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Calgary, Alberta--(Newsfile Corp. - September 30, 2019) - Trican Well Service Ltd. (TSX: TCW) ("Trican" or the "Company") is pleased to announce the successful completion of its 2018-2019 normal course issuer bid ("NCIB") that was announced on October 1, 2018. Pursuant to the 2018-2019 NCIB, Trican purchased and cancelled the maximum allowable number of common shares ("Common Shares") of the Company under the NCIB, totaling 30,923,345 Common Shares for total consideration of $45.4 million at a weighted average price per share of $1.47 (before broker commissions).
Additionally, the Company announces that the Toronto Stock Exchange (the "TSX") has accepted its application to renew this program and make a NCIB to purchase, from October 3, 2019 to October 2, 2020 (or such earlier time as the NCIB is completed or terminated at the option of Trican), certain of its Common Shares. All purchases will be made through the facilities of the TSX or Canadian alternative trading systems at the prevailing market price at the time of such transaction.
As at September 18, 2019, there were 284,375,381 Common Shares issued and outstanding. The number of Common Shares which may be purchased during the period of the NCIB will not exceed 24,753,435 Common Shares, which is approximately 10% of the public float for the Common Shares. The Company's public float as at September 18, 2019 was 247,534,353 Common Shares. Except as permitted under the TSX rules, the Company will not purchase on any given trading day under the NCIB more than 220,020 Common Shares, being 25% of the average daily trading volume of the Common Shares on the TSX for the six calendar months ended August 31, 2019 of 880,081 Common Shares. All Common Shares purchased through the NCIB will be returned to treasury for cancellation.
As the Company outlined in its Q2-2019 MD&A and discussed during its Q2-2019 quarterly earnings call, the NCIB has been put in place because Trican believes that the Common Shares are the superior investment for the Company in the context of equity market conditions. Management continually evaluates all alternatives to maximize this investment. Trican has consistently stated its commitment to a financially prudent capital structure and that the NCIB would be managed in accordance with this objective. Management will evaluate and adjust the Company's investment level into the NCIB as the Company's financial position, market activity and financial results dictate.
Trican has engaged BMO Nesbitt Burns Inc. as its broker for the purpose of effecting purchases under the Bid and has entered into an automatic purchase plan for the NCIB. All purchases under the Bid will be at the discretion of Trican, subject to the rules of the TSX.
Certain statements and other information contained in this press release constitute "forward-looking information" and/or "forward-looking statements" within the meaning of applicable Canadian securities legislation (collectively "forward-looking statements"). These forward-looking statements relate to future events or our future performance. All statements in this press release other than those relating to historical facts or current conditions are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "estimate", "expect", "intend", "plan", "planned", and other similar terms and phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors (many of which are beyond our control) that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Therefore, the forward-looking statements included in this press release should not be unduly relied upon.
In particular, this press release contains forward-looking statements pertaining to, but not limited to, discussion of planned share repurchases under the NCIB.
Our actual results, performance or achievements could differ materially from those anticipated in these forward looking statements as a result of general economic, market and business conditions, as well as the risk factors set forth in the "Risk Factors" section of our most recent Annual Information Form and annual MD&A. Readers are cautioned that the foregoing lists of factors are not exhaustive. Forward-looking statements are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although management of Trican believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Trican can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: crude oil and natural gas prices; the impact of increasing competition; the general stability of the economic and political environment; the timely receipt of any required regulatory approvals; Trican's ability to continue its operations for the foreseeable future and to realize its assets and discharge its liabilities and commitments in the normal course of business; industry activity levels; Trican's policies with respect to acquisitions; the ability of Trican to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate our business in a safe, efficient and effective manner; the ability of Trican to obtain capital resources and adequate sources of liquidity; the performance and characteristics of various business segments; the regulatory framework; the timing and effect of pipeline, storage and facility construction and expansion; and future commodity, currency, exchange and interest rates.
The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. 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.
Additional information regarding Trican including Trican's most recent Annual Information Form is available under Trican's profile on SEDAR (www.sedar.com).
Headquartered in Calgary, Alberta, Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.
Requests for further information should be directed to:
President and Chief Executive Officer
Chief Financial Officer
Phone: (403) 266-0202
Fax: (403) 237-7716
2900, 645 - 7th Avenue S.W.
Calgary, Alberta T2P 4G8
Please visit our website at www.tricanwellservice.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48297