Essential Energy Services Announces Normal Course Issuer Bid
December 17 2021 - 7:00AM
Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the
“Company”) announced today that the Toronto Stock Exchange (the
“TSX”) has accepted the Company’s notice of intention to implement
a normal course issuer bid (“NCIB”) during the 12-month period
commencing December 21, 2021 and ending December 20, 2022, or until
such earlier time the NCIB is completed or terminated at the option
of Essential.
At December 16, 2021, Essential had 141,856,813
common shares (“Shares”) issued and outstanding. Under the NCIB,
Essential may purchase up to 10,374,478 Shares, representing 7.5
percent of the public float, on the open market through the
facilities of the TSX and/or other alternative Canadian trading
systems. The actual number of Shares that will be purchased will be
determined by Essential, subject to the maximum daily purchase
limitation of 23,482 Shares, which is 25 percent of the six-month
average daily trading volume of Shares on the TSX at November 30,
2021. Essential may make one block purchase per calendar week which
exceeds the daily purchase limitation. Any Shares purchased under
the NCIB will be cancelled. The price which Essential will pay for
any Shares purchased will be the prevailing market price of such
Shares at the time of purchase.
Essential has entered into an Automatic Share
Purchase Plan with a broker for the purpose of buying Shares
through Essential’s blackout periods. Such purchases would be
determined by the broker in its sole discretion, based on
parameters that are established by Essential prior to any blackout
period. All other purchases under the NCIB will be at the
discretion of Essential.
The Board of Directors of Essential believes the
Shares currently trade in a price range that does not adequately
reflect the underlying value of Essential’s assets and operations.
As a result, Essential believes the purchase of its Shares, from
time-to-time, for cancellation is an attractive opportunity to
enhance shareholder value.
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking
statements” and “forward-looking information” (collectively
referred to herein as “forward-looking statements”) within the
meaning of applicable securities legislation. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words “expects”,
“plans”, “anticipates”, “believes”, “intends”, “estimates”,
“continues”, “projects”, “potential”, “budget” and similar
expressions, or are events or conditions that “will”, “would”,
“may”, “could” or “should” occur or be achieved. This news release
contains forward-looking statements pertaining to: Essential’s
purchase of Shares under the NCIB; the number of Shares to be
purchased under the NCIB and the price of such Shares; and the NCIB
being an attractive opportunity to enhance shareholder value.
Although the Company believes that the material
factors, expectations and assumptions expressed in such
forward-looking statements are reasonable based on information
available to it on the date such statements are made, undue
reliance should not be placed on the forward-looking statements
because the Company can give no assurances that such statements and
information will prove to be correct and such statements are not
guarantees of future performance. Since forward-looking statements
address future events and conditions, by their very nature they
involve inherent risks and uncertainties.
Actual performance and results could differ
materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to known and
unknown risks, including those set forth in the Company’s Annual
Information Form (a copy of which can be found under Essential’s
profile on SEDAR at www.sedar.com). Accordingly, readers should not
place undue importance or reliance on the forward-looking
statements. Readers are cautioned that the list of factors is not
exhaustive.
Statements, including forward-looking
statements, contained in this news release are made as of the date
they are given and the Company disclaims any intention or
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws. The
forward-looking statements contained in this news release are
expressly qualified by this cautionary statement.
Additional information on these and other
factors that could affect the Company’s operations and financial
results are included in reports on file with applicable securities
regulatory authorities and may be accessed under Essential’s
profile on SEDAR at www.sedar.com.
ABOUT ESSENTIAL
Essential provides oilfield services to oil and
natural gas producers, primarily in western Canada. Essential
offers completion, production and wellsite restoration services to
a diverse customer base. Services are offered with coil tubing,
fluid and nitrogen pumping and the sale and rental of downhole
tools and equipment. Essential offers one of the largest coil
tubing fleets in Canada. Further information can be found at
www.essentialenergy.ca.
PDF
available: http://ml.globenewswire.com/Resource/Download/0a22891d-5d1b-4907-a681-c11b2bdb74c0
For further information, please contact:
Garnet K. Amundson
President and CEO
Phone: (403) 513-7272
service@essentialenergy.ca
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