08:57:01 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Medicure Inc (2)
Symbol MPH
Shares Issued 14,804,013
Close 2019-11-04 C$ 4.65
Market Cap C$ 68,838,660
Recent Sedar Documents

Medicure to start issuer bid for up to $26M in shares

2019-11-04 06:55 ET - News Release

An anonymous director reports

MEDICURE ANNOUNCES INTENTION TO COMMENCE SUBSTANTIAL ISSUER BID

Medicure Inc. intends to commence a substantial issuer bid pursuant to which the company will offer to purchase up to 4.0 million of its common shares for cancellation at a set purchase price of $6.50 per common share for a total purchase price of up to $26-million in cash. The offer will be financed from the company's existing cash on hand.

Details of the offer, including instructions for tendering common shares, will be included in the formal offer to purchase and issuer bid circular, letter of transmittal, and notice of guaranteed delivery. The offer documents are expected to be mailed to shareholders of the company as of the mailing date and filed with applicable Canadian and U.S. securities regulatory authorities and made available on SEDAR and on EDGAR within approximately one week.

The offer will remain open for acceptance for 35 days from the date of mailing, unless extended or withdrawn. The company reserves the right, subject to applicable laws, to withdraw or amend the offer if certain events occur. The company has engaged Computershare Trust Company of Canada to act as the depositary for the offer. The directors and officers of the company have advised the company that they do not intend to tender any of their common shares pursuant to the offer.

The company believes Medicure's underlying value and its long-term growth prospects are not reflected in the recent trading price of its common shares. As such, Medicure believes that the purchase of common shares under the offer represents a reasonable use of a portion of its significant cash resources resulting from the company's successful purchase and subsequent sale of the Apicore business.

During the 10 months ended Oct. 31, 2019, the closing prices of the common shares on the TSX Venture Exchange have ranged from a low of $3 to a high of $6.85. The closing price of the common shares on the TSX Venture Exchange on Nov. 1, 2019 (the last full trading day before the date of this press release), was $3.22. The purchase price of $6.50 per common share represents a 101.9-per-cent premium over the closing price of the common shares on the TSX-V on Nov. 1, 2019.

As of Nov. 1, 2019, 14,804,013 common shares were issued and outstanding. The offer will be for up to 4.0 million common shares or approximately 27.0 per cent of the total number of common shares issued and outstanding.

The offer will be optional for all shareholders, who are free to choose whether to participate and how many common shares to tender. Shareholders who do not deposit their common shares (or whose common shares are not purchased under the offer) will realize a proportionate increase in their equity interest in the company, to the extent that common shares are purchased under the offer.

If more than 4.0 million common shares are properly tendered to the offer, Medicure will take up and pay for the tendered common shares on a pro rata basis according to the number of common shares tendered (with adjustments to avoid the purchase of fractional common shares). The offer will not be conditional upon any minimum number of common shares being tendered but will be subject to various other conditions disclosed in the offer documents.

About Medicure Inc.

Medicure is a pharmaceutical company focused on the development and commercialization of therapies for the U.S. cardiovascular market. The present focus of the company is the marketing and distribution of Aggrastat (tirofiban hydrochloride) injection, Zypitamag (pitavastatin) tablets and the ReDS device in the United States, where they are sold through the company's U.S. subsidiary, Medicure Pharma Inc.

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