MCI Onehealth Announces Normal Course Issuer Bid
May 17 2021 - 7:05AM
MCI Onehealth Technologies Inc.
(“
MCI” or the “
Corporation”)
(TSX: DRDR) is pleased to announce that the Toronto Stock Exchange
(the “
TSX”) has accepted the notice of the
Corporation’s intention to implement a normal course issuer bid
(the “
NCIB”).
MCI intends to purchase up to 2,435,129 Class A
Subordinate Voting Shares of the Corporation (the
“Shares”), representing approximately five percent
(5%) of the issued and outstanding Shares on the date hereof. The
NCIB will be conducted through the facilities of the TSX or
alternative trading systems, if eligible, and will conform to their
regulations. Purchases under the NCIB will be made by means of open
market transactions or such other means as a securities regulatory
authority may permit, including pre-arranged crosses, exempt offers
and private agreements under an issuer bid exemption order issued
by a securities regulatory authority.
Repurchases under the NCIB may commence on May
19, 2021 and will terminate on May 18, 2022 or on such earlier date
as the NCIB is complete. Daily purchases will be limited
to 18,415 Shares, other than block purchase exemptions,
representing 25% of 73,661, being the average daily trading volume
of the Shares on the TSX since the Corporation’s listing on the TSX
on January 6, 2021.
The price that the Corporation may pay for any
Shares purchased in the open market under the NCIB will be the
prevailing market price at the time of purchase (plus brokerage
fees) and any Shares purchased by the Corporation will be
cancelled. In the event that the Corporation purchases Shares by
pre-arranged crosses, exempt offers, block purchases or private
agreements, the purchase price of the Shares may be, and will be in
the case of purchases by private agreements, as may be permitted by
the securities regulatory authority, at a discount to the market
price of the Shares at the time of the acquisition.
The board of directors of MCI believes that the
underlying value of the Corporation may not be reflected in the
market price of the Shares from time to time and that, accordingly,
the purchase of Shares will increase the proportionate interest in
the Corporation of, and be advantageous to, all remaining
shareholders of the Corporation.
As of the date of this press release, there were
48,702,584 Shares issued and outstanding. The 2,435,129 Shares
that may be repurchased under the NCIB represent approximately five
percent (5%) of the issued and outstanding Shares of the
Corporation as of May 14, 2021.
MCI has appointed TD Securities Inc. to make any
purchases under the NCIB.
About MCI Onehealth Technologies
Inc.
MCI is focused on empowering patients and
doctors with advanced technologies to increase access, improve
quality, and reduce the cost of healthcare. As one of Canada’s
leading primary care networks with 25 technology enabled clinics,
MCI serves over 850,000 patients annually and has been a part of
the healthcare community for over 30 years. Since the deployment of
MCI/Connect, the company’s proprietary digital platform, MCI
continues to develop an ecosystem of digital applications, which
will target modernizing and personalizing the primary care
experience. MCI additionally offers an expanding suite of
occupational health service offerings that support a growing list
of over 400 corporate customers. Driven by a proven management team
of doctors and experienced executives, MCI is executing a strategy
focused on acquiring technology and health services that complement
its technology and data‐focused roadmap. Additional information can
be found at www.mcionehealth.com.
For more information, please contact:
Fernando Massalinir@mcionehealth.com(416)
440-4040
Forward Looking Statements
This press release may contain forward‐looking
information and forward-looking statements (collectively,
“forward-looking statements”) within the meaning of applicable
securities legislation, which reflect MCI’s current expectations
regarding future events. Such forward-looking statements are
subject to numerous risks and uncertainties, many of which are
beyond the Corporation’s control, including execution risk, market
risk, industry risk, the impact of general economic conditions and
competition from other industry participants and stock market
volatility, which could cause actual results and events to differ
materially from those that are disclosed in or implied by such
forward‐looking statements. As such, readers are cautioned not to
place undue reliance on the forward-looking statements, as no
assurance can be provided as to future results, activity or
achievements. The forward-looking statements contained in this news
release are made as of the date of this news release and, except as
required by applicable law, the Corporation does not undertake any
obligation to publicly update or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements
contained in this document are expressly qualified by this
cautionary statement. Please review the factors discussed under
“Risk Factors” in the final prospectus of MCI dated December 29,
2020 and filed under the Corporation’s SEDAR profile at
www.sedar.com for a more fulsome discussion of risk factors
affecting the Corporation.
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