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About MFC

Medical Facilities Corporation (“Medical Facilities” or the “Company”) owns majority interests in five specialty surgical hospitals located in South Dakota, Oklahoma and Arkansas, and one ambulatory surgery center located in California. Our facilities, which are owned in partnership with physicians, offer a range of surgical, imaging, pain management and other ancillary services.

Our physician partners have a personal interest and play an active role in daily management and strategic direction of our facilities. They are an integral part of the Company’s mission to provide highest quality of care in an environment that is safe, convenient and comfortable to our patients, their families, our employees and healthcare practitioners who use our facilities. Our facilities rank high in surveys and studies of patient satisfaction and score very well in having low infection and readmission rates.

Medical Facilities is publicly traded on the Toronto Stock Exchange under the symbol “DR”. In 2014, the Company paid a monthly dividend of $0.09375 per common share. Since April 2004, the Company has paid 130 consecutive dividends. Medical Facilities has a Dividend Reinvestment and Share Purchase Plan for shareholders resident in Canada.

Growth Initiatives

Accretive Acquisitions

Adding Physicians and Service Lines

Primary Care and Urgent Care

Purchasing Efficiencies and Synergies

2014 Highlights

Record revenue of $311.8 million

The Company’s shares delivered a total annual return of 9% including share price appreciation and dividend distributions

Repurchased 55,600 common shares at an average price of C$17.15

Since April 2004, over 130 consecutive dividends paid to our shareholders

Revenue

2014 $311.8M 2013 $309.2M


0.9%

Income from Operations

2014 $71.2M 2013 $73.3M


2.8%

Operating Margin

2014 22.8% 2013 23.7%


3.8%

Cash Available for Distribution1

2014 $37.5M 2013 $39.6M


5.5%

Cash Available for Distribution(C$)1

2014 $41.4M 2013 $40.8M


1.3%

Payout Ratio1

2014 85.2% 2013 84.3%


1.1%

All figures in US$ unless otherwise stated.
  1. Non–IFRS measure – please refer to the “Non–IFRS Measures” section of the Terms of Use and the Company’s most recently filed Management’s Discussion and Analysis.

Our Performance

  • Share Price
  • Total Return
  • Revenue
  • Income from Operations and Operating Margin
  • CAFD/Payout Ratio
View Milestones
0
2010
2011
2012
2013
2014

Share Price Performance* (C$)

18.41
25
20
15
10
5

* Share price as at market close.

Total Return* (C$)

Medical Facilties

S&P/TSX Composite Index

$308.40
$124.57
360
300
240
180
120
60

*  Assumes C$100 investment with dividends reinvested in Medical Facilities’ common shares.

Revenue (US$M)

350
300
250
200
150
100
50
217.9
216.4
239.4
309.2
311.8

Income from Operations (US$M) and Operating Margin (%)

Income from Operations

Operating Margin

100
100%
80
80%
60
60%
40
40%
20
20%
0%
61.8
63.0
65.9
73.3
71.2

Cash Available for Distribution (CAFD) (C$M)1/Payout Ratio (%)1

CAFD

Dividends Paid (C$M)

Payout Ratio

50
100%
40
80%
30
60%
20
40%
10
20%
0%
37.8
33.8
37.8
40.8
41.4
31.2
31.2
31.5
34.4
35.3

  1. Non–IFRS measure – please refer to the “Non-IFRS Measures” section of the Terms of Use and the Company’s most recently filed Management’s Discussion and Analysis.

