Precision Announces Approval of Normal Course Issuer Bid
August 23 2019 - 06:00AM
This news release contains "forward-looking information and
statements" within the meaning of applicable securities laws. For
important information with respect to such forward-looking
information and statements and the further assumptions and risks to
which they are subject, see the "Cautionary Statement Regarding
Forward-Looking Information and Statements" later in this news
release. All values in Canadian dollars except as indicated.
Precision Drilling Corporation (“Precision” or
the “Company”) (TSX:PD; NYSE:PDS) announced today that the Toronto
Stock Exchange (the “TSX”) has approved its
application to implement a normal course issuer bid
(“NCIB”) through the facilities of the TSX and the
New York Stock Exchange for a portion of its common shares
(“Common Shares”).
Pursuant to the NCIB notice filed with and
accepted by the TSX, the Company has been authorized to acquire up
to a maximum of 29,170,887 Common Shares, or approximately 10% of
the public float as of August 16, 2019 for cancellation.
Purchases under the NCIB may commence on August 27, 2019 and will
terminate no later than August 26, 2020, or such earlier time as
the Company completes its purchases pursuant to the NCIB or
provides notice of termination.
Purchases under the NCIB will be made through
the facilities of the TSX and the NYSE and in accordance with
applicable regulatory requirements at a price per Common Share
representative of the market price at the time of acquisition. The
number of Common Shares that can be purchased pursuant to the NCIB
is subject to a current daily maximum of 337,138 Common Shares
(which is equal to 25% of the average daily trading volume on the
TSX for the six full calendar months ending July 31, 2019), subject
to the Company's ability to make one block purchase of Common
Shares per calendar week that exceeds such limits. All Common
Shares purchased under the NCIB will be cancelled upon their
purchase. The Company intends to fund the purchases out of its
available resources.
The Company has adopted an automatic securities
purchase plan under which its broker, RBC Capital Markets, may
purchase Common Shares in connection with the NCIB. The plan
contains a prearranged set of criteria in accordance with which its
broker may make share purchases. These strict parameters
enable the purchase of Common Shares during times when it would
ordinarily not be permitted due to self-imposed blackout periods,
insider trading rules or otherwise. Such plan is adopted in
accordance with applicable Canadian securities laws and the
requirements of Rule 10b5-1 under the U.S. Securities Exchange Act
of 1934, as amended.
About PrecisionPrecision is a leading provider
of safe and High Performance, High Value services to the oil and
gas industry. Precision provides customers with access to an
extensive fleet of Super Series drilling rigs supported by an
industry leading technology platform that offers the most
innovative drilling solutions to deliver efficient, predictable and
repeatable results through service differentiation. Precision also
offers directional drilling services, well service rigs, camps and
rental equipment all backed by a comprehensive mix of technical
support services and skilled, experienced personnel. Precision is
headquartered in Calgary, Alberta, Canada. Precision is listed on
the Toronto Stock Exchange under the trading symbol “PD” and on the
New York Stock Exchange under the trading symbol “PDS”.
For further information, please contact:
Carey Ford, CFASenior Vice President and Chief
Financial Officer713.435.6136Dustin Honing, CPAManager, Investor
Relations403.716.4515Precision Drilling Corporation800, 525 - 8th
Avenue S.W.Calgary, Alberta, Canada T2P 1G1Website:
www.precisiondrilling.com
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