Toronto, Ontario--(Newsfile Corp. - August 25, 2022) - VITALHUB CORP. (TSX: VHI) (the "Company" or "VitalHub") announced today that the Toronto Stock Exchange (the "Exchange") has accepted a notice filed by VitalHub of its intention to make a Normal Course Issuer Bid (the "Bid") to be transacted through the facilities of the Exchange or through alternative Canadian trading systems.
The notice provides that the Company may, during the 12-month period commencing August 29, 2022 and ending August 28, 2023, purchase up to 1,000,000 Common Shares ("Shares") in total, being approximately 2.30% of the total number of 43,400,258 Shares outstanding as at August 22, 2022. The price which the Company will pay for any such Shares will be the prevailing market price at the time of acquisition. The actual number of Shares which may be purchased pursuant to the Bid will be determined by management of the Company.
The average daily trading volume of the Shares on the Exchange ("ADTV") for the most recently completed six calendar months is 31,465. Pursuant to Exchange policies, the maximum number of Shares that may be purchased in one day pursuant to the Bid will be the greater of 1,000 and 25% of ADTV, being 7,866 Shares, subject to certain prescribed exceptions.
The Company has also entered into a pre-defined automatic securities purchase plan with its broker to allow for the repurchase of Shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Outside of the restricted periods, the timing of purchases will be determined by management of the Company. Decisions regarding purchases will be based on market conditions, share price, best use of available cash, and other factors. The funding for any purchase pursuant to the Bid will be financed out of the working capital of the Company.
All Shares will be purchased for cancellation.
The Board of Directors believes the underlying value of the Company may not be reflected in the current market price of its Shares. As a result, depending upon future price movements and other factors, the Board believes that the Shares may represent an attractive investment to the Company. Furthermore, the purchases are expected to benefit all persons who continue to hold Shares by increasing their equity interest in the Company if the repurchased Shares are cancelled.
A copy of the Company's notice filed with the Exchange may be obtained, by any shareholder without charge, by contacting the Company's Chief Financial Officer.
Software for Health and Human Services providers designed to simplify the user experience and optimize outcomes.
VitalHub provides technology to Health and Human Services providers including; Hospitals, Regional Health Authorities, Mental Health, Long Term Care, Home Health, Community and Social Services. VitalHub solutions span the categories of Electronic Health Record (EHR), Case Management, Care Coordination, Patient Flow & Operational Visibility, and DOCit Mobile Apps.
The Company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A plan. Currently VitalHub serves 275+ clients across Canada, USA, UK, Australia, Qatar, and Latvia. VitalHub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The Company is publicly traded on the Toronto Stock Exchange (TSX) under the symbol "VHI".
Chief Executive Officer, Director
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