CALGARY,
AB, Dec. 8, 2022 /CNW/ - SECURE Energy
Services Inc. ("SECURE" or the "Corporation") (TSX: SES) announced
today that the Toronto Stock Exchange ("TSX") has accepted for
filing the Corporation's notice of intention to make a normal
course issuer bid ("NCIB").
Pursuant to the NCIB, SECURE may repurchase from time to time up
to a maximum of 22,055,749 common shares of the Corporation
("common shares"), representing approximately 7.1% of the
309,999,030 common shares outstanding as at December 7, 2022, or 10% of the Corporation's
public float. 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, at such times and in such quantities as
the Corporation may determine, subject to applicable regulatory
restrictions. Under TSX rules, not more than 165,968 common
shares (being 25% of the average daily trading volume on the TSX of
663,874 common shares for the six months ended November 2022) 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. Any common shares purchased under the NCIB will be
cancelled.
The NCIB period will commence on December
14, 2022, and end on December 13,
2023, or such earlier date as the NCIB is completed or is
terminated at the Corporation's election.
Transactions under the NCIB will depend on future market
conditions. SECURE retains 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.
The NCIB provides the Corporation with an additional capital
allocation alternative to acquire common shares under the
appropriate circumstances, with a view to long-term shareholder
value. The Board of Directors and senior management believe that,
from time to time, the prevailing market price of the common shares
may not fully reflect the underlying value of SECURE's business and
future business prospects. In such circumstances, the repurchase of
common shares under the NCIB represents an attractive investment
for the Corporation and an opportunity to enhance shareholder
value.
ABOUT SECURE
SECURE is a publicly traded energy infrastructure and
environmental business listed on the TSX. SECURE provides industry
leading midstream infrastructure and environmental and fluid
management to predominantly upstream oil and natural gas companies
operating in western Canada and
certain regions in the U.S. SECURE's Midstream Infrastructure
business segment includes a network of midstream processing and
storage facilities, crude oil and water pipelines, and crude by
rail terminals located throughout key resource plays in western
Canada, North Dakota and Oklahoma. SECURE's midstream infrastructure
operations generate cash flows from oil production processing and
disposal, produced water disposal, and crude oil storage,
logistics, and marketing. SECURE's Environmental and Fluid
Management business segment includes a network of industrial
landfills, hazardous and non-hazardous waste management and
disposal, onsite abandonment, environmental solutions for site
remediation and reclamation, bio-remediation and technologies,
waste treatment & recycling, emergency response, rail services,
metal recycling services, as well as fluid management for drilling,
completion and production activities.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release constitute
forward-looking information and statements (collectively,
"forward-looking statements") including, but not limited to,
statements concerning the NCIB, including the duration of the NCIB,
the number of common shares which may be purchased under the NCIB,
the timing, amount and price of purchases of common shares under
the NCIB, SECURE's business and future prospects and related
matters. All statements other than statements of historical fact
are forward-looking statements. The use of any of the words
''anticipate'', ''plan'', ''contemplate'', ''continue'',
''estimate'', ''expect'', ''intend'', ''propose'', ''might'',
''may'', ''will'', ''shall'', ''project'', ''should'', ''could'',
''would'', ''believe'', ''predict'', ''forecast'', ''pursue'',
''potential'' and ''capable'' and similar expressions are intended
to identify forward looking statements. These statements involve
known and unknown risks, uncertainties and other factors that may
cause actual results or events to differ materially from those
anticipated in such forward-looking statements. No assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this news release should not
be unduly relied upon. These statements speak only as of the date
of this news release. In addition, this news release may contain
forward-looking statements and forward-looking information
attributed to third party industry sources. The Corporation does
not undertake any obligations to publicly update or revise any
forward-looking statements except as required by securities law.
Actual results could differ materially from those anticipated in
these forward-looking statements as a result of numerous risks and
uncertainties including, but not limited to, the risks and
uncertainties described in "Forward-Looking Statements" and "Risk
Factors" included in the Company's Annual Information Form dated
March 2, 2022, as filed on SEDAR and
available on the SECURE website at www.secure-energy.com.
TSX Symbol: SES
SOURCE SECURE Energy Services Inc.