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Medical Facilities Corporation Announces Increased Price and Extension of its Previously Announced Substantial Issuer Bid
Medical Facilities Corporation Announces Increased Price and Extension of its Previously Announce...
About this update from Medical Facilities Corporation
[{"type":"text","content":"\n\n\n\n Medical Facilities Corporation Announces Increased Price and Extension of its Previously Announced Substantial 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 Feb. 24, 2025\n \n\n /CNW/ - Medical Facilities Corporation (\"Medical Facilities\" or the \"Corporation\") (TSX: DR), announced today the amendment of the terms of the Corporation's ongoing substantial issuer bid (the \"Offer\"), pursuant to which the Corporation has offered to purchase from its shareholders (\"Shareholders\"), for cancellation, up to\n \n $80,750,000\n \n of its common shares (the \"Common Shares\").\n \n\n The Offer has been amended to increase the price range offered to Shareholders who tender their Common Shares pursuant to the Offer to a price of not less than\n \n $16\n \n .50 per Common Share and not more than\n \n $18.00\n \n per Common Share (in increments of\n \n $0.10\n \n per Common Share) (the \"New Range\"). The New Range varies the original price range of the Offer of not less than\n \n $15.50\n \n and not more than\n \n $17.00\n \n per Common Share. The high end of the New Range represents a 15.5% premium to the 20-day VWAP of the Common Shares prior to the announcement of the Offer and a 22.7% premium to the 20-day VWAP of the Common Shares prior to the announcement of the sale of Black Hills Surgical Hospital, LLP to Sanford Health on\n \n November 15, 2024\n \n .\n \n\n In connection with the variation of the price range of the Offer, the expiry date of the Offer has been extended to\n \n 11:59 p.m.\n \n (\n \n Toronto\n \n time) on\n \n March 11, 2025\n \n (the \"Expiry Date\"), unless further extended, varied or withdrawn by the Corporation. All other terms of the Offer remain unchanged. The Corporation anticipates announcing the results of the Offer by no later than March 15, 2025, following the close of markets.\n \n\n The Offer is for up to approximately 21.3% of the Corporation's total number of issued and outstanding Common Shares (based on a purchase price equal to the mi...