Leisureworld Senior Care Corporation

Leisureworld Senior Care Corporation

September 08, 2014 10:38 ET

Leisureworld Senior Care Corporation Announces Normal Course Issuer Bid

MARKHAM, ONTARIO--(Marketwired - Sept. 8, 2014) - Leisureworld Senior Care Corporation (TSX:LW) ("Leisureworld" or the "Company") today announced that the Toronto Stock Exchange (the "TSX") has approved the Company's notice of intention to renew its normal course issuer bid for a portion of its common shares (the "Shares").

As at August 28, 2014, there were 36,265,458 Leisureworld Shares outstanding. Pursuant to the normal course issuer bid, Leisureworld is permitted to acquire up to 1,813,272 Shares, being 5% of the issued and outstanding Common Shares, in the 12-month period commencing September 10, 2014 and ending on September 9, 2015. Purchases under the normal course issuer bid will be made by Leisureworld through the facilities of the TSX and other Canadian trading platforms and in accordance with applicable regulatory requirements. Subject to certain prescribed exemptions and any block purchase made in accordance with the rules of the TSX, daily purchases will be limited to 19,083, which is equal to 25% of 76,333 Shares (the average daily trading volume for Leisureworld's Shares on the TSX for the six months ended August 31, 2014).

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. The Shares will be cancelled upon their purchase by Leisureworld. No repurchases were made under the previous bid which expires on September 9, 2014.

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.

About Leisureworld

Leisureworld Senior Care Corporation is one of Canada's largest operators of seniors' housing and the largest licensed long-term care provider in Ontario. Leisureworld has 7,500 employees and owns and operates 35 long-term care homes across Ontario with 5,733 beds. Leisureworld also owns and operates 10 retirement residences, representing 1,065 suites, in Ontario and British Columbia. Under its management services division, Leisureworld provides management and consulting services to long-term care homes and retirement residences in Ontario. Leisureworld subsidiaries include Preferred Health Care Services, an accredited provider of professional nursing and personal support services. For more information, please visit Leisureworld's website at www.leisureworld.ca.

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