WELL Health (TSX: WELL) this morning announced that it intends to purchase previously issued shares. The company has filed with the TSX a notice of intent to make a normal course issuer bid, also known as a share buyback program.
If approved, the share buyback program will enable the company to purchase up to 4,879,031 common shares over the next 12 months from the open market. The figure represents roughly 2.5% of the currently outstanding shares of the issuer, with purchases to occur on the TSX.
The company has indicated that it intends to repurchase the shares, “In the event that WELL believes that its common shares begin trading in a price range that does not adequately reflect their underlying value.” Notably, the company last conducted a financing in February at a price of $9.80 per subscription receipt, for total proceeds of $302.5 million, a rather large premium to the current price of the equity.
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The normal course issuer bid remains subject to approval by the TSX.
WELL Health last traded at $7.49 on the TSX.
Information for this briefing was found via Sedar and WELL Health Technologies Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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