Our Facilities

Sioux Falls Specialty Hospital
Arkansas Surgical Hospital
Oklahoma Spine Hospital
Dakota Plains Surgical Center
Black Hills Surgical Hospital
The Surgery Center of Newport Coast

Patient Care

  • Admission
  • Operation
  • Post-operation
  • Rehabilitation

Admission

Our facilities are located in population centres and offer patients complete care in one location:

  • An easy, one-stop shop from admission to post-operative care
  • High quality medical care in a hotel-inspired environment
  • Flexible surgery schedules

Operation

Our facilities focus on a limited number of specialized procedures which allows them to deliver innovative, high quality care compared to
traditional hospitals:

  • State of the art medical equipment
  • High nurse to patient coverage ratio
  • Low rates of infection and post-operative complications
  • Fast turnaround times in operating rooms and post-operative care
  • Open visitation policy

Post-Operation

We offer our patients a superior experience comparable to the finest of hospitality services during their stay with us:

  • Private suites with guest facilities for family members and care givers
  • Fresh flowers, luxurious robes, complimentary bath products and toiletries, flat screen TV’s and DVD players, newspapers and magazines, iPads and complimentary wireless internet access
  • Made-to-order gourmet meals

Rehabilitation

Our facilities offer post-operative rehabilitation care designed to return patients to their highest level of functionality as quickly and safely as possible:

  • Personalized rehabilitation programs and on-going monitoring
  • Service excellence by board certified pain and rehab specialists, multispecialty therapists and support staff
  • Innovative products and state-of-the-art facilities

Our Markets

  • Payor Mix
  • Healthcare Reform
  • Regional Table
  • Health Expenses by Source
  • Population Projections
[ Back to Markets ]

2014 Payor Mix

  • Company’s facilities operate in markets dominated by Blue Cross/Blue Shield and affiliates, representing largest portion of the Company’s payor mix.
  • Company’s facilities actively negotiate with payors for better re-imbursement rates, contract terms and access to a large patient base covered by payor contracts.
  • Company’s facilties market their hospitals directly to payors emphasizing high quality of care, cost advantage and convenience of facilities.

Healthcare Reform

The U.S. healthcare landscape continues to evolve since the passage of the Patient Protection and Affordable Care Act and the start of the implementation of its provisions.

For more information on healthcare reform, please click here to download the document.

Regional Table

Our specialty surgical hospitals are well-situated in geographic regions that have proven to be resilient against a challenging economic environment. South Dakota and Oklahoma have continued to demonstrate unemployment rates lower than the national average despite the macroeconomic conditions. Our physicians and staff are an integral part to our success as they provide our patients with innovative treatments and optimal service in our well-equipped hospitals.

Health Expenses by Source

  • Medical Facilities has a proven track record to operate within the Medicare rates while generating profit.
  • Enrollment of the aging baby boomer population and reform-mandated changes are projected to increase Medicare and Medicaid expenditures in the United States from 35% in 2012 to 40% in 2023.
  • In 2023, a significant portion of the current 45 million Americans uninsured will have access to medical and surgical services.

Population Projections

Continued growth in U.S. population, with an increased proportion of the 45+ demographic, is expected to drive future demands for clinical, surgical and other medical services that our facilities provide.

2020 Projections

~335M

U.S. Population

~44%

of Population 45+

2030 Projections

~359M

U.S. Population

~46%

of Population 45+


Source: U.S. Census Bureau, National Population Projections, May 2013.

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CEO Letter

Dear Shareholders,

As we continue to build on our successes, Medical Facilities Corporation (“MFC”) achieved another consecutive year of strong operational and financial performance.

Read More >

Dr. Donald Schellpfeffer, CEO

As we continue to build on our successes, Medical Facilities Corporation (“MFC”) achieved another consecutive year of strong operational and financial performance.

MFC’s facilities continued to thrive in their niche markets and benefitted from the standardization, purchasing efficiencies and facility expansion initiatives that were implemented over the past year. We are very proud of the results achieved by our facilities as they reflect our dedication to provide all our patients with high-quality healthcare in a hotel-inspired environment.

With the support of our experienced and knowledgeable Board of Directors, we continue to weather the evolution of the U.S. healthcare landscape with resilience. It is expected that the number of insured Americans will continue to increase, although this growth will be offset by continued margin pressures. As well, our facilities in South Dakota should benefit from the South Dakota patient choice initiative, recently passed into law, which allows patients more freedom in choosing their doctors and treatment facilities.

