04:57:46 EDT Wed 24 Apr 2024
Enter Symbol
or Name
USA
CA



Secure Energy Services Inc
Symbol SES
Shares Issued 164,547,187
Close 2018-05-22 C$ 8.25
Market Cap C$ 1,357,514,293
Recent Sedar Documents

Secure Energy arranges 8.22-million-share buyback

2018-05-22 17:10 ET - News Release

Mr. Rene Amirault reports

SECURE ENERGY SERVICES ANNOUNCES TSX APPROVAL OF NORMAL COURSE ISSUER BID AND TERMINATION OF ASDP

The Toronto Stock Exchange has accepted for filing Secure Energy Services Inc.'s notice of intention to make a normal course issuer bid (NCIB) and the automatic termination of the outstanding automatic share disposition plan (ASDP).

Pursuant to the NCIB, Secure may repurchase from time to time up to a maximum of 8,227,359 common shares, at such times and in such quantities as the company may determine, subject to applicable regulatory restrictions. Purchases under the NCIB may be made through open market transactions on the TSX and any alternative Canadian trading platforms on which the common shares are traded, based on the prevailing market price. Any common shares purchased under the NCIB will be cancelled. The period during which Secure is authorized to make purchases under the NCIB commences on May 28, 2018, and ends on May 27, 2019, or such earlier date as the NCIB is completed or is terminated at the company's election.

Transactions under the NCIB will depend on future market conditions. Secure retains the discretion whether to make purchases under the NCIB, and to determine the timing, amount and acceptable price of any such purchases, subject at all times to applicable TSX and other regulatory requirements.

As of May 15, 2018, there were 164,547,187 common shares outstanding and, accordingly, the maximum number of common shares that may be repurchased under the NCIB represents approximately 5.0 per cent of the number of common shares currently outstanding. Under TSX rules, not more than 98,791 common shares (being 25 per cent of the average daily trading volume on the TSX of 395,165 common shares for the six months ended April, 2018) can be purchased on the TSX on any single trading day under the NCIB, except that one block purchase in excess of the daily maximum is permitted per calendar week.

The board of directors of Secure believes that the underlying value of the corporation may not be reflected in the market price of the common shares from time to time and that, accordingly, the purchase of common shares will increase the proportionate interest in the corporation of, and be advantageous to, all remaining shareholders of the corporation.

The company has appointed Raymond James Ltd. as its broker to make any NCIB purchases on its behalf.

In connection with implementing the NCIB, the corporation also announced the automatic termination of the outstanding ASDP, which Rene Amirault, president and chief executive officer of Secure, and the Amirault Partnership initiated in August, 2017. Nil shares were sold under the ASDP as the automatic dispositions were only to occur above a predetermined trading price of $10 per share.

About Secure Energy Services Inc.

Secure is a TSX publicly traded energy services company that provides safe, innovative, efficient and environmentally responsible fluids and solids solutions to the oil and gas industry. The corporation owns and operates mid-stream infrastructure and provides environmental solutions and innovative products to upstream oil and natural gas companies operating in Western Canada and certain regions in the United States.

We seek Safe Harbor.

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