MCI Onehealth Announces Normal Course Issuer Bid
TORONTO, May 17, 2021 (GLOBE NEWSWIRE) -- 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.
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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.