Mr. Blair Goertzen reports
ENERFLEX LTD.- NORMAL COURSE ISSUER BID
Enerflex Ltd. has filed with the Toronto Stock Exchange a notice of intention to make a normal course issuer bid to purchase a portion of its common shares through the facilities of the TSX. The normal course issuer bid will be made in accordance with the requirements of the TSX. The normal course issuer bid will commence on Dec. 21, 2012, and will terminate on the earlier of (i) Enerflex purchasing 6,342,990 common shares; (ii) Enerflex providing notice of termination to the TSX or (iii) Dec. 20, 2013.
Enerflex currently has 77,660,281 common shares issued and outstanding. Under the normal course issuer bid, Enerflex is entitled to purchase, from time to time during the next 12 months, up to 6,342,990 common shares, representing 10 per cent of its public float as of Nov. 30, 2012, determined in accordance with TSX rules. The price that Enerflex will pay for any common shares will be the market price of such common shares at the time of acquisition. All common shares purchased under this normal course issuer bid will be cancelled. Enerflex may purchase up to 23,514 common shares on the TSX during any trading day, representing 25 per cent of the average daily trading volume of 94,057 common shares for the six months ended Nov. 30, 2012, except where such purchases are made in accordance with block purchase exemptions under TSX guidelines.
Enerflex believes that, from time to time, the purchase of its common shares at prevailing market prices may be a worthwhile investment, and in the best interests of both Enerflex and its shareholders. Enerflex's previous normal course issuer bid expired on Dec. 18, 2012. Zero common shares were purchased under the expired normal course issuer bid.