TORONTO, March 24, 2023 /CNW/ - Andlauer Healthcare Group Inc. (TSX: AND) ("AHG" or the "Company") today announced that the Toronto Stock Exchange has approved its notice of intention to make a normal course issuer bid for a portion of its subordinate voting shares ("Shares") as appropriate opportunities arise from time to time. AHG's normal course issuer bid (the "NCIB") will be made in accordance with the requirements of the Toronto Stock Exchange.
As at March 23, 2023, there were 20,074,253 Shares outstanding. Pursuant to the notice, AHG is authorized to acquire up to a maximum of 1,856,857 of its Shares, or approximately 10% of the Company's public float of 18,568,568 Shares as of March 23, 2023, for cancellation over the next 12 months. Purchases under the NCIB will be made through the facilities of the Toronto Stock Exchange or through alternative Canadian trading systems and in accordance with applicable regulatory requirements at a price per Share equal to the market at the time of acquisition. The number of Shares that can be purchased pursuant to the NCIB is subject to a current daily maximum of 7,205 Shares (which is equal to 25% of 28,821 Shares, being the average daily trading volume during the six months ended February, 2023), in each case subject to AHG's ability to make one block purchase of Shares per calendar week that exceeds such limits.
AHG may begin to purchase Shares on or about March 29, 2023 and the bid will terminate on March 28, 2024 or such earlier time as the Company completes its purchases pursuant to the bid or provides notice of termination. Any Shares purchased under the NCIB will be cancelled upon their purchase. AHG intends to fund the purchases out of its available cash.
In connection with the NCIB, AHG has established an automatic securities purchase plan (the "Plan") with its designated broker that contains specified parameters regarding how its Shares may be purchased under the NCIB during times when the Company would ordinarily not be permitted to purchase Shares due to regulatory restrictions or self-imposed blackout periods. AHG may elect to suspend or discontinue its NCIB in accordance with certain conditions set forth in the Plan. The Plan will be effective as of March 29, 2023.
AHG has implemented the NCIB in respect of the Shares because it believes that, from time to time, the market price of the Shares may not fully reflect the underlying value of AHG's business and future prospects. AHG believes that, at such times, the repurchase of the Shares for cancellation would be in the best interests of shareholders.
This news release contains forward-looking information that reflects the current expectations of management about the future results and opportunities for AHG. Forward-looking statements generally can be identified by words such as "will", "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions suggesting future outcomes or events. More particularly and without limitation, this press release contains forward-looking statements and information concerning future purchases of Shares under the NCIB. Such forward-looking statements reflect AHG's current beliefs and are based on information currently available to management, and there is no assurance that any Shares will be purchased under the NCIB. Although AHG believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof and to not use such forward-looking information for anything other than its intended purpose. AHG undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
AHG is a leading and growing supply chain management company offering a robust platform of customized third-party logistics ("3PL") and specialized transportation solutions for the healthcare sector. The Company's 3PL services include customized logistics, distribution and packaging solutions for healthcare manufacturers across Canada. AHG's specialized transportation services in Canada, including air freight forwarding, ground transportation, dedicated delivery and last mile services, provide a one-stop shop for clients' healthcare transportation needs. Through its complementary service offerings, available across a coast-to-coast distribution network, AHG strives to accommodate the full range of its clients' specialized supply chain needs on an integrated and efficient basis. The Company also provides specialized ground transportation services, primarily to the healthcare sector, across the 48 contiguous U.S. states. For more information on AHG, please visit: www.andlauerhealthcare.com
SOURCE Andlauer Healthcare Group Inc.
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