CALGARY, ALBERTA--(Marketwire - March 5, 2013) - Trican Well Service Ltd. (TCW.TO) ("Trican" or the "Company") is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted its application to renew the normal course issuer bid (the "Bid") to purchase, from March 8, 2013 to March 7, 2014, certain of its outstanding common shares (the "Common Shares"). All purchases will be made through the facilities of the TSX.
The Bid has been put in place because the Company believes that the Common Shares are a good investment for the Company in the context of equity market conditions, and to offset the dilutive effects of the exercise from time to time of stock options granted by Trican under its stock option plan. All Common Shares purchased through the Bid will be returned to treasury for cancellation.
As at February 28, 2013, there were 148,831,558 Common Shares issued and outstanding. The number of Common Shares which may be purchased during the period of the Bid will not exceed 10,973,363 Common Shares, which is approximately 10% of the public float for the Common Shares. Except as permitted under the TSX rules, the Company will not purchase on any given trading day under the Bid more than 184,512 Common Shares, being approximately 25% of the average daily trading volume of the Common Shares on the TSX for the previous six calendar months of 738,051 Common Shares. During the past 12 months, Trican acquired 755,400 Common Shares at a volume weighted average price of $13.26 under its previous normal course issuer bid, which expired on March 1, 2013.
Trican has engaged TD Securities Inc. as its broker for the purpose of effecting purchases under the Bid. All purchases under the Bid will be at the discretion of Trican, subject to the rules of the TSX.
Headquartered in Calgary, Alberta, Trican has operations in Canada, the United States, Russia, Kazakhstan, Australia, Algeria and Norway. Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.
Certain statements and other information included in this press release constitute "forward-looking information" within the meaning of applicable Canadian securities legislation ("forward-looking statements"). All statements in this press release, other than those relating to historical information or current conditions, are forward-looking statements. Such forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond our control, as well as various assumptions and business sensitivities, including those risk factors described in the Company's most recent Annual Information Form and annual management's discussion and analysis which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. This forward-looking information includes, among others:
- The belief that the purchase of the Company's Common Shares are a good investment for the Company in the context of equity market conditions
Trican disclaims any intention or obligation to update or revise any forward-looking statements in this press release as a result of new information or future events, except as may be required under applicable Canadian securities legislation.