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CareRx Corporation Announces Intention to Launch Normal Course Issuer Bid
CareRx Corporation Announces Intention to Launch Normal Course Issuer Bid Canada NewsWi...
About this update from Carerx Corporation
[{"type":"text","content":"\n \n \n \n CareRx Corporation Announces Intention to Launch Normal Course Issuer Bid\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Aug. 28, 2023\n \n \n /CNW/ -\n \n CareRx Corporation\n \n (\"CareRx\" or \"the Company\") (TSX: CRRX) today announced that its Board of Directors has authorized a normal course issuer bid (the \"NCIB\") to purchase for cancellation up to 1,000,000 of its common shares (\"Shares\"), representing approximately 1.73% of its 57,734,600 issued and outstanding Shares as at August 28, 2023. The NCIB is subject to the approval of the Toronto Stock Exchange (the \"TSX\").\n \n \n The Company is focused on creating long-term shareholder value and it believes that its shares represent an attractive investment opportunity, and that purchases under the NCIB will enhance the value of the Shares held by the remaining shareholders. The NCIB will provide optionality to return additional capital to shareholders and the decision to repurchase CareRx shares will be evaluated against other investment opportunities and internal leverage guidelines.\n \n \n It is expected that this normal course issuer bid will begin on or around\n \n September 7, 2023\n \n and will end at the latest on or around September 6, 2024. Daily purchases on the TSX under the NCIB will be limited to 25% of the average daily trading volume on the TSX for the six months ending\n \n July 31, 2023\n \n , other than purchases made pursuant to the block purchase exception. The actual number of Shares to be purchased, and the timing of any such purchases, will be determined by the Company, subject to the applicable rules and policies of the TSX. The Company will only make purchases under the normal course issuer bid once all regulatory approvals are obtained, and the Shares acquired will be cancelled.\n \n \n Although the Company presently intends to purchase Shares under its NCIB, there can be no assurances that any such purchases will be completed. The purchases will be made through the f...