MARKHAM, ONTARIO--(Marketwired - Sept. 5, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Leisureworld Senior Care Corporation (TSX:LW) ("Leisureworld" or the "Company") today announced that the Toronto Stock Exchange (the "TSX") has accepted the Company's notice of intention to make a normal course issuer bid for a portion of its common shares (the "Shares").
At September 4, 2013, there were 29,321,387 Leisureworld Shares outstanding. Pursuant to the notice, the Company may, during the 12-month period commencing September 10, 2013 and ending September 9, 2014, purchase for cancellation up to a maximum of 1,466,069 Shares, or approximately 5% of the outstanding Shares. Subject to certain prescribed exemptions and any block purchase made in accordance with the rules of the TSX, daily purchases will be limited to 21,764 Shares, which is equal to 25% of the average daily trading volume over the past six months of 87,058 Shares. Any purchases under the normal course issuer bid will be made through the facilities of the TSX and in accordance with applicable regulatory requirements at market prices at the time of acquisition. Decisions regarding the timing of any Share purchases, will be determined by the Company in accordance with market conditions, share price and other factors. Shares purchased under the normal course issuer bid will be cancelled. Leisureworld intends to fund the purchases of Shares under the bid out of its available cash and/or undrawn credit facilities.
Leisureworld's board of directors believes that buying back a portion of its outstanding Shares at certain price levels is an appropriate use of corporate funds and in the best interests of the Company and its shareholders.
Leisureworld Senior Care Corporation is one of Canada's largest operators of seniors' housing and the third largest licensed long-term care (LTC) provider in Ontario. Leisureworld owns and operates 27 LTC homes across Ontario with 4,498 beds. The Company also owns and operates five retirement residences and one independent living residence, representing 739 suites, in Ontario and British Columbia. Leisureworld subsidiaries include: Preferred Health Care Services, an accredited provider of professional nursing and personal support services; and Ontario Long Term Care, a provider of purchasing services, and dietary, social work, and other regulated health professional services. For more information, please visit the Company's website at www.leisureworld.ca.
Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management's current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as "anticipate", "continue", "could", "expect", "may", "will", "estimate", "believe" or other similar words and include, among other things, statements related to the Company's financial results or strategic plans. These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions. Although management believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements for various reasons. The assumptions, risks and uncertainties described above are not exhaustive and other events and risk factors could cause actual results to differ materially from the results and events discussed in the forward-looking statements. These forward-looking statements reflect current expectations of Leisureworld as at the date of this news release and speak only as at the date of this news release. Leisureworld does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.