Counsel Corporation Announces Renewal of Normal Course Issuer Bid.TORONTO--(BUSINESS WIRE)--Dec. 10, 1998--Counsel Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CXSNF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CXS CXS Coherent X-Ray Scattering ) Counsel Corporation announced today that The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (the "Exchange") has accepted Counsel's notice of its intention to renew its normal course issuer bid for its common shares. Counsel's normal course issuer bid will be made in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the by-laws BY-LAWS. Rules and ordinances made by a corporation for its own government. 2. The power to make by-laws is usually conferred by express terms of the charter creating the corporation, though, when not expressly granted, it is given by implication, and it is and policies of the Exchange. Counsel's current normal course issuer bid expires on December 11, 1998. Counsel's renewed normal course issuer bid commences on December 14, 1998. Pursuant to the notice, Counsel may, over the next 12 months, acquire for cancellation up to 10 percent of the public float of its common shares on December 4, 1998. Based on a public float of 16,950,782 common shares (and 27,701,042 shares outstanding) on December 4, 1998, Counsel could acquire 1,690,000 common shares under the renewed bid. No more than 554,020 shares, being 2 percent of the common shares outstanding, will be purchased in any 30-day period. Purchases will be made at market prices through the facilities of the Exchange. Counsel believes that, on occasion, common shares become available at prices which make their purchase an attractive investment and an appropriate use of the Corporation's funds. Over the past 12 months, Counsel has purchased 335,800 of its common shares for cancellation at an average price of $11.61 per share under its normal course issuer bid. Counsel has been active in the US health care sector since 1983. It is engaged primarily in three health care segments: specialty retail pharmacy pharmacy, art of compounding and dispensing drugs and medication. The term is also applied to an establishment used for such purposes. Until modern times medication was prepared and dispensed by the physician himself. In the 18th cent. through 100 percent-owned Stadtlander Drug Co., home health care through 27 percent-owned American HomePatient Inc. (NASDAQ:AHOM) and institutional pharmacy through 9 percent-owned PharMerica, Inc. (NASDAQ:DOSE). On November 9, 1998, Counsel announced the signing of a definitive agreement to sell Stadtlander to Bergen Brunswig Corporation for a total purchase price, including assumed debt of approximately US$100 million and the payment of certain costs expected to be incurred by Counsel, of US$428 million. Approximately US$25 million of the assumed debt is owed to Counsel Corporation. The sale is expected to close in January 1999 subject to Hart-Scott-Rodino approval, approval by Counsel shareholders and other standard closing conditions. |
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