10:53:39 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



CES Energy Solutions Corp
Symbol CEU
Shares Issued 265,738,759
Close 2019-07-11 C$ 2.20
Market Cap C$ 584,625,270
Recent Sedar Documents

CES Energy receives TSX approval of NCIB

2019-07-11 16:09 ET - News Release

Mr. Tom Simons reports

CES ENERGY SOLUTIONS CORP. ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID, DECLARES CASH DIVIDEND AND PROVIDES Q2 CONFERENCE CALL DETAILS

The Toronto Stock Exchange has accepted CES Energy Solutions Corp.'s notice of its intention to implement a normal course issuer bid. The NCIB effectively renews the existing NCIB which is scheduled to terminate on July 16, 2019.

CES's board of directors and management continue to believe that the market price of CES's common shares do not reflect their underlying value. Accordingly, the renewal of CES' NCIB will allow CES to opportunistically reduce the issued and outstanding common shares of the corporation and enhance shareholder value.

Pursuant to the renewed NCIB, CES may purchase through the facilities of the TSX and other alternative securities trading platforms, from time to time over the next 12 months, up to 18,649,192 common shares, being 7.5 per cent of the public float of common shares. Common shares purchased under the NCIB will be subsequently cancelled by the corporation. The NCIB will commence on July 17, 2019, and will terminate the earlier of July 16, 2020, or the date on which the maximum number of common shares which can be acquired pursuant to the NCIB are purchased.

Under TSX rules, CES may repurchase up to 169,680 common shares on any single trading day, being 25 per cent of the average daily trading volume of the common shares for the six months ended June 30, 2019. The corporation is also permitted to make one block purchase in excess of the daily maximum per calendar week. CES may enter into an automatic securities purchase plan in connection with the NCIB which would permit the corporation to repurchase its common shares during periods of blackout or other periods in which the corporation would not ordinarily be permitted to repurchase its common shares. Such automatic securities purchase plan would be subject to certain parameters set by the corporation from time to time which would govern the automatic purchase of common shares.

As of July 4, 2019, there were 265,765,579 issued and outstanding common shares. Under the current NCIB that is scheduled to terminate on July 16, 2019, the corporation was approved by the TSX to repurchase up to 24,587,978 common shares, being 10 per cent of the public float of common shares. As of July 4, 2019, the corporation has repurchased and subsequently cancelled 7,873,003 common shares, or 3.2 per cent of common shares available for repurchase, through market purchases on the TSX and other alternative securities trading platforms, at a volume-weighted average purchase price of approximately $3.45 per common share.

Declaration of cash dividend

CES will pay a cash dividend 0.5 cent per common share on Aug. 15, 2019, to the shareholders of record at the close of business on July 31, 2019.

Q2 2019 conference call details

CES will conduct its Q2 2019 conference call on Aug. 9, 2019, following the upcoming release of its financial results for the second quarter ended June 30, 2019. The Q2 2019 results are expected to be released after the close of market the day before the conference call. Tom Simons, president and chief executive officer of CES, will host the call.

Date:  Aug. 9, 2019

Time:  9 a.m. Mountain Time

Dial-in:  855-327-6838 or 4160915-3239

A replay of the conference call will be accessible on the corporation's investor relations website.

About CES Energy Solutions Corp.

CES is a leading provider of technically advanced consumable chemical solutions throughout the life cycle of the oil field. This includes solutions at the drill-bit, at the point of completion and stimulation, at the wellhead and pumpjack, and finally through to the pipeline and midstream market. CES's business model is relatively asset light and requires limited reinvestment capital to grow. As a result, CES has been able to capitalize on the growing market demand for drilling fluids, and production and specialty chemicals in North America while generating free cash flow.

We seek Safe Harbor.

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