CALGARY,
AB, Dec. 11, 2023 /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 23,196,967 common shares of the Corporation
("common shares"), representing approximately 8.0% of the
289,078,259 common shares outstanding as at December 8, 2023, 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 141,689 common shares
(being 25% of the average daily trading volume on the TSX of
566,756 common shares for the six months ended November 2023) 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, 2023, and end on December 13,
2024, 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 effectively renews the Corporation's previous NCIB
which was completed in September 2023
upon the Corporation acquiring the maximum number of common shares
purchasable thereunder. In total, SECURE repurchased and cancelled
22,055,749 common shares under the previous NCIB through market
purchases on the TSX and alternative trading platforms at a
weighted average price of $6.96 per
share, representing approximately 7.1% of the number of common
shares outstanding at the time of commencement.
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 leading waste management and energy infrastructure
business headquartered in Calgary,
Alberta. The Corporation's extensive infrastructure network
located throughout western Canada
and North Dakota includes waste
processing and transfer facilities, industrial landfills, metal
recycling facilities, crude oil and water gathering pipelines,
crude oil terminals and storage facilities. Through this
infrastructure network, the Corporation carries out its principal
business operations, including the processing, recovery, recycling
and disposal of waste streams generated by our energy and
industrial customers and gathering, optimization, terminalling and
storage of crude oil and natural gas liquids. The solutions the
Corporation provides are designed not only to help reduce costs,
but also lower emissions, increase safety, manage water, recycle
by-products and protect the environment.
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 1, 2023, as filed on
SEDAR+ at www.sedarplus.ca and available on the SECURE website at
www.secure-energy.com.
Website: www.secure-energy.com
TSX Symbol: SES
SOURCE SECURE Energy Services Inc.