GlobeNewswire 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. |