TORONTO, June 27,
2024 /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 June 26, 2024, there were
18,704,628 Shares outstanding. Pursuant to the notice, AHG is
authorized to acquire up to a maximum of 1,770,429 of its Shares,
or approximately 10% of the Company's public float of 17,704,293
Shares as of June 26, 2024, 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 price 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 6,962 Shares (which is equal to 25% of 27,848
Shares, being the average daily trading volume during the six
months ended May, 2024), 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 July 2, 2024 and the bid will terminate on
July 1, 2025 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
July 2, 2024.
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.
634,090 Shares were purchased pursuant to AHG's previous normal
course issuer bid that commenced on March
29, 2023 and ended on March 28,
2024 at a weighted average price of $39.62. AHG was permitted to acquire up to
1,856,857 Shares under its previous normal course issuer bid.
Forward-Looking Statements
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.
About AHG
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.