Calgary, Alberta – (Newsfile Corp. – October 1, 2021) – Trican Well Service Ltd. (TSX: TCW) (“Trican“or the “Society“) is pleased to announce the successful completion of its normal course buyback offer for 2020-2021 (“NCIB“) which was announced on September 30, 2020. Pursuant to the tender offer, Trican purchased and canceled 11,325,100 (“Ordinary actions“), which represents 56% of the maximum authorized number of the 2020-2021 public credit buyback offer, totaling 20,343,064 common shares for a total consideration of $ 24.3 million at a weighted average price per share of $ 2.14 (before brokerage commissions) Since the launch of its public tender offer program in October 2017, Trican has repurchased nearly 101 million common shares or approximately 29% of the issued and outstanding shares of the Company at that time.
In addition, the Company announces that the Toronto Stock Exchange (the “TSX“) has accepted its request to renew this program and make a public tender offer to buy, from October 5, 2021 to October 4, 2022 (or until the tender offer is completed or terminated at the option of Trican), some of its Common Shares. All purchases will be made through the alternative trading systems of the TSX or Canada at the prevailing market price at the time of such transaction.
As of September 29, 2021, there were 248,810,070 common shares issued and outstanding. The number of ordinary shares that may be purchased during the 2021-2022 public tender offer period will not exceed 24,706,290 ordinary shares, which represents approximately 10% of the free float of the ordinary shares. The public free float of the Company’s common shares as of September 29, 2021 was 247,062,906. Under the rules of the TSX, the Company will not buy on any given trading day in connection with the public offering. repurchase more than 287,437 common shares, or 25% of the average daily trading volume of common shares on the TSX for the six calendar months ended August 31, 2021. 1,149,750 common shares. However, the Company may make one block purchase per calendar week that exceeds the daily redemption restriction. All Common Shares purchased through the Offer will be returned to cash for cancellation.
Providing returns to shareholders remains at the heart of Trican’s strategy. Given the volatility of our business, we continue to view investing in our issuer bid program as an effective method of delivering returns to shareholders. Trican believes that the repurchase of common shares is a superior investment for the Company in the context of market conditions and the financial condition of the Company. Management is continually evaluating all alternatives to maximize this investment over other strategic investments. Trican has always affirmed its commitment to a financially prudent capital structure and that the takeover bid would be managed in accordance with this objective. Based on the financial condition and financial results of the company, management will assess and adjust the company’s investment in the takeover bid.
Certain statements and other information contained in this press release constitute “forward-looking statements” and / or “statements” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”), including, but not limited to ‘Limit thereto, statements regarding the ordinary shares that may be purchased under the issuer bid program and related matters. All statements contained 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”, “plan” “intend to”, “continue”, “propose”, “could”, “could”, “may”, “must”, “plan”, “should”, “could” , “Could”, “could”, “believe”, “foresee”, “foresee”, “pursue”, “potential”, “capable” and other similar words and expressions. 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 that 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 press release. Our actual results, performance or achievements could differ materially from those anticipated in these forward-looking statements due to general economic, market and business conditions, as well as the risk factors set out in the “Risk Factors” section of our report. most recent Annual Information Form and Annual Management Report. Readers are cautioned that the above lists of factors are not exhaustive. Forward-looking statements are based on a number of factors and assumptions which were used in developing such statements and information, but which may prove to be inaccurate. While management of Trican believes that the expectations reflected in such forward-looking statements or information are reasonable, forward-looking statements should not be relied upon because Trican cannot guarantee that such expectations will prove to be correct.
Except as required by applicable Canadian securities legislation, Trican disclaims any intention or obligation to update or revise any forward-looking statements contained in this press release as a result of new information, future events or otherwise. .
Additional information regarding Trican, including the most recent Trican Annual Information Form, is available under Trican’s profile on SEDAR (www.sedar.com).
Based in Calgary, Alberta, Trican provides a full line of specialized products, equipment and services that are used in the exploration and development of oil and gas reserves.
Requests for additional information should be addressed to:
President and CEO
Telephone: (403) 266-0202
2900, 645 – 7th Avenue SW
Calgary, Alberta T2P 4G8
Please visit our website at www.tricanwellservice.com for more information on Trican.
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