CES ENERGY SOLUTIONS CORP. ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID
Under the previous NCIB, 18,719,430 Common Shares were acquired through market purchases on the TSX and other alternative Canadian securities trading platforms, at a volume-weighted average purchase price of approximately
CES' Board of Directors and management continue to believe that from time to time the market price of CES' Common Shares do not reflect their underlying value. Accordingly, the renewal of CES' NCIB provides the Corporation with an additional capital allocation alternative that allows CES to reduce the Corporation's Common Shares, providing an attractive opportunity to enhance shareholder value.
As of
Under TSX rules, CES may repurchase up to 125,987 Common Shares on any single trading day on the TSX, being 25% of the average daily trading volume of the Common Shares on the TSX for the six months ended
CES will enter into an automatic securities purchase plan in connection with the NCIB which would permit the Corporation to repurchase its Common Shares during periods of blackout or other periods in which the Corporation would not ordinarily be permitted to repurchase its Common Shares. Such automatic securities purchase plan will be subject to certain parameters set by the Corporation from time to time which would govern the automatic purchase of Common Shares.
About
CES is a leading provider of technically advanced consumable chemical solutions throughout the lifecycle of the oilfield. This includes solutions at the drill-bit, at the point of completion and stimulation, at the wellhead and pump-jack, and finally through to the pipeline and midstream market. CES' business model is relatively asset light and requires limited re-investment capital to grow. As a result, CES has been able to capitalize on the growing market demand for drilling fluids and production and specialty chemicals in
Additional information about CES is available at SEDAR+ at www.sedarplus.ca or on the Corporation's website at www.cesenergysolutions.com.
Forward Looking Information
This press release contains certain forward-looking statements and forward-looking information ("forward-looking information") within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release includes, without limitation, forward-looking information relating to the Corporation's: expectations regarding the implementation of the NCIB to repurchase and cancel Common Shares and the potential means of funding the NCIB. CES believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.
Forward-looking information is based on various assumptions. Those assumptions are based on information currently available to CES, and in particular certain forward-looking information in this press release is based on the assumption that the conditions of the TSX can be satisfied and the TSX will grant final approval in respect of the NCIB.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Any forward-looking information is made as of the date hereof and, except as required by law, CES assumes no obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
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