Financial results for 2014 remained strong with $312 million in revenue, $71 million in income from operations and increased working capital of $62 million. Black Hills Surgical Hospital achieved outstanding results as a result of the increased physician complement and enhancements to their urgent care operations. In addition, the successful acquisition of Arkansas Surgical Hospital has proven to be fruitful with strong operational and financial performance. Our ability to generate solid cash flow has allowed us to distribute over 130 consecutive monthly dividends to our shareholders since April 2004. With our strong balance sheet and financial flexibility, we have the ability to further invest in MFC through internal enhancements or strategic acquisitions as they become available.

MFC’s proven track record of success can be attributed to the talented team of medical professionals and staff, enhanced offerings for our patients and the execution of our strategies. Together with our solid financial position, MFC is well-positioned for future growth.

On behalf of our management team, the Board of Directors and our dedicated staff, thank you for your continued confidence and support, as we look forward to building on our successes.

Sincerely,

Dr. Donald Schellpfeffer

Chief Executive Officer
[ Close ]

Financials and MD&A

Medical Facilities is very proud of its proven track record of achievements and successes since its inception in 2004. For over 11 years, the Company has remained profitable and resilient against the challenges from the macroeconomic environment. Our proven ability to generate solid cash flow has allowed us to deliver over 130 consecutive monthly dividends to our shareholders since inception in 2004.

Cumulative average growth rate since inception:

Revenue

15.8%

Cash Available for Distribution (C$)

7.4%

[ Close ]

Contact MFC

Head Office

45 St. Clair Avenue West
Suite 200
Toronto, Ontario
Canada M4V 1K6

www.medicalfacilitiescorp.ca
1-877-402-7162

Investor Information

Shareholders or other interested parties seeking information about the Company are invited to contact:

Renée Lam

TMX Equicom
416-815-0700 or 1-800-385-5451 ext. 258
RLam@tmxequicom.com


Stock Exchange Listing

The Toronto Stock Exchange
Common Shares: DR
Convertible Debentures: DR.DB.A

Auditor

KPMG LLP
333 Bay Street, Suite 4600
Toronto, Ontario
Canada M5H 2S5

Annual Meeting

May 14, 2015 at 11:00 am ET

TMX Gallery, The Exchange Tower
130 King Street West
Toronto, Ontario
Canada M5X 1J2

Transfer Agent and Registrar

Computershare Investor Services Inc.
100 University Avenue
Toronto, Ontario
Canada M5J 2Y1

1-800-564-6253

[ Close ]

Board of Directors

Executive Officers

Seymour Temkin

Seymour Temkin

Chair of the Board
Consultant

David Bellaire

David Bellaire

Senior Advisor, Bain & Company

Marilynne Day-Linton

Marilynne Day-Linton

Corporate Director

Dr. Gil Faclier

Dr. Gil Faclier

Consultant Anaesthesiologist, Sunnybrook Health Sciences Centre and Pain Medicine Consultant, Sunnybrook Health Sciences Centre and Women’s College Hospital, University of Toronto

Irving Gerstein

Irving Gerstein

Member, Senate of Canada

Corporate Director

Dale Lawr

Dale Lawr

Corporate Director

John Perri

John Perri

Partner, Dorchester Capital LLC

Dr. Donald Schellpfeffer

Dr. Donald Schellpfeffer

Chief Executive Officer

Board of Directors

Executive Officers

Dr. Donald Schellpfeffer

Dr. Donald Schellpfeffer

Chief Executive Officer

Michael Salter

Michael Salter

Chief Financial Officer

[ Close ]

Privacy

Our Commitment to Privacy

Medical Facilities Corporation ("MFC", "we", "us" and "our") is committed to protecting your Personal Information (as defined below) through ensuring that your information is treated with care and is not used or disclosed in ways to which you have not consented. This privacy policy ("Policy") explains the ways in which we collect, use and disclose your Personal Information. It applies to any Personal Information that is collected by us, whether it is collected over the telephone, in writing, or electronically.

