CALGARY, May 22, 2018 /CNW/ - SECURE Energy Services
Inc. ("SECURE" or the "Company") announces that the Toronto Stock
Exchange ("TSX") has accepted for filing the Company'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% of the number of common shares
currently outstanding. Under TSX rules, not more than 98,791 common
shares (being 25% 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
Mr. 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 pre-determined trading price of $10.00 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 midstream
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 ("U.S.").
The Corporation operates three divisions:
Processing, Recovery and Disposal Division ("PRD"): The PRD
division owns and operates midstream infrastructure that provides
processing, storing, pipelines, shipping and marketing of crude
oil, oilfield waste disposal and recycling. The PRD division
services include clean oil terminalling, rail transloading,
pipelines, crude oil marketing, custom treating of crude oil,
produced and waste water disposal, oilfield waste processing,
landfill disposal, and oil purchase/resale service. Secure
currently operates a network of facilities throughout western
Canada and in North Dakota, providing these services at its
full service terminals ("FST"), landfills, stand-alone water
disposal facilities ("SWD"), full service rail facilities ("FSR")
and crude oil terminalling facilities.
Drilling and Production Services Division ("DPS"): The DPS
division provides equipment, product solutions and chemicals for
drilling, completion and production operations for oil and gas
producers in western Canada. The
drilling service line currently comprises the majority of the
revenue for the division which includes the design and
implementation of drilling fluid systems for producers drilling for
oil, bitumen and natural gas. The drilling service line focuses on
providing products and systems that are designed for more complex
wells, such as medium to deep wells, horizontal wells and
horizontal wells drilled into the oil sands. The production
services line focuses on providing equipment and chemical solutions
that optimize production, provide flow assurance and maintain the
integrity of production assets.
Onsite Services Division ("OS"): The operations of the OS
division include Projects which include pipeline integrity
(inspection, excavation, repair, replacement and rehabilitation),
demolition and decommissioning, and reclamation and remediation of
former wellsites, facilities, commercial and industrial properties,
and environmental construction projects (landfills, containment
ponds, subsurface containment walls, etc.); Integrated Fluid
Solutions ("IFS") which include water management, recycling,
pumping and storage solutions; and Environmental services which
provide predrilling assessment planning, drilling waste management,
remediation and reclamation assessment services, Naturally
Occurring Radioactive Material ("NORM") management, waste container
services and emergency response services.
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that may
constitute forward-looking information within the meaning of
applicable securities laws, which include statements regarding the
Company's intentions or expectations with respect to the NCIB and
any common share repurchases thereunder and its general strategy
and areas of operational focus. Statements involving
forward-looking information relate to future performance, events or
circumstances, and are based upon internal assumptions, plans,
intentions, expectations and beliefs. All statements other
than statements of current or historical fact constitute
forward-looking information. Although the Company believes
that the assumptions, plans, intentions, expectations and beliefs
upon which the forward-looking information is based, and the other
material factors reflected therein, are reasonable, no assurance
can be given that they will prove to be correct. In
particular, there can be no assurance that Secure will make
purchases under the NCIB, or that any purchases made will benefit
remaining shareholders. Undue reliance should not be placed
on forward-looking information, which is inherently uncertain and
subject to known and unknown risks, uncertainties and other
factors, both general and specific, many of which are beyond the
Secure's control, that may cause actual results or events to differ
materially from those indicated or suggested in the forward-looking
information. Certain such risks, uncertainties and other
factors affecting Secure and its business are discussed in more
detail in the Company's current Annual Information Form and other
documents filed by it from time to time with securities regulatory
authorities in Canada, copies of
which are available electronically under Secure's issuer profile on
the SEDAR website at www.sedar.com and on the Company's website at
www.secure-energy.com. Statements in this news release are
made as of the date hereof, and Secure assumes no obligation to
publicly update or revise them to reflect new information or future
events or circumstances, or otherwise, except as may be required
pursuant to applicable securities laws.
SOURCE SECURE Energy Services Inc.