Business
SECURE Energy Services Inc. Enters Into Agreement to Acquire Ceiba Energy Services Inc.
SECURE Energy Services Inc. Enters Into Agreement to Acquire Ceiba Energy Services Inc. ...
About this update from Secure Waste Infrastructure Corp.
[{"type":"text","content":"\n\n\n\nSECURE Energy Services Inc. Enters Into Agreement to Acquire Ceiba Energy Services Inc.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 15, 2017\n\n\n\nCALGARY, May 15, 2017 /CNW/ - SECURE Energy Services Inc. (\"SECURE\") (TSX:SES) and Ceiba Energy Services Inc. (\"Ceiba\") (TSXV:CEB) are pleased to announce that they have entered into an arrangement agreement dated May 14, 2017 (the \"Arrangement Agreement\") pursuant to which SECURE has agreed to acquire all of the issued and outstanding common shares of Ceiba (the \"Ceiba Shares\"), a service provider of stand-alone water disposal and oil treating facilities in the Canadian energy sector (the \"Transaction\").  \n\nUnder the terms of the Arrangement Agreement, SECURE will pay approximately $26 million for all of the issued and outstanding Ceiba Shares. Ceiba shareholders will receive $0.205 for each share, to be paid in cash or by the issuance of 0.02115 of a SECURE common share, at their election, provided that a maximum of approximately 1.3 million SECURE common shares will be issued (representing approximately 50% of the consideration to be paid to Ceiba shareholders). The exchange ratio reflects a SECURE share price of $9.6912, being SECURE's trailing 3-trading day volume weighted average trading price on the Toronto Stock Exchange.  The $0.205 per share consideration represents a 64% premium over the closing price of Ceiba Shares on the TSX Venture Exchange on May 12, 2017.  The aggregate Transaction value is approximately $37 million, which includes the assumption of approximately $11 million in Ceiba debt. \n\nAs part of the Transaction, SECURE will acquire approximately $1 million of net working capital excluding debt and approximately $30 million of fixed assets consisting of tanks, pumps, pipelines, treaters, disposal wells and various other equipment. \n\n\"Adding Ceiba's stand-alone water disposal and oil treating facilities to SECURE's expansive network of facilities provides our customers with more options for their water, waste and oil handlin...