Business
Ensign Energy Services Inc. Announces Normal Course Issuer Bid
/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES ./...
About this update from Ensign Energy Services Inc.
[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\n\nCALGARY, Sept. 25, 2014 /CNW/ - Ensign Energy Services Inc. (\"Ensign\" or the \"Company\") (TSX:ESI) announces today that the Toronto Stock Exchange (\"TSX\") has accepted Ensign's Notice of Intention to commence a Normal Course Issuer Bid (the \"Bid\") to purchase, from time to time, as it considers advisable, up to 4,600,477 common shares (which is equal to 3% of the outstanding common shares) on the open market through the facilities of the TSX or other Canadian alternative markets, if eligible.  The number of common shares that may be purchased pursuant to the Bid is subject to a daily maximum of 40,178 common shares (which is equal to 25% of the average daily trading volume for the six months ended August 31, 2014).  The average daily trading volume for the six months ended August 31, 2014 was 160,713 common shares after subtracting common shares acquired by the Company under its annual share bonus plan for the period.  The price that Ensign will pay for any common share under the Bid will be the prevailing market price on the TSX at the time of such purchase or, with respect to purchases made on the alternative markets, such price as is required under applicable securities legislation. Common shares acquired under the Bid will be subsequently cancelled. Ensign currently has 153,349,232 common shares outstanding.\n\nThe Bid will commence on September 29, 2014 and will terminate on September 28, 2015 or such earlier time as the Bid is completed or terminated at the option of Ensign. A copy of the Form 12 - Notice of Intention to make a Normal Course Issuer Bid filed by the Company with the TSX may be obtained from the Company upon request without charge.\n\nThe Company had a recent normal course issuer bid in place, which commenced on June 25, 2013 and expired on June 24, 2014 (the \"Recent Bid\").  Under the Recent Bid, the Company did not purchase any common shares.\n\nThe Company is commencing the Bid because it believes that, from time to time, the market price of its common shares may not properly reflect the underlying, intrinsic value of Ensign, and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remai...