+1.877.473.2008 | [email protected]
Calgary, Alberta--(Newsfile Corp. - October 1, 2020) - Trican Well Service Ltd. (TSX: TCW) ("Trican" or the "Company") is pleased to announce the successful completion of its 2019-2020 normal course issuer bid ("NCIB") that was announced on September 30, 2019. Pursuant to the NCIB, Trican purchased 100% of the maximum allowable number of common shares ("Common Shares") of the Company under the bid, totaling 24,753,435 Common Shares for total consideration of $24.6 million at a weighted average price per share of $0.99 (before broker commissions). Since initiating its NCIB program in October-2017, Trican has repurchased almost 90 million Common Shares or approximately 26% of the Company's issued and outstanding shares at that time.
Additionally, the Company announces that the Toronto Stock Exchange (the "TSX") has accepted its application to renew this program and make a NCIB to purchase, from October 5, 2020 to October 4, 2021 (or until such earlier time as the NCIB is completed or terminated at the option of Trican), certain of its 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.
As at September 29, 2020, Trican had 262,982,987 Common Shares issued and outstanding, which includes the yet to be cancelled 4,494,735 Common Shares purchased under the completed 2019-2020 NCIB. The number of Common Shares which may be purchased during the 2020-2021 NCIB program will not exceed 20,343,064 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 29, 2020 was 203,430,648. Under the TSX rules, the Company will not purchase on any given trading day under the NCIB more than 157,504 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, 2020 of 630,019 Common Shares. Nonetheless, the Company may make one block purchase per calendar week which exceeds the daily repurchase restriction. All Common Shares purchased through the NCIB will be returned to treasury for cancellation.
Providing returns to shareholders remains core to Trican's strategy. Given the volatility in our business, we continue to view investment into our NCIB program as an effective method to providing shareholder returns. Trican believes that the repurchase of Common Shares are a superior investment for the Company in the context of market conditions and the Company's financial position. Management continually evaluates all alternatives to maximize this investment relative to other strategic investments. Trican has consistently stated its commitment to a financially prudent capital structure and that the NCIB would be managed in accordance with this objective. As the Company's financial position and financial results dictate, management will evaluate and adjust the Company's investment into the NCIB.
Trican has engaged BMO Nesbitt Burns Inc. as its broker for the purpose of effecting purchases under the Bid and has entered into an automatic purchase plan for the NCIB.
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"), including, but not limited to, statements concerning the common shares which may be purchased under the NCIB program and related matters. 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", "contemplate", "plan", "planned" "intend", "continue", "propose", "might", "may", "will", "shall", "project"', "should"', "could", "would", "believe", "predict", "forecast", "pursue", "potential", "capable", 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.
These forward-looking statements speak only as of the date of this news release. 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.
Except as required under applicable Canadian securities legislation, Trican disclaims any intention or obligation to update or revise any forward-looking statements in this press release as a result of new information, future events or otherwise.
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.
Requests for further information should be directed to:
President and Chief Executive Officer
E-mail: [email protected]
Chief Financial Officer
E-mail: [email protected]
Phone: (403) 266-0202
2900, 645 - 7th Avenue S.W.
Calgary, Alberta T2P 4G8
Please visit our website at www.tricanwellservice.com for more information on Trican.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/65005