Trican Well Service Ltd. Announces Normal Course Issuer Bid
March 05 2013 - 7:44PM
Marketwired
Trican Well Service Ltd. (TSX:TCW) ("Trican" or the "Company") is
pleased to announce that the Toronto Stock Exchange (the "TSX") has
accepted its application to renew the normal course issuer bid (the
"Bid") to purchase, from March 8, 2013 to March 7, 2014, certain of
its outstanding common shares (the "Common Shares"). All purchases
will be made through the facilities of the TSX.
The Bid has been put in place because the Company believes that
the Common Shares are a good investment for the Company in the
context of equity market conditions, and to offset the dilutive
effects of the exercise from time to time of stock options granted
by Trican under its stock option plan. All Common Shares purchased
through the Bid will be returned to treasury for cancellation.
As at February 28, 2013, there were 148,831,558 Common Shares
issued and outstanding. The number of Common Shares which may be
purchased during the period of the Bid will not exceed 10,973,363
Common Shares, which is approximately 10% of the public float for
the Common Shares. Except as permitted under the TSX rules, the
Company will not purchase on any given trading day under the Bid
more than 184,512 Common Shares, being approximately 25% of the
average daily trading volume of the Common Shares on the TSX for
the previous six calendar months of 738,051 Common Shares. During
the past 12 months, Trican acquired 755,400 Common Shares at a
volume weighted average price of $13.26 under its previous normal
course issuer bid, which expired on March 1, 2013.
Trican has engaged TD Securities Inc. as its broker for the
purpose of effecting purchases under the Bid. All purchases under
the Bid will be at the discretion of Trican, subject to the rules
of the TSX.
Headquartered in Calgary, Alberta, Trican has operations in
Canada, the United States, Russia, Kazakhstan, Australia, Algeria
and Norway. Trican provides a comprehensive array of specialized
products, equipment and services that are used during the
exploration and development of oil and gas reserves.
Forward-Looking Statements
Certain statements and other information included in this press
release constitute "forward-looking information" within the meaning
of applicable Canadian securities legislation ("forward-looking
statements"). All statements in this press release, other than
those relating to historical information or current conditions, are
forward-looking statements. Such forward-looking statements involve
known and unknown risks and uncertainties, many of which are beyond
our control, as well as various assumptions and business
sensitivities, including those risk factors described in the
Company's most recent Annual Information Form and annual
management's discussion and analysis which may cause actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. This forward-looking information includes, among
others:
-- The belief that the purchase of the Company's Common Shares are a good
investment for the Company in the context of equity market conditions
Trican disclaims any intention or obligation to update or revise
any forward-looking statements in this press release as a result of
new information or future events, except as may be required under
applicable Canadian securities legislation.
Contacts: Trican Well Service Ltd. Dale Dusterhoft Chief
Executive Officer (403) 266-0202 (403) 237-7716
(FAX)ddusterhoft@trican.ca Trican Well Service Ltd. Michael Baldwin
Vice President, Finance and Chief Financial Officer (403) 266-0202
(403) 237-7716 (FAX)mbaldwin@trican.ca Trican Well Service Ltd.
2900, 645 - 7th Avenue S.W. Calgary, Alberta T2P 4G8
www.trican.ca
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