TORONTO, Dec. 23, 2013
TORONTO, Dec. 23, 2013 /CNW/ - Medical Facilities Corporation ("Medical Facilities" or the "Company") (TSX: DR), announced today that the Toronto Stock Exchange has approved its notice of intention to make a normal course issuer bid for up to $1,045,000 aggregate principal amount of its outstanding 5.90% convertible unsecured subordinated debentures due December 31, 2019 ("Debentures"), representing 2.5% of the $41,800,000 aggregate principal amount of Debentures issued and outstanding as of December 20, 2013. The Company may purchase the Debentures at prevailing market prices during the period from December 30, 2013 to December 29, 2014 through the facilities of the Toronto Stock Exchange and other Canadian marketplaces. Purchases will be made at market prices in accordance with the rules and policies of the Toronto Stock Exchange. Subject to the Toronto Stock Exchange's block purchase exceptions, daily purchases will be limited to $7,984.25 aggregate principal amount of Debentures on any trading day, representing 25% of the average daily trading volume of $31,937 aggregate principal amount of Debentures for the past six months. All securities purchased by Medical Facilities under the normal course issuer bid will be cancelled. In the past 12 months, the Company has not repurchased any Debentures.
Medical Facilities believes that from time to time, the market price of its publicly-traded securities may not reflect their underlying value and that the purchase of its securities may represent an appropriate and desirable use of Company funds. Medical Facilities intends to fund the purchases out of available cash.
About Medical Facilities
Medical Facilities owns controlling interests in five specialty surgical hospitals located in South Dakota, Arkansas and Oklahoma, as well as an ambulatory surgery center in California. The specialty hospitals perform scheduled surgical, imaging, diagnostic and other procedures, including primary and urgent care, and derive their revenue from the fees charged for the use of their facilities. The ambulatory surgery center specializes in outpatient surgical procedures, with patient stays of less than 24 hours. Medical Facilities is structured so that a majority of its free cash flow from operations is distributed to the holders of its common shares in the form of dividends. For more information, please visit www.medicalfacilitiescorp.ca.
Caution concerning forward-looking statements
Statements made in this news release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words like "may", "will", "anticipate", "estimate", "expect", "intend", or "continue" or the negative thereof or similar variations and include statements about the Company's normal course issuer bid. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include those identified in Medical Facilities' filings with Canadian securities regulatory authorities such as legislative or regulatory developments, intensifying competition, technological change and general economic conditions. All forward-looking statements presented herein should be considered in conjunction with such filings. Medical Facilities does not undertake to update any forward-looking statements; such statements speak only as of the date made.
SOURCE Medical Facilities Corporation
|High Liner Announces Approval of Normal Course Issuer Bid (2014/1/29)|
|Crius announces approval of normal course issuer bid (2014/4/9)|
|Mandalay Resources Corporation Announces Renewal of Normal Course Issuer Bid ()|
|Morguard Corporation announces renewal of normal course issuer bid ()|
|MBN Corporation Announces Amendment to Normal Course Issuer Bid ()|
|West Fraser Announces Approval of Normal Course Issuer Bid ()|
|Callinan Announces Continuation of Normal Course Issuer Bid & Reports on Corporate Developments ()|
|CIBC receives TSX approval for normal course issuer bid ()|
|BIOX announces TSX approval of normal course issuer bid ()|
|TerraVest Announces Renewal of Normal Course Issuer Bid for its Common Shares and Automatic Securities Purchase Plan ()|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Access Your Portfolio Anytime, Anywhere via Your Mobile Device|
|P||Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)|
|P||Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)|
|P||Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.