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CALGARY, ALBERTA--(Marketwired - Sept. 28, 2017) - Trican Well Service Ltd. ("Trican" or the "Company") (TSX:TCW) announces that the Toronto Stock Exchange (the "TSX") has accepted its application to make a normal course issuer bid (the "Bid") to purchase, from October 03, 2017 to October 02, 2018 (or until such earlier time as the Bid is completed or terminated at the option of Trican), certain of its outstanding common shares (the "Common Shares"). All purchases will be made through the facilities of the TSX or Canadian alternative trading systems at the prevailing market price at the time of such transaction.
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 preferable to reinvestment of excess cash flow into additional equipment. All Common Shares purchased through the Bid will be returned to treasury for cancellation.
As at September 21, 2017, there were 346,585,368 Common Shares issued and outstanding. The number of Common Shares which may be purchased during the period of the Bid will not exceed 34,274,375 Common Shares, which is approximately 10% of the public float for the Common Shares. The public float for the Company's Common Shares as at September 21, 2017 was 342,743,746. Except as permitted under the TSX rules, the Company will not purchase on any given trading day under the Bid more than 458,628 Common Shares, being 25% of the average daily trading volume of the Common Shares on the TSX for the six calendar months ended August 31, 2017 of 1,834,515 Common Shares.
Trican has engaged BMO Nesbitt Burns Inc. as its broker for the purpose of effecting purchases under the Bid and intends to enter into an automatic purchase plan for the NCIB. All purchases under the Bid will be at the discretion of Trican, subject to the rules of the TSX.
Certain statements and other information contained in this press release constitute "forward-looking information" and/or "statements" within the meaning of applicable Canadian securities legislation (collectively "forward-looking statements"). These statements relate to future events or our future performance. All statements in this press release other than those relating to historical facts or current conditions are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "estimate", "expect", "intend", "plan", "planned", and other similar terms and phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors (many of which are beyond our control) that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct. Therefore, the forward-looking statements included in this press release should not be unduly relied upon.
In particular, this press release contains forward-looking statements pertaining to, but not limited to, discussion of planned share repurchases under the Bid.
Our actual results, performance or achievements could differ materially from those anticipated in these forward-looking statements as a result of general economic, market and business conditions, as well as the risk factors set forth in the "Risk Factors" section of our most recent Annual Information Form and annual MD&A.
Readers are cautioned that the foregoing lists of factors are not exhaustive. Forward-looking statements are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although management of Trican believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Trican can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: crude oil and natural gas prices; the impact of increasing competition; the general stability of the economic and political environment; the timely receipt of any required regulatory approvals; Trican's ability to continue its operations for the foreseeable future and to realize its assets and discharge its liabilities and commitments in the normal course of business; industry activity levels; Trican's policies with respect to acquisitions; the ability of Trican to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate our business in a safe, efficient and effective manner; the ability of Trican to obtain capital resources and adequate sources of liquidity; the performance and characteristics of various business segments; the regulatory framework; the timing and effect of pipeline, storage and facility construction and expansion; and future commodity, currency, exchange and interest rates.
The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. 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.
Additional information regarding Trican including Trican's most recent Annual Information Form is available under Trican's profile on SEDAR (www.sedar.com).
Headquartered in Calgary, Alberta, Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.