CALGARY,
AB, Dec. 18, 2023 /CNW/ - Pason Systems Inc.
(TSX: PSI) ("Pason" or "the Company") is pleased to announce that
the Toronto Stock Exchange ("TSX") has accepted Pason's Notice of
Intention to commence a normal course issuer bid ("2024 NCIB"). The
2024 NCIB effectively renews the existing normal course issuer bid,
which started on December 20, 2022,
and is scheduled to end on December 19, 2023
("2023 NCIB"). The 2024 NCIB will commence on
December 20, 2023, and will terminate on
December 19, 2024, or such earlier time as the
2024 NCIB is completed or terminated at the option of Pason.
Under the 2023 NCIB, Pason had received approval from the TSX to
purchase for cancellation up to a maximum of 8,105,263 common
shares of Pason ("Common Shares"), representing approximately 10%
of the public float of Common Shares outstanding as at
December 12, 2022. As of
December 12, 2023, Pason had repurchased and
cancelled 2,054,800 Common Shares under the 2023 NCIB through
market purchases on the TSX and other Canadian alternative trading
systems for $26.4 million, at an
average purchase price of approximately $12.86 per share.
Under the 2024 NCIB, Pason may purchase for cancellation, from
time to time, as Pason considers advisable, up to a maximum of
7,949,888 Common Shares, which represents 10% of the public float
of 79,498,888 Common Shares as at December
12, 2023. Purchases of Common Shares will be made on the
open market through the facilities of the TSX and through Canadian
alternative trading systems. Pason will pay the prevailing market
price of the Common Shares on the TSX at the time of any purchases
made by Pason. The actual number of Common Shares that may be
purchased for cancellation and the timing of any such purchases
will be determined by Pason, subject to a maximum daily purchase
limitation of 33,781 Common Shares which equates to 25% of Pason's
average daily trading volume for the six months ended
November 30, 2023 (being 135,124 Common Shares).
As permitted by the TSX rules, Pason may also make one block
purchase per calendar week which exceeds the daily purchase
restriction.
As at December 12, 2023, there
were 79,667,984 Common Shares issued and outstanding.
National Bank Financial Inc. will act on Pason's behalf to make
purchases of Common Shares pursuant to the 2024 NCIB. Pason intends
to enter into an automatic purchase plan concurrently with the
commencement of the 2024 NCIB to effect purchases of Common Shares
on behalf of the Corporation during trading blackout periods as
defined by Pason's insider trading policy.
Returns to shareholders remain an important part of Pason's
capital allocation strategy. Pason continues to view the share
repurchase program as an effective and flexible mechanism to
provide shareholder returns over time.
Forward Looking Information
Certain statements contained herein constitute "forward-looking
statements" and/or "forward-looking information" under applicable
securities laws (collectively referred to as "forward-looking
statements"). Forward‐looking statements can generally be
identified by the words "anticipate", "expect", "believe", "may",
"could", "should", "will", "estimate", "project", "intend", "plan",
"outlook", "forecast" or expressions of a similar nature suggesting
a future outcome or outlook.
In particular, forward looking information and statements
include, but are not limited to the funding of purchases under the
NCIB and the entering in to of an automatic securities purchase
plan and advantages of the NCIB. These forward-looking statements
reflect the current views of Pason with respect to future events
and operating performance as of the date of this document. They are
subject to known and unknown risks, uncertainties, assumptions, and
other factors that could cause actual results to be materially
different from results that are expressed or implied by such
forward-looking statements.
Although we believe that any forward-looking statements made in
this document are reasonable based on the information available on
the date such statements are made and processes used to prepare the
information, such statements are not guarantees of future
performance and readers are cautioned against placing undue
reliance on forward-looking statements. By their nature, these
statements involve a variety of assumptions, known and unknown
risks and uncertainties and other factors, which may cause actual
results, levels of activity and achievements to differ materially
from those expressed or implied by such statements. These risks,
uncertainties and assumptions include but are not limited to those
discussed in Pason's Annual Information Form for the year ended
December 31, 2022, under the heading, "Risk and
Uncertainty," in our management's discussion and analysis for the
year ended December
31, 2022, and in our other filings with
Canadian securities regulators. These documents are on file with
the Canadian securities regulatory authorities and may be accessed
through the SEDAR website (www.sedar.com) or through Pason's
website (www.pason.com).
Any forward-looking statements contained in this document are
expressly qualified by this cautionary statement. Except to the
extent required by applicable law, Pason assumes no obligation to
publicly update or revise any forward-looking statements made in
this document or otherwise, whether as a result of new information,
future events or otherwise.
Pason Systems Inc.
Pason is a leading global provider of specialized data
management systems for drilling rigs. Our solutions, which include
data acquisition, wellsite reporting, remote communications,
web-based information management, and analytics, enable
collaboration between the rig and the office. Through our
subsidiary Energy Toolbase Software, Inc. ("ETB"), we provide
products and services for the solar power and energy storage
industry. ETB's solutions enable project developers to model,
control and monitor economics and performance of solar energy and
storage projects. Pason's common shares trade on the Toronto Stock
Exchange under the symbol PSI.
For more information about Pason Systems Inc., visit the
company's website at www.pason.com or contact
investorrelations@pason.com.
Additional information on risks and uncertainties and other
factors that could affect Pason's operations or financial results
are included in Pason's reports on file with the Canadian
securities regulatory authorities and may be accessed through the
SEDAR website (www.sedar.com) or through Pason's website
(www.pason.com).
SOURCE Pason Systems Inc.