Prism Medical announces substantial issuer bid
On August 7, 2014, Prism Medical Ltd. (Prism) announced that its board of directors authorized an offer to repurchase for cancellation up to C$35 million worth of its common shares, at a price range of C$8.00 to C$8.75 per share, through a Dutch auction type substantial issuer bid. Under the issuer bid, up to a maximum of 4,375,000 shares may be repurchased, representing approximately 49% of Prism's outstanding shares.
Prism is making the offer to distribute a portion of the proceeds received from the sale of Prism's UK operations earlier in the year considered a surplus to Prism's current operating and other business requirements and provide a liquidity opportunity for shareholders.
The offer will expire on or about September 17, 2014 unless withdrawn or extended by Prism.
Prism Medical is one of the largest providers and manufacturers of durable medical equipment and related services to the mobility challenged in North America, marketed under the brand names of Prism Medical, ErgoSafe, Waverly Glen and Nightingale.
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