Business
Ensign Energy Services Inc. Announces Renewal of 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\n/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES./\n\n\nCALGARY, June 21, 2013 /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\n Issuer Bid (the \"Bid\") to purchase, from time to time, as it considers advisable, up to\n 4,599,367 common shares (which is equal to 3% of the outstanding common shares) on the open market through the facilities of the TSX or\n other Canadian alternative markets, if eligible. The number of common\n shares that can be purchased pursuant to the Bid is subject to a daily\n maximum of 59,272 common shares (which is equal to 25% of the average\n daily trading volume for the six months ended May 31, 2013). The\n average daily trading volume for the six months ended May 31, 2013 was\n 237,088 common shares. The price that Ensign will pay for any common\n share under the Bid will be the prevailing market price on the TSX at\n the time of such purchase or, with respect to purchases made on the\n alternative markets, such price as is required under applicable\n securities legislation. Common shares acquired under the Bid will be\n subsequently cancelled. Ensign currently has 153,312,232 common shares\n outstanding.\n\n\nThe Bid will commence on June 25, 2013 and will terminate on June 24,\n 2014 or such earlier time as the Bid is completed or terminated at the\n 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 can be obtained from the Company upon\n request without charge.\n\n\nThe Company had a recent normal course issuer bid in place, which\n commenced on June 18, 2012 and expired on June 17, 2013 (the \"Recent Bid\"). Under the Recent Bid the Company did not purchase any common shares.\n\n\nThe Company is commencing the Bid because it believes that, from time to\n time, the market price of its Common Shares may not properly reflect\n the underlying, intrinsic value of Ensign, and that, at such times, the\n purchase of Common Shares for cancellation will increase the\n proportionate interest of, and be advantageous to, all remaining\n shareholders.\n\n\nEnsign is an international oilfield services contractor based in\n Calgary...