Normal Course Issuer Bid Apollo Healthcare Corp. (TSX: AHC) (“Apollo” or the “Company”) is pleased to announce that the Toronto Stock Exchange (the “TSX”) has accepted Apollo’s notice to make a normal course issuer bid (the “Bid”) to purchase up to 3,645,629 of the Class B shares of the Company (the “Shares”), being equal to 5% of the issued and outstanding number of Shares of the Company which, as at August 16, 2021, consisted of 72,912,588 Shares. All Shares purchased pursuant to the Bid will be made on the open market through the facilities of the TSX and the purchase and payment for the Shares will be made by the Company in accordance with the requirements of the TSX.
The actual number of Shares that may be purchased pursuant to the Bid will be determined by management of the Company (“Management”). The Bid will commence on August 19, 2021 and will terminate on August 18, 2022, or such earlier time as the Bid is completed or terminated at the option of the Company. Purchases pursuant to the Bid will be made by BMO Nesbitt Burns on behalf of the Company. Decisions regarding the timing of purchases under the Bid will be determined by Management based on market conditions, share price and other factors. Management may elect to not purchase any Shares under the Bid, or may elect to suspend or discontinue the Bid at any time. Any Shares acquired pursuant to the Bid will subsequently be cancelled.
Pursuant to the policies of the TSX, the number of Shares that can be purchased daily pursuant to the Bid may not exceed 21,422 Shares, representing 25% of the average daily trading volume of the Shares for the six-month period ended July 31, 2021. These daily maximums are subject to certain exceptions prescribed by the TSX, including the “block purchase exemption”. The price that Apollo will pay for any Shares under the Bid will be the prevailing market price on the TSX at the time of such purchase.
The board of directors of the Company is of the opinion that the recent market price of its Shares does not reflect the underlying value of its assets and future prospects, and that repurchasing the Shares is an effective method of enhancing shareholder value.
A copy of the Form 12 (Notice of Intention to Make a Normal Course Issuer Bid) filed with the TSX in connection with the Bid can be obtained from the Company upon request without charge.
As of the close of business on August 16, 2021, Apollo had 72,912,588 Shares issued and outstanding.
Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which Company sought and received approval from the TSX to purchase up to 2,400,628 Shares for the period of June 15, 2020 to June 14, 2021, the Company purchased 326,212 Shares on the open market at an average purchase price of $3.49 per share. As of the close of business on August 16, 2021, Apollo had 72,912,588 Shares issued and outstanding.