Well Health (TSX: WELL) is looking to renew its normal course issuer bid, despite hardly utilizing the last such program it had in place. The company this morning indicated it will be renewing the program through to 2023.
The renewed normal course issuer bid will see the company repurchase up to 2.5% of its currently outstanding share count. With 210.4 million shares currently outstanding, the program as a result will see Well Health repurchase up to 5.3 million shares under the current program.
It should be noted that while approved by the firms board of directors, the TSX has yet to approval the renewal of the program. The current program in place is set to expire May 11, with a renewed program to presumably push that expiry to a similar date in 2023.
Under the program presently in place, the company was eligible to repurchase up to 4.9 million shares of the company. Instead, they repurchased just 50,000, despite the firms share price declining from $7.49 at the time of announcement to $4.56 today. It should also be noted that the company issued $70.0 million in convertible debentures last November, resulting in up to 7.6 million new shares being issued by the company upon their conversion.
Well Health last traded at $4.56 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.