MFC will never disclose, sell or lease to any third party any Personal Information that you provide to us, including through this website (the "Site"), without your permission, other than as described in this Policy, or unless we are required to do so by law. Notwithstanding this, this Site is hosted by a third party. Accordingly, the Personal Information provided through this Site will be available to that third party for the limited purposes of hosting and administering this Site. By providing us with your Personal Information and using our Site you accept this Policy and consent to its terms, as well as any other terms that are described to you when your Personal Information is collected. If you do not consent, please do not use the Site or otherwise provide your Personal Information to us.

It is MFC's policy to comply with the privacy legislation within each jurisdiction in which we operate. Sometimes the privacy legislation and/or an individual's right to privacy are different from one jurisdiction to another. This Policy covers only those activities that are subject to the provisions of Canada's federal and provincial privacy laws, as applicable.

This Policy may be amended or updated at our discretion from time to time. Please check the Site from time to time for such amendments. By continuing to access and use the Site, you accept and consent to the terms of the then current Policy, as amended.

What is Personal Information?

“Personal Information” is information about an identifiable individual. Personal Information includes your name, residential address, telephone number, fax number, e-mail address, and questions or comments submitted by you on the Site. Publicly available information, such as business contact information or a public directory listing of your name, address, telephone number or information that is aggregated and not associated with a specific individual, including demographic information and statistics, is not considered Personal Information.

What Personal Information Do We Collect?

We may collect the following types of Personal Information about you:

  • Your contact information (such as your name, the organization you are affiliated with, your residential address, telephone number, fax number and email address);
  • What type of investor you are; and
  • Your comments and questions.

Personal Information is collected by us when you provide it to us, such as when you provide us with your contact information or send us a question or comment through the Site, when you meet with us in person, or when you phone us with an inquiry.

Collection of Non-Personal Information

We collect certain non-personal information which is recorded by the standard operation of our internet servers on an anonymous basis, such as the operating system you are using, the sections of the Site you visit, and the Site pages read and images viewed.

This non-identifiable information is used on an aggregate basis and in a non-personally identifiable form, including: (i) for Site and system administration purposes, (ii) to improve the Site, (iii) to conduct internal reviews of the number of visitors to the Site (iv) to help us better understand visitors’ use of our Site; (v) to respond to specific requests from our visitors; and (vi) to protect the security or integrity of our Site when necessary.

Cookies

When you view the Site, we may place a “cookie” on the hard drive of your computer which allows the Site to remember who you are. Cookies provide additional functionality to the websites to better match users’ interests and preferences. With most Internet browsers, you can erase cookies from your computer hard drive, block the creation of cookies, or receive a warning before a cookie is stored, although doing so may affect your use of the Site and your ability to access certain features of the Site. Please refer to your browser instructions or the help section of your browser to learn more about these functions.

Web Beacons

Our Site may use web beacons. When you access certain of our web pages, a non-identifiable notice of that visit is generated. These technologies usually work in conjunction with cookies. If you do not want your cookie information to be associated with your visits to these pages, you can set your browser to turn off cookies. If you turn off cookies, web beacons will still detect visits to these pages, but the notices they generate cannot be associated with other non-identifiable cookie information and are disregarded.

For What Purposes Do We Collect Personal Information?

We collect and use Personal Information primarily for the purposes of:

  • responding to your communications and inquiries;
  • meeting legal, regulatory, audit, security, and financial requirements under federal and provincial laws;
  • sending individuals press releases, financial reports, marketing materials or information about scheduled events that they have indicated they would like to receive; and
  • providing investors with information that they have requested about MFC.

We do not collect more Personal Information than we require for the purposes for which Personal Information is being collected, unless we are required or permitted by law to collect additional information.

We will notify the individual from whom the information is collected of the purposes for which we are collecting the information. This notice will be provided at or before the time that we collect the Personal Information. Depending on the way in which Personal Information is collected, this may be done orally or in writing.

