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CALGARY, AB, Jan. 4, 2023 – SECURE Energy Services Inc. (“SECURE”, the “Corporation”) (TSX: SES) announced today that, in connection with its previously announced normal course issuer bid (“NCIB”) to purchase for cancellation up to 22,055,749 common shares of the Corporation (“common shares”), the Corporation has entered into an automatic share purchase plan (“ASPP”) with a designated broker. The ASPP has been pre-cleared by the Toronto Stock Exchange (the “TSX”) and is expected to be implemented on January 6, 2023.
The ASPP is intended to facilitate repurchases of common shares at times under the NCIB when the Corporation would ordinarily not be permitted to make purchases due to regulatory restriction or customary self-imposed blackout periods. Before the commencement of any particular trading black-out period, SECURE may, but is not required to, instruct its designated broker to make purchases of common shares under the NCIB during the ensuing black-out period in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker at its sole discretion based on purchasing parameters set by SECURE in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP.
The ASPP will terminate on the earliest of the date on which: (a) the maximum annual purchase limit under the NCIB has been reached; (b) the NCIB expires; or (c) SECURE terminates the ASPP in accordance with its terms. The ASPP constitutes an “automatic securities purchase plan” under applicable Canadian securities law.
Outside of pre-determined blackout periods, common shares may be purchased under the NCIB based on management’s discretion, in compliance with TSX rules and applicable securities laws. The Corporation’s NCIB commenced on December 14, 2022, and will remain active until December 13, 2023, or such earlier date as the NCIB is completed or is terminated at the Corporation’s election. All purchases of common shares made under the ASPP will be included in determining the number of common shares purchased under the NCIB.
Since the beginning of the NCIB, the Corporation has purchased 882,700 common shares at a weighted average price per share of $6.92 for a total of $6.1 million. All common shares purchased under the NCIB have been cancelled.
SECURE is a leading environmental and energy infrastructure business headquartered in Calgary, Alberta. The Corporation’s extensive infrastructure network located throughout key resource plays in western Canada and North Dakota includes midstream processing and storage facilities, crude oil and water pipelines, industrial landfills, waste transfer and metals recycling facilities. Through this infrastructure network, the Corporation carries out its principal business operations, including the gathering, optimization and storage of crude oil and natural gas liquids, and the processing, recovery and disposal of waste streams generated by our energy and industrial customers. 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.
SECURE’s shares trade under the symbol SES and are listed on the Toronto Stock Exchange. For more information, visit www.secure-energy.com.
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