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Medical Facilities Corporation Announces Preliminary Results of its Substantial Issuer Bid for up to $34.5 million of its Common Shares
Medical Facilities Corporation Announces Preliminary Results of its Substantial Issuer Bi...
About this update from Medical Facilities Corporation
[{"type":"text","content":"\n \n \n \n Medical Facilities Corporation Announces Preliminary Results of its 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 Oct. 25, 2022\n \n \n /CNW/ - Medical Facilities Corporation (TSX: DR) (\"Medical Facilities\" or the \"Company\") announced today the preliminary results of its substantial issuer bid (the \"Offer\") to purchase for cancellation up to\n \n $34.5 million\n \n of its common shares (the \"Common Shares\"). The offer expired at\n \n 5:00 p.m. (Eastern Time)\n \n on\n \n October 24, 2022\n \n .\n \n \n All of the terms and conditions of the Offer have been complied with or waived and, based on a preliminary count by Computershare Investor Services Inc. (the \"Depositary\"), the Company expects to take up and purchase for cancellation 3,053,097 Common Shares at a purchase price of\n \n $11.30\n \n per Common Share (the \"Purchase Price\"), for aggregate consideration of approximately\n \n $34.5 million\n \n . The Common Shares expected to be purchased under the Offer represent approximately 10.38% of the issued and outstanding Common Shares on a non-diluted basis as at\n \n September 12, 2022\n \n , the date the Offer was publicly announced. After giving effect to the Offer, approximately 26,361,662 Common Shares are expected to be issued and outstanding.\n \n \n The Offer was made by way of a \"modified Dutch auction\", which allowed shareholders who chose to participate in the Offer to individually select the price, within a price range of not less than\n \n $10.00\n \n per Common Share and not more than\n \n $11.50\n \n per Common Share (in increments of\n \n $0.10\n \n per Common Share), at which they were willing to sell their Common Shares.\n \n \n Based on the Depositary's preliminary count, approximately 4,766,110 Common Shares were tendered to the Offer. As the Offer was oversubscribed, shareholders who made auction tenders at prices from\n \n $10.00\n \n to\n \n $11.30\n \n per Common Share and purcha...