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Medical Facilities Corporation Announces Change in Corporate Strategy, Changes to Board of Directors and Substantial Issuer Bid for up to $34.5 million of its Common Shares
Medical Facilities Corporation Announces Change in Corporate Strategy, Changes to Board o...
About this update from Medical Facilities Corporation
[{"type":"text","content":"\n \n \n \n Medical Facilities Corporation Announces Change in Corporate Strategy, Changes to Board of Directors and Substantial Issuer Bid for up to $34.5 million of its Common Shares\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 Sept. 13, 2022\n \n \n /CNW/ - Medical Facilities Corporation (TSX: DR) (\"Medical Facilities\" or the \"Company\") announced today that it has made a determination to shift its focus away from deploying a growth strategy through acquisitions.\n \n \n In recent months, MFC has engaged in constructive discussions with Converium Capital Inc. (\"Converium\"), a shareholder of the Company, and other shareholders to gather feedback on the strategic direction of the Company. The announcement today reflects the results of these productive discussions and the Board's thorough evaluation of available options. As part of this change in corporate strategy, MFC plans to suspend acquisitions, divest its non-core assets, pursue overhead cost reductions, and evaluate and implement strategies to return capital to its shareholders, including the commencement of a substantial issuer bid, as described below.\n \n \n In connection with the change in corporate strategy,\n \n Stephen Dineley\n \n and\n \n Lois Cormack\n \n determined to resign from the Board. Mr. Dineley joined the Board as an independent director in 2016, served as Chair of the Audit Committee and a member of the Investment Committee and was appointed as Chair of the Board in 2022. Ms. Cormack joined the Board as an independent director in 2020 and served as Chair of the Corporate Governance, Nominating and Compensation Committee and as a member of both the Audit Committee and Investment Committee. Mr.\n \n Michael Gisser\n \n was appointed as the new Chair of the Board. Mr. Gisser has been an independent director since\n \n May 2022\n \n and is a member of the Audit Committee and Governance, Nominating and Compensation Committee.\n \n \n \"On behalf of Medical Facilities and its Board, I would like to thank both Stephen an...