TORONTO, Nov. 29, 2021 /CNW/ - Medical Facilities
Corporation ("Medical Facilities," "MFC" or the "Corporation")
(TSX: DR), announced today that the Toronto Stock Exchange ("TSX")
has approved its notice of intention to make a normal course issuer
bid ("NCIB") for up to 1,555,312 of its outstanding common shares
("Common Shares"), representing 5% of the 31,106,259 Common Shares
issued and outstanding as of November 15,
2021. The Corporation 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 TSX 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 TSX.
Subject to the TSX's block purchase exceptions, daily purchases
will be limited to 18,641 Common Shares on any trading day,
representing 25% of the average daily trading volume of 74,565
Common Shares for the past six months. All securities purchased by
Medical Facilities under the normal course issuer bid will be
cancelled. The Corporation did not repurchase any of its Common
Shares under its prior normal course 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 Corporation funds.
Medical Facilities intends to fund the purchases out of available
cash.
In connection with the NCIB, the Corporation 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 a controlling interest in four specialty
surgical hospitals located in Arkansas, Oklahoma, and South
Dakota, and an ambulatory surgery center located in
California. In addition, 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 owns non-controlling
interests in a specialty surgical hospital in Indiana and an ASC in Missouri. 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
ambulatory surgery centers specialize 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 Corporation'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