Skylight Health Announces Series A Preferred Stock Cash Dividend

Rhea-AI Summary

Skylight Health Group has declared a dividend of $0.1927 per share on its 9.25% Series A Cumulative Redeemable Perpetual Preferred Shares, payable on January 20, 2023. The record date for this dividend is December 30, 2022. Additionally, the company announced a debt settlement plan involving the issuance of 626,286 common shares at a deemed price of $0.70 per share to settle $438,400 in debt.

Positive

• Dividend declaration shows commitment to returning value to shareholders.
• Debt settlement reduces financial obligations, improving balance sheet.

Negative

• Issuing new shares for debt may dilute existing shareholders.
• Debt settlement magnitude might indicate previous financial strain.

TORONTO, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Skylight Health Group Inc. (TSXV:SLHG; OTCQX: SLHGF) (“Skylight Health” or the “Company”), a healthcare platform combining technology and analytics focused on transitioning patients into value based care to drive better health outcomes and experiences in the United States, announced that its Board of Directors has authorized, and the Company has declared, a dividend on its 9.25% Series A Cumulative Redeemable Perpetual Preferred Shares (the “Series A Preferred Shares”) for the month of January 2023. The Series A Preferred Shares trade under the “SLHGP” stock ticker symbol.

In accordance with the terms of the Series A Preferred Shares, the Series A dividend will be payable in cash in the amount of $0.1927 per share on January 20, 2023 to the shareholders of record of the Series A Preferred Stock as of the dividend record date of December 30, 2022.

The Company also wishes to update details of the Company’s previously announced shares for debt on September 15 and 16, 2022. The Company will settle a total of $438,400 in debt by issuing an aggregate of 626,286 common shares to the creditors at a deemed price of $0.70 per common share, in satisfaction of the debt.

About Skylight Health Group 

Skylight Health Group (TSXV:SLHG OTCQX: SLHGF) is a healthcare services and technology company, working to positively impact patient health outcomes. The Company operates a US multi-state primary care health network comprised of physical practices providing a range of services from primary care, sub-specialty, allied health, and laboratory/diagnostic testing. The Company is focused on helping small and independent practices shift from a traditional fee-for-service (“FFS”) model to value-based care (“VBC”) through tools including proprietary technology, data analytics and infrastructure. In an FFS model, payors (commercial and government insurers) reimburse on an encounter-based approach. This puts a focus on the volume of patients per day. In a VBC model, the providers offer care that is aimed at keeping patients healthy and minimizing unnecessary health expenditures that are not proven to maintain the patient’s well-being. This places emphasis on quality over volume. VBC will lead to improved patient outcomes, reduced cost of delivery and drive stronger financial performance from existing practices. 

Forward Looking Statements

This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent our current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as "look forward," "believe," "continue," "building," or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are often discussed in filings we make with the Canadian securities regulators, and Canadian Securities Administrators, available at www.sedar.com, and on our website, at skylighthealthgroup.com.

For more information, please visit our website or contact:

Investor Relations:
Jackie Kelly
investors@skylighthealthgroup.com
416-301-2949

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FAQ

What is the dividend payment amount for Skylight Health Group (SLHGF) in January 2023?

The dividend payment for January 2023 is $0.1927 per share.

When is the dividend record date for Skylight Health's Series A Preferred Shares?

The record date for the dividend is December 30, 2022.

What is the purpose of the shares for debt deal announced by Skylight Health Group?

The shares for debt deal will settle $438,400 in debt by issuing 626,286 common shares.

When will the dividend for Skylight Health Group be paid?

The dividend will be paid on January 20, 2023.