Business
Cathedral Energy Services Ltd. to proceed with normal course issuer bid
/ NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ CALGARY , July 4, 2013 /...
About this update from Act Energy Technologies Ltd.
[{"type":"text","content":"\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/\n\n\nCALGARY, July 4, 2013 /CNW/ - Cathedral Energy Services Ltd. (the \"Company\" or \"Cathedral\" / TSX: CET) announces that its previous normal course issuer bid (the\n \"Previous Bid\") ended on June 19, 2013 and that the Company has obtained approval\n from the Toronto Stock Exchange (\"TSX\") to proceed with a new normal course issuer bid (the \"Bid\") whereby Cathedral may purchase for cancellation up to a total of\n 2,182,711 common shares representing approximately 10% of the public\n float of the Company's common shares (as defined in the policies of the\n TSX).  As at July 2, 2013, Cathedral had 35,824,877 common shares\n outstanding.  Daily repurchases will be limited to 28,723 common\n shares, other than block purchase exceptions.  It is expected that the\n Bid will commence on July 8, 2013 and terminate on July 7, 2014.  All\n acquisitions of common shares by Cathedral pursuant to the Bid will be\n made through the facilities of the Toronto Stock Exchange or\n alternative trading systems, if eligible, at the market price of the\n common shares at the time of the acquisition.\n\n\nDuring the course of the Previous Bid, which was in effect from June 20,\n 2012 to June 19, 2013, the Company acquired an aggregate of 1,838,075\n common shares at an average price of $4.57 per share. The common shares\n acquired under the Previous Bid represented approximately 97% of the\n authorized maximum number of common shares that could be repurchased.\n\n\nThere are no persons acting jointly or in concert with the Company in\n respect of the Bid.\n\n\nCathedral is making the Bid as it believes that the trading price of its\n common shares on the TSX does not accurately reflect the value of the\n Company and to stabilize the trading price and provide liquidity in the\n market for its common shares.\n\n\nPurchases on behalf of Cathedral will be made by National Bank\n Financial, 4th floor Podium, 130 King Street West, Toronto, Ontario, M5X 1J9.\n\n\nCathedral Energy Services Ltd. is incorporated under the Business\n Corporations Act (Alberta) (the \"Act\"). The Company is publicly traded on the Toronto Stock Exchange under\n the symbol \"CET\". The Company together with its wholly owned\n subsidiary, Cathedral Energy Services Inc., is engaged in the bus...