TORONTO, Nov. 29,
2023 /CNW/ - Medical Facilities Corporation ("Medical
Facilities" or the "Corporation") (TSX: DR), announced today that
the Toronto Stock Exchange has approved its notice of intention to
make a normal course issuer bid ("NCIB") for up to 2,481,256 of its
24,920,462 outstanding common shares ("Common Shares"),
representing 10% of the Corporation's public float of 24,812,562
Common Shares as of November 21,
2023. The Corporation may purchase the Common Shares at
prevailing market prices during the period from December 1, 2023, to November 30, 2024, through the facilities of the
Toronto Stock Exchange, other designated exchanges and/or
alternative 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 block purchase
exceptions, daily purchases will be limited to 6,079 Common Shares
on any trading day, representing 25% of the average daily trading
volume of 24,316 Common Shares for the past six months. All
securities purchased by Medical Facilities under the normal course
issuer bid will be cancelled. As of November
21, 2023, Medical Facilities repurchased 1,267,900 of its
Common Shares for a volume-weighted average price of $8.23 under its prior normal course issuer bid
for up to 2,615,186 Common Shares, which commenced on December 1, 2022, and expires on November 30, 2023.
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 the Corporation's
funds. Medical Facilities intends to fund the purchases out of
available cash.
In connection with the NCIB, Medical Facilities has entered into
an automatic securities purchase plan with National Bank Financial,
its broker of record for the NCIB, in order to facilitate
repurchases of Common Shares under the NCIB. The automatic plan
contains strict parameters regarding how Common Shares may be
repurchased during times when the Corporation would ordinarily not
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 prior to the
disclosure of certain material changes.
About Medical Facilities
Medical Facilities, in partnership with physicians, owns a
diverse portfolio of highly rated, high-quality surgical facilities
in the United States. MFC's
ownership includes controlling interest in four specialty surgical
hospitals located in Arkansas,
Oklahoma, and South Dakota, and an ambulatory surgery center
("ASC") located in California. The
specialty surgical hospitals perform scheduled surgical, imaging,
diagnostic and other procedures, including primary and urgent care,
and derive their revenue from the fees charged for the use of their
facilities. The ASC specializes in outpatient surgical procedures,
with patient stays of less than 24 hours. For more information,
please visit www.medicalfacilitiescorp.ca.
Caution concerning
forward-looking statements
Statements made in this news release, other than those
concerning historical financial information, may be forward-looking
and therefore subject to various risks and uncertainties. Some
forward-looking statements may be identified by words like "may",
"will", "anticipate", "estimate", "expect", "intend", or "continue"
or the negative thereof or similar variations and include
statements about the Company's normal course issuer bid. Certain
material factors or assumptions are applied in making
forward-looking statements and actual results may differ materially
from those expressed or implied in such statements. Factors that
could cause results to vary include those identified in Medical
Facilities' filings with Canadian securities regulatory authorities
such as legislative or regulatory developments, intensifying
competition, technological change and general economic conditions.
All forward-looking statements presented herein should be
considered in conjunction with such filings. Medical Facilities
does not undertake to update any forward-looking statements; such
statements speak only as of the date made.
SOURCE Medical Facilities Corporation