Extendicare Inc. announces an Equity Buyback for 8,800,000 shares, representing 9.92% of its issued share capital.
January 10, 2017 at 01:44 pm
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Extendicare Inc. (TSX:EXE) announces a share repurchase program. Under the program, the company will repurchase up to 8,800,000 of its common shares, representing 9.92% of issued and outstanding share capital and 10% of the public float. The price under the bid will be the prevailing market price at the time of purchase. Repurchases will be made through the facilities of the TSX and on alternative Canadian trading systems, in accordance with the TSX rules. The shares purchased under the program by the company will be cancelled. Subject to the TSX’s block purchase exception, on any trading day, purchases under the bid will not exceed 70,940 common shares. The purpose of the program is to make appropriate use of the company's available funds when the market price of the common shares does not fully reflect their underlying value and to increase the proportionate equity interest. The program will expire on January 12, 2018. As of January 6, 2017, the company has 88,684,485 common shares issued and outstanding.
Extendicare Inc. is a provider of care and services for seniors across Canada. The Company operates under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Partner Network brands. The Company operates through four segments: Long-term Care, Home Health Care, Managed Services and Corporate. Its Long-term Care segment includes over 53 long-term care homes, which it owns and operates in Canada. Its Home Health Care segment operates through its subsidiary, ParaMed, which provides complex nursing care, occupational, physical and speech therapy, and assistance with daily activities. Its Managed Services segment includes its management, consulting and group purchasing divisions. Through the Extendicare Assist division, it provides management and consulting services to third parties, and through the SGP Purchasing Partner Network division, it offers purchasing contracts to other senior care providers for food, capital equipment, furnishings, cleaning, nursing supplies, and more.