When Personal Information that has been collected is to be used for a purpose that we have not previously identified, we will communicate the new purpose prior to using the information for the new purpose, unless the new purpose is required or permitted by law.

Other than as required or allowed by law (for example, in response to a court order or subpoena, or to comply with local or federal regulations), your Personal Information will not be used for any other purpose without your consent.

Retention and Disposal of Personal Information

We implement security safeguards to protect Personal Information against loss or theft, as well as unauthorized access, disclosure, copying, use or modification, regardless of the format in which the information is held. We use physical, organizational and technological measures to protect Personal Information, such as locked filing cabinets, firewalls, encryption, and employee education.

We will keep Personal Information only for as long as it remains necessary for the purposes for which it was collected, or as required by law. We use secure means of disposing of Personal Information.

Links to Other Websites

Our Site may contain links that take you to other third party websites, including websites maintained by our U.S.-based indirect subsidiaries. These third party websites are not governed by this Policy but by other privacy policies that may differ somewhat from our Policy. This Policy does not extend to the collection of Personal Information by these third parties and MFC does not assume any responsibility for the privacy practices, policies or actions of third parties. We encourage you to review the privacy policies of each website visited before using these websites or disclosing any Personal Information to third parties.

Correcting Your Personal Information

We want to make sure that the information that we have collected about you is accurate, complete, and current. However, we will not routinely update this information unless it is necessary for us to do so to fulfill the purposes for which we collected the information.

Since we generally rely on you to inform us if there have been any changes to the Personal Information that we have collected about you, please let us know if any of this information has changed.

Access to Personal Information

If you have any questions about the accuracy of information that we have collected about you, you can have access to that information in order to verify and update it, unless we are permitted or required under applicable laws to refuse your access to such information.

You may write to or email our Privacy Officer at the address below to request access to Personal Information that we have about you. We will respond to requests within 30 days.

Questions and Further Information

We are accountable for all Personal Information in our custody and control and have designated a Privacy Officer who is ultimately accountable for the handling of all Personal Information in our custody and/or control, and for ensuring that the principles described in this Policy are being complied with.

We make information about our privacy policies and practices readily available, concerns, complaints, or if you would like further information regarding our privacy policies or practices, please contact our Privacy Officer at:

Privacy Officer

Medical Facilities Corporation
45 St. Clair Avenue West, Suite 200
Toronto, Ontario M4V 1K6 Canada
Email: privacyofficer@medicalfc.com

If you have any questions about your privacy rights or complaints you may also contact the Privacy Commissioner of Canada at:

Office of the Privacy Commissioner of Canada

112 Kent Street
Place de Ville, Tower B, 3rd Floor
Ottawa, ON K1A 1H3
Fax: 613-947-6850
Inquiries: 1-800-282-1376

[ Close ]

Terms of Use

The following terms and conditions ("Terms of Use") govern the relationship between you and Medical Facilities Corporation ("MFC" or "we" or "us"). By using this website ("Web Site"), you are agreeing to comply with and be legally bound by the terms and conditions as set out in these Terms of Use, and all applicable laws. If these Terms of Use are not acceptable to you, please refrain from using this Web Site. We may update these Terms of Use from time to time and you are responsible for periodically reviewing the most current version on this Web Site. Your continued use of this Web Site will be deemed your conclusive acceptance of the updated Terms of Use.

