Essential Energy Services Renews Its Normal Course Issuer Bid
20 Marzo 2014 - 2:35PM
Marketwired
Essential Energy Services Renews Its Normal Course Issuer Bid
CALGARY, ALBERTA--(Marketwired - Mar 20, 2014) - Essential
Energy Services Ltd. (TSX:ESN) ("Essential" or the "Company")
announced today that it has received approval from the Toronto
Stock Exchange (the "TSX") to renew its normal course issuer bid
("NCIB") for Essential common shares ("Shares"). Any Share
purchases by Essential pursuant to the NCIB will be for
cancellation.
Under the NCIB, Essential may purchase up to 12,311,641 of its
issued and outstanding Shares, representing 10 percent of the
public float, on the open market through the facilities of the TSX
and other alternative trading systems. Essential currently has
125,566,344 Shares issued and outstanding. As required by the TSX
Company Manual, the maximum number of Shares that may be purchased
on one day may not exceed 81,141 Shares, which is 25 percent of the
six month average daily trading volume of Shares on the TSX, at
February 28, 2014. The price which Essential will pay for any
Shares purchased will be the prevailing market price of such Shares
at the time of purchase.
The NCIB will commence on March 25, 2014, and will terminate on
March 24, 2015, or at such earlier date as the NCIB is completed or
terminated at the option of Essential.
During the preceding twelve month period, Essential purchased a
total of 520,052 Shares under its previous NCIB through the TSX and
other alternative trading systems. The weighted average price paid
for the 520,052 Shares was $2.35 per Share.
Essential may enter into an Automatic Share Purchase Plan with a
broker for the purpose of buying Shares through Essential's
blackout periods. Such purchases would be determined by the broker
in its sole discretion, based on parameters that are established by
Essential prior to any blackout period. All other purchases under
the NCIB will be at the discretion of Essential.
The Board of Directors of Essential believes that the Shares
currently trade in a price range that does not adequately reflect
the underlying value of Essential's assets and operations. As a
result, Essential believes that the purchase of its outstanding
Shares is an attractive investment for the Company.
ABOUT ESSENTIAL
Essential is a growth-oriented, dividend paying corporation that
provides oilfield services to producers in western Canada for
producing wells and new drilling activity. Essential operates the
largest coil tubing well service fleet in Canada with 46 coil
tubing rigs and a fleet of 55 service rigs. Essential also sells,
rents and services downhole tools and equipment including the
Tryton Multi-Stage Fracturing System (Tryton MSFS®). Further
information can be found at www.essentialenergy.ca.
The TSX has neither approved nor disapproved the contents of
this press release.
Essential Energy Services Ltd.Garnet K. AmundsonPresident and
CEO(403) 513-7272service@essentialenergy.caEssential Energy
Services Ltd.Karen PerasaloInvestor Relations(403)
513-7272service@essentialenergy.ca
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