Dakotaand an outpatient surgery center located in California. Additionally, through a partnership with NueHealth LLC, Medical Facilities owns a controlling interest in five ambulatory surgery centers located in Michigan, Missouri, Nebraska, Ohio and Pennsylvania. MFC also has non-controlling interests in a specialty surgical hospital in Indiana and an ASC in Missouri. Specialty surgical hospitals perform surgical, imaging, diagnostic and other procedures, including primary and urgent care, and derive their income from fees charged for the use of their facilities. Ambulatory surgery centers are specialized in ambulatory surgical procedures, with stays of less than 24 hours. For more information, please visit www.medicalfacilitiescorp.ca.
Caution Regarding Forward-Looking Statements
Statements made in this press release, other than those regarding historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. Certain forward-looking statements may be identified by words such as “may”, “will”, “anticipate”, “estimate”, “expect”, “intend” or “continue” or their negative form or similar variants and include statements about the Company’s normal course issuer bid. Certain important factors or assumptions are applied to make forward-looking statements and actual results may differ materially from those expressed or implied by such statements. Factors that could cause results to vary include those identified in filings by medical institutions with Canadian securities regulators, such as legislative or regulatory developments, increased competition, changes in technology and market conditions. general economics. All forward-looking statements presented herein should be read in conjunction with these materials. Medical Facilities does not undertake to update any forward-looking statements; these statements speak only as of the date on which they were made.
SOURCE Medical Facilities Society
For further information: David Watson, Chief Financial Officer, Medical Facilities Corporation, 416.848.7380 or 1.877.402.7162, [email protected]; Trevor Heisler, Investor Relations, NATIONAL Capital Markets, 416.848.1434, [email protected]