Forward-Looking Statements

This Web Site may contain forward-looking statements within the meaning of certain securities laws, including the “safe harbour” provisions of the Securities Act (Ontario) and other provincial securities law in Canada. These forward-looking statements may include, among others, statements with respect to our objectives, goals and strategies to achieve those objectives and goals, as well as statements with respect to our beliefs, plans, objectives, expectations, anticipations, estimates and intentions. The words “may”, “will”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “plan”, “anticipate”, “estimate”, “expect”, “intend”, “forecast”, “objective” and “continue” (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these forward-looking statements. MFC does not assume responsibility for the accuracy and completeness of those forward-looking statements and does not undertake the obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

Non-IFRS Measures

This Web Site may contain certain non-IFRS measures, which MFC believes provide useful measures for evaluation and assessment of its performance. Non-IFRS measures do not have any standard meaning prescribed by IFRS, are unlikely to be comparable to similar measures presented by other issuers, and should not be considered as alternatives to comparable measures determined in accordance with IFRS as indicators of MFC’s financial performance, including its liquidity, cash flows and profitability. For further information relating to non-IFRS measures used by MFC and reconciliations of certain non-IFRS measures, please refer to our public filings on SEDAR at www.sedar.com.

Your Authority to Use this Web Site

By using this Web Site, you are representing to us that you have the power and authority to accept these Terms of Use and to enter into this agreement with us, that you are capable of assuming, and do assume, any risks related to the use of this Web Site and its content, and that you understand and accept the terms, conditions and risks relating to their use. If you are dissatisfied with this Web Site or its content, your sole and exclusive remedy is to stop using it.

Rights Granted and Restrictions on Use

The information on the Web Site is protected by copyright. The copyright in all content on this Web Site, unless otherwise indicated, is owned by MFC, all rights reserved.

You may display on your computer, download and print the contents of this Web Site for non-commercial personal or educational purposes provided that you attribute ownership of such content to MFC. All copyrighted information on this Web Site (including, but not limited to, images, illustrations, video clips, audio clips, trademarks, press releases, reviews and articles) is owned by MFC or a third party, as indicated. The information and materials on the Web Site may not otherwise be copied, modified, published, transferred, reposted, reproduced, reused, transmitted, displayed, sold or used for public or commercial purposes, unless provided in these Terms of Use, without the express written permission of MFC. Requests for such approval should be directed to ms@medicalfc.com.

Privacy Policy

MFC’s policies with respect to the collection, use and sharing of information are set forth in our Privacy Policy, which is incorporated herein by reference for all purposes. Please review our Privacy Policy to understand our practices. By accepting these Terms of Use you are consenting to MFC’s Privacy Policy.

Disclaimers

Although the information, material and content provided in the pages of this Web Site is believed to be reliable when posted, there is no guarantee that it is accurate, complete or current at all times and this Web Site could include technical or other inaccuracies. This Web Site is provided to you on an “as is” basis without warranties or representations of any kind. We and our affiliates and suppliers make no representations and disclaim all statutory, express and implied warranties and conditions of any kind, including, without limitation, representations, warranties or conditions regarding accuracy, currency, usefulness, reliability, uninterrupted service, freedom from computer viruses, results obtained from use of this Web Site, timeliness, completeness, non-infringement, satisfactory quality, merchantability, merchantable quality or fitness for any particular purpose or those arising by law, statute, usage of trade, or course of dealing.

Internet services and links and connections are susceptible to technical difficulties, crashes and down time. We shall use best efforts to maintain a consistent link with the internet, but cannot and do not warrant that we shall maintain a continuous and uninterrupted link.

No Damages

You agree that you are using this Web Site at your own risk and liability. We shall not, under any circumstances, be liable for any direct, consequential, moral, incidental, indirect or special damages, of any kind, or any other damages whatsoever, including without limitation, those arising from any decision made or action taken by you in reliance upon the content or those resulting from loss of use, data or profits, whether resulting from the use of or inability to use any content on this Web Site (or a web site linked to this Web Site), or any other cause even if we are advised of the possibility of such damages or losses; and even if caused by the negligence of us, our affiliates or our suppliers and even if any of them has been apprised of the likelihood of such damages occurring.

The above limitations and exclusions shall apply to you to the fullest extent that applicable law permits, in all actions of any kind, whether based on contract, tort (including, without limitation, negligence) or any other legal or equitable theory. Any clause declared invalid shall be deemed severable and not affect the validity or enforceability of the remainder of these Terms of Use.

