Global Industrial Company general counsel Adina Storch joins MFC as a director
Medical Facilities Corporation has announced a shift away from deploying a growth strategy through acquisitions. In recent months, the Toronto-headquartered company has engaged in constructive discussions with Converium Capital Inc., a shareholder of the company, and other shareholders to gather feedback on its strategic direction. As part of this change in corporate strategy, MFC plans to suspend acquisitions, divest its non-core assets, pursue overhead cost reductions, and evaluate and implement strategies to return capital to its shareholders, including the commencement of a substantial issuer bid.
As part of the change in strategy, Medical Facilities has added Adina Storch and Yanick Blanchard as independent directors of the company, subject to regulatory clearance. Storch is currently the senior vice president, general counsel & corporate secretary of Global Industrial Company. She is a seasoned attorney and advisor to corporate boards with over 22 years' experience, including serving as general counsel to two publicly traded U.S. companies, and in private practice advising corporations in Europe and the U.S. on international capital markets transactions, regulatory compliance, corporate governance and litigation matters.
Blanchard most recently served as executive vice‐president, managing director and global head of corporate & investment Banking for National Bank of Canada where he was responsible for overseeing of all investment banking, M&A, credit capital market and loan structuring & syndication activities.
In connection with the change in corporate strategy, Stephen Dineley and Lois Cormack have resigned from the board.
"On behalf of Medical Facilities and its Board, I would like to thank both Stephen and Lois for their dedicated service and significant contributions to the company. We wish them all the best in their future endeavours," said Robert O. Horrar, president and CEO of Medical Facilities.
Medical Facilities has also announced, as part of its change in strategic direction, its intention to commence a substantial issuer bid for up to $34.5 million of its common shares.