Extendicare Announces Normal Course Issuer Bid
June 27 2022 - 5:00PM
Extendicare Inc. (“Extendicare” or the “Company”) (TSX: EXE)
announced today that the Toronto Stock Exchange (the “TSX”) has
accepted a notice filed by Extendicare of its intention to make a
normal course issuer bid (“NCIB”) for up to 7,829,630 of its common
shares (the “Common Shares”), representing 10% of its public float
of issued and outstanding Common Shares. As at June 16, 2022, there
were 89,739,924 Common Shares issued and outstanding and the public
float was 78,296,307 Common Shares, calculated in accordance with
the rules of the TSX.
Purchases under the NCIB may commence on June 30, 2022 and
continue until June 29, 2023, when the NCIB expires, or on such
earlier date as the NCIB is complete. The actual number of Common
Shares purchased under the NCIB and the timing of any such
purchases will be at the Company’s discretion. Based on the average
daily trading volume of 212,274 during the last six months, daily
purchases will be limited to 53,068 Common Shares, other than block
purchase exceptions.
Purchases made by Extendicare will be made through the
facilities of the TSX and/or through alternative Canadian trading
systems, in accordance with TSX rules. Any Common Shares purchased
by the Company under the NCIB will be cancelled.
The Company’s board of directors has authorized the NCIB because
it believes that, from time to time, the market price of Common
Shares may be such that their purchase may be an attractive and
appropriate use of corporate funds. The NCIB will provide the
Company with additional flexibility to manage capital. Decisions
regarding the timing of future purchases of Common Shares will be
based on market conditions, share price, capital needs and other
factors.
The Company has entered into an automatic purchase plan (“APP”)
with its designated broker in connection with its NCIB to
facilitate the purchase of Common Shares during times when the
Company would ordinarily not be permitted to purchase Common Shares
due to regulatory restrictions or self-imposed black-out periods.
Before entering a black-out period, the Company may, but is not
required to, instruct the broker to make purchases under the NCIB
based on parameters set by the Company in accordance with the APP,
TSX rules and applicable securities laws. The APP has been
pre-cleared by the TSX.
About Extendicare
Extendicare is a leading provider of care and services for
seniors across Canada, operating under the Extendicare, ParaMed,
Extendicare Assist, and SGP Purchasing Partner Network brands. We
are committed to delivering quality care throughout the health
continuum to meet the needs of a growing seniors population. We
operate or provide contract services to a network of 108 long-term
care homes and retirement communities (58 owned/50 contract
services), provide approximately 9.2 million hours of home health
care services annually, and provide group purchasing services to
third parties representing approximately 98,800 senior residents
across Canada. Extendicare proudly employs approximately 19,000
qualified, highly trained and dedicated individuals who are
passionate about providing high quality care and services to help
people live better.
Forward-looking Statements
Information provided by Extendicare from time to time, including
this press release, contains or may contain, forward-looking
statements concerning anticipated future events, results,
circumstances, economic performance or expectations with respect to
Extendicare and its subsidiaries, including, without limitation,
statements regarding its business operations, business strategy,
growth strategy, results of operations and financial condition.
Forward-looking statements can often be identified by the
expressions “anticipate”, “believe”, “estimate”, “expect”,
“intend”, “objective”, “plan”, “project”, “will” or other similar
expressions or the negative thereof. These forward-looking
statements reflect the Company’s current expectations regarding
future results, performance or achievements and are based upon
information currently available to the Company and on assumptions
that the Company believes are reasonable. The Company assumes no
obligation to update or revise any forward-looking statement,
except as required by applicable securities laws. These statements
are not guarantees of future performance and involve known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements of the Company to
differ materially from those expressed or implied in the
statements. Given these risks and uncertainties, readers are
cautioned not to place undue reliance on Extendicare’s
forward-looking statements. Further information can be found in the
disclosure documents filed by Extendicare with the securities
regulatory authorities, available at www.sedar.com and on
Extendicare’s website at www.extendicare.com.
Extendicare contact:David BaconSenior Vice
President and Chief Financial OfficerPhone: (905) 470-4000 Email:
david.bacon@extendicare.comwww.extendicare.com
Extendicare (TSX:EXE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Extendicare (TSX:EXE)
Historical Stock Chart
From Sep 2023 to Sep 2024