Fun fact - a NCIB is in place to discourage shorting Interesting how the short interest dropped significantly following since this release.
- - - - -
WELL Health Announces Normal Course Issuer Bid
Vancouver, B.C. October 11, 2019 /CNW/ - WELL Health Technologies Corp. (TSX.V: WELL) (“WELL” or the “Company”), a company focused on consolidating and modernizing clinical and digital assets within the primary healthcare sector, today announced that the TSX Venture Exchange has accepted its Notice of an Intention to Make a Normal Course Issuer Bid which shall commence on October 17, 2019 and terminate on October 16, 2020, or such earlier date if the maximum number of shares are purchased.
At the opening of the stock market on today’s date, the Company is expected to have 108,324,535 common shares issued and outstanding following the conversion of the previously announced special warrants financing of the Company. Under the Normal Course Issuer Bid, the Company may acquire up to an aggregate of 5,416,226 common shares over the next 12-month period, representing approximately 5% of the issued and outstanding common shares of the Company.
WELL believes that share purchases pursuant to the Normal Course Issuer Bid will contribute to the facilitation of an orderly market and be in the best interests of the Company and its shareholders. In the event that WELL believes that its common shares begin trading in a price range that does not adequately reflect their underlying value based on WELL’s business prospects and strong financial position, WELL may purchase shares pursuant to the Normal Course Issuer Bid. Depending upon future price movements and other factors, WELL believes that its outstanding common shares represent an attractive investment and a desirable use of a portion of its corporate funds.
Purchases subject to this Normal Course Issuer Bid will be carried out pursuant to open market transactions through the facilities of the TSX Venture Exchange and any other available markets and alternative trading systems in Canada by GMP Securities LP on behalf of the Company in accordance with applicable regulatory requirements. All common shares purchased by the Company under the Normal Course Issuer Bid will be returned to treasury and cancelled.
To the knowledge of the Company, no director, senior officer or other insider of the Company currently intends to sell any common shares under this bid. However, sales by such persons through the facilities of the TSX-V or any other available market or alternative trading system in Canada may occur if the personal circumstances of any such person change or if any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose shares are purchased would be the same as the benefits available to all other holders whose shares are purchased.
...