Links

As a convenience to our visitors, this Web Site currently contains links to other websites. Your linking to such websites or pages is at your own risk. The information and content expressed on other web sites, as well as any links provided by the resources on this Web Site, are not investigated, verified, monitored or endorsed by MFC. MFC provides these links merely as a convenience to our Web Site viewers and the inclusion of such links does not imply that we endorse or accept any responsibility for the content or uses of such web sites.

Violations of Terms of Use

If you breach any of these Terms of Use, you may no longer use this Web Site. MFC may, in its sole discretion, cancel or terminate your right to use this Web Site, or any part of this Web Site, at any time without notice. In the event of termination, you are no longer authorized to access this Web Site or the part of this Web Site affected by such cancellation or termination.

In such event, the restrictions which these Terms of Use impose on you with respect to this Web Site shall still apply. MFC is not liable to any party for such damages arising from such a termination. We reserve the right to seek all remedies available at law and in equity for violations of these Terms of Use.

Other Countries

This Web Site can be accessed from countries around the world other than Canada and may contain references to matters in your country. These references do not imply that we intend to announce such products, services or programs in your country. We make no representation that the content on this Web Site is appropriate or available for use in other locations, and accessing this Web Site from territories where its content is prohibited. Those who choose to access this Web Site from other locations do so on their own initiative and their own risk and are responsible for compliance with local laws.

Laws

These Terms of Use supercede any other agreement, whether oral or in writing, and render any other agreement regarding the Terms of Use of the Web Site null and void.

By accessing this Web Site, you and MFC agree that all matters relating to your access to, or use of, this Web Site shall be governed by the statutes and laws of the Province of Ontario, Canada without regard to the conflicts of laws principles thereof. You and MFC agree and hereby submit to the exclusive personal jurisdiction and venue of the courts of Toronto, Province of Ontario, Canada with respect to any and all matters arising in connection with these Terms of Use.

If any provision of the Terms of Use shall be unlawful, void or for any reason unenforceable, then that provision shall be deemed severable from the Terms of Use and shall not effect the validity and enforceability of any remaining provisions.

You acknowledge that you have read these Terms of Use, understand them and agree to be bound by all of the terms and conditions in these Terms of Use.

[ Back to Our Performance ]

Milestones

31-Mar-14Celebrated 10th anniversary and opened the market during the TSX Market Open Ceremony

14-Aug-13Black Hills Surgical Hospital opened second Black Hills Urgent Care location

21-Dec-12Completed public offering of C$41.8 million aggregate principal amount of 5.9% convertible unsecured subordinated debentures

30-Nov-12Acquired 51% interest in Arkansas Surgical Hospital

14-Aug-12Announced a 2.3% increase in monthly dividend from C$0.09167 per share to C$0.09375 per share

29-Jul-12Black Hills Surgical Hospital opened Black Hills Urgent Care

20-Jul-12Declared 100th dividend

01-Mar-12Sioux Falls Specialty Hospital opened Midwest Family Care

16-Sep-11Added to the S&P/TSX SmallCap Index

11-Aug-11Opened the market during the TSX Market Open Ceremony

01-Jun-11DR listed on TSX

31-May-11Converted to a traditional common share structure from an income participating securities structure

21-May-08Declared 50th distribution

14-Apr-08Completed public offering of C$43 million aggregate principal amount of 7.5% convertible secured debentures

07-Jan-08Acquired 51% interest in The Surgery Center of Newport Coast

01-Nov-07Acquired 51% interest in Barranca Surgery Center (interest redeemed in 2010)

21-Jun-05Acquired 51% interest in Oklahoma Spine Hospital and completed bought-deal offering of 5.4 million income participating securities

29-Mar-04Completed initial public offering of 22.2 million income participating securities, acquiring 51% interest in each of Black Hills Surgical Hospital, Dakota Plains Surgical Center and Sioux Falls Specialty Hospital