Those payments were substantial. Under two stock purchase agreements dated July 16, 2021, SHP agreed to buy 5.5 million shares for US$8.35 million, paying US$5.1 million to Medipure and US$3.3 million to a major shareholder. No shares were issued because a securities regulator’s cease trade order was in effect. SHP later lent Medipure money as well, raising the loan to US$11 million by March 2022.
Rather than press the petition, SHP switched to insolvency proceedings. Medipure’s restructuring failed, and in October 2022 an SHP affiliate bought most of the company’s assets out of a liquidation. SHP now controls the business.
After spending two years reviewing Medipure’s records, SHP…