CALGARY,
AB, Dec. 17, 2024 /CNW/ - Pason Systems Inc.
("Pason") (TSX: PSI) (OTC: PSYTF) is pleased to announce that the
Toronto Stock Exchange ("TSX") has accepted Pason's Notice of
Intention to commence a normal course issuer bid ("2025 NCIB"). The
2025 NCIB effectively renews the existing normal course issuer bid,
which started on December 20, 2023
and is scheduled to end on December 19,
2024 ("2024 NCIB"). The 2025 NCIB will commence on
December 20, 2024 and will terminate
on December 19, 2025 or such earlier
time as the 2025 NCIB is completed or terminated at the option of
Pason.
Under the 2024 NCIB, Pason had received approval from the TSX to
purchase for cancellation up to a maximum of 7,949,888 common
shares of Pason ("Common Shares"), representing approximately 10%
of the public float of Common Shares outstanding as at December 12, 2023. As of December 11, 2024, Pason had repurchased and
cancelled 555,700 Common Shares under the 2024 NCIB through
facilities of the TSX and/or other Canadian designated exchanges
and Canadian alternative trading systems ("Other Marketplaces") for
$8.66 million, at an average purchase
price of approximately $15.59 per
share.
Under the 2025 NCIB, Pason may purchase for cancellation, from
time to time, as Pason considers advisable, up to a maximum of
7,135,070 Common Shares, which represents 10% of the public float
of 71,350,700 Common Shares as at December
11, 2024. Purchases of Common Shares will be made on the
open market through the facilities of the TSX and/or Other
Marketplaces. Pason will pay the prevailing market price of the
Common Shares on the TSX at the time of any purchases made by
Pason. The actual number of Common Shares that may be purchased for
cancellation and the timing of any such purchases will be
determined by Pason, subject to a maximum daily purchase limitation
of 36,288 Common Shares which equates to 25% of Pason's average
daily trading volume for the six months ended November 30, 2024 (being 145,152 Common Shares).
As permitted by the TSX rules, Pason may also make one block
purchase per calendar week which exceeds the daily purchase
restriction. As at December 11, 2024,
there were 79,609,032 Common Shares issued and outstanding.
Concurrently with the commencement of the 2025 NCIB, Pason
intends to enter into an automatic purchase plan with National Bank
Financial Inc. This plan will allow National Bank Financial Inc. to
buy Common Shares on Pason's behalf during trading blackout
periods, as defined by Pason's insider trading policy.
Returns to shareholders remain an important part of Pason's
capital allocation strategy. Pason continues to view the share
repurchase program as an effective and flexible mechanism to
provide shareholder returns over time.
Forward Looking Information
Certain statements contained herein constitute "forward-looking
statements" and/or "forward-looking information" under applicable
securities laws (collectively referred to as "forward-looking
statements"). Forward‐looking statements can generally be
identified by the words "anticipate", "expect", "believe", "may",
"could", "should", "will", "estimate", "project", "intend", "plan",
"outlook", "forecast" or expressions of a similar nature suggesting
a future outcome or outlook.
In particular, forward looking information and statements
include, but are not limited to the funding of purchases under the
NCIB and the entering in to of an automatic securities purchase
plan and advantages of the NCIB. These forward-looking statements
reflect the current views of Pason with respect to future events
and operating performance as of the date of this document. They are
subject to known and unknown risks, uncertainties, assumptions, and
other factors that could cause actual results to be materially
different from results that are expressed or implied by such
forward-looking statements.
Although we believe that any forward-looking statements made in
this document are reasonable based on the information available on
the date such statements are made and processes used to prepare the
information, such statements are not guarantees of future
performance and readers are cautioned against placing undue
reliance on forward-looking statements. By their nature, these
statements involve a variety of assumptions, known and unknown
risks and uncertainties and other factors, which may cause actual
results, levels of activity and achievements to differ materially
from those expressed or implied by such statements. These risks,
uncertainties and assumptions include but are not limited to those
discussed in Pason's Annual Information Form for the year ended
December 31, 2023 under the heading,
"Risk and Uncertainty," in our management's discussion and analysis
for the year ended December 31, 2023,
and in our other filings with Canadian securities regulators. These
documents are on file with the Canadian securities regulatory
authorities and may be accessed through the SEDAR website
(www.sedar.com) or through Pason's website (www.pason.com).
Any forward-looking statements contained in this document are
expressly qualified by this cautionary statement. Except to the
extent required by applicable law, Pason assumes no obligation to
publicly update or revise any forward-looking statements made in
this document or otherwise, whether as a result of new information,
future events or otherwise.
Pason Systems Inc.
Pason is a leading global provider of specialized data
management systems for drilling rigs. Our solutions, which include
data acquisition, wellsite reporting, remote communications,
web-based information management, and analytics, enable
collaboration between the rig and the office. Through Intelligent
Wellhead Systems Inc. ("IWS"), we also provide engineered controls,
data acquisition, and software, to automate workflows and processes
for oil and gas well completions operations, improving wellsite
safety and efficiency. Through Energy Toolbase Software, Inc.
("ETB"), we also provide products and services for the solar power
and energy storage industry. ETB's solutions enable project
developers to model, control and monitor economics and performance
of solar energy and storage projects.
Pason's common shares trade on the Toronto Stock Exchange under
the symbol PSI. For more information about Pason Systems Inc.,
visit our website at www.pason.com or contact
investorrelations@pason.com.
Additional information on risks and uncertainties and other
factors that could affect Pason's operations or financial results
are included in Pason's reports on file with the Canadian
securities regulatory authorities and may be accessed through the
SEDAR+ website (www.sedarplus.ca) or through Pason's
website (www.pason.com).
SOURCE Pason Systems Inc.