Business
Medical Facilities Corporation Announces Substantial Issuer Bid for up to $80,750,000 of its Common Shares
Medical Facilities Corporation Announces Substantial Issuer Bid for up to $80,750,000 of its Comm...
About this update from Medical Facilities Corporation
[{"type":"text","content":"\n\n\n\n Medical Facilities Corporation Announces Substantial Issuer Bid for up to $80,750,000 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 Jan. 17, 2025\n \n\n /CNW/ - Medical Facilities Corporation (\"Medical Facilities\" or the \"Corporation\") (TSX: DR), announced today its intention to commence a substantial issuer bid (the \"Offer\") to purchase, for cancellation, a number of common shares of the Corporation (\"Common Shares\") for an aggregate purchase price not exceeding\n \n $80,750,000\n \n . The Corporation anticipates that the Offer will commence on or about\n \n January 20, 2025\n \n , and will expire at\n \n 11:59 p.m.\n \n (\n \n Toronto\n \n time) on\n \n February 24, 2025\n \n (the \"Expiry Date\"), unless extended, varied or withdrawn by Medical Facilities. All amounts are expressed in Canadian dollars.\n \n\n Medical Facilities determined to proceed with the Offer following the completion of the Corporation's previously announced sale of Black Hills Surgical Hospital, LLP, one of its specialty surgical hospitals, a substantial portion of the net proceeds from which will be distributed to shareholders in the Offer. Medical Facilities is making the Offer because its Board of Directors believes, based on a number of factors, including recommendations from management, that the purchase of Common Shares is in the best interests of the Corporation and represents an appropriate use of its available cash on hand in furtherance of the Corporation's corporate strategy to return capital to shareholders.  After giving effect to the Offer, Medical Facilities will continue to have sufficient financial resources and working capital to conduct its ongoing business and operations in accordance with its stated strategy.\n \n\n\n Details of the Offer\n \n\n\n Details of the Offer, including instructions for tendering Common Shares, will be included in the formal offer to purchase and issuer bid circular, letter of transmittal and the notice of guaranteed delivery (collectively, the ...