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Trican Well Service Ltd. Announces Renewal of its Normal Course Issuer Bid
Calgary, Alberta--(Newsfile Corp. - October 1, 2020) -  Trican Well Service Ltd. (TSX: TC...
About this update from Trican Well Service Ltd.
[{"type":"text","content":"Trican Well Service Ltd. Announces Renewal of its Normal Course Issuer BidCalgary, Alberta--(Newsfile Corp. - October 1, 2020) -  Trican Well Service Ltd. (TSX: TCW) (\"Trican\" or the \"Company\") is pleased to announce the successful completion of its 2019-2020 normal course issuer bid (\"NCIB\") that was announced on September 30, 2019. Pursuant to the NCIB, Trican purchased 100% of the maximum allowable number of common shares (\"Common Shares\") of the Company under the bid, totaling 24,753,435 Common Shares for total consideration of $24.6 million at a weighted average price per share of $0.99 (before broker commissions). Since initiating its NCIB program in October-2017, Trican has repurchased almost 90 million Common Shares or approximately 26% of the Company's issued and outstanding shares at that time.Additionally, the Company announces that the Toronto Stock Exchange (the \"TSX\") has accepted its application to renew this program and make a NCIB to purchase, from October 5, 2020 to October 4, 2021 (or until such earlier time as the NCIB is completed or terminated at the option of Trican), certain of its Common Shares. All purchases will be made through the facilities of the TSX or Canadian alternative trading systems at the prevailing market price at the time of such transaction.As at September 29, 2020, Trican had 262,982,987 Common Shares issued and outstanding, which includes the yet to be cancelled 4,494,735 Common Shares purchased under the completed 2019-2020 NCIB. The number of Common Shares which may be purchased during the 2020-2021 NCIB program will not exceed 20,343,064 Common Shares, which is approximately 10% of the public float for the Common Shares. The public float for the Company's Common Shares as at September 29, 2020 was 203,430,648. Under the TSX rules, the Company will not purchase on any given trading day under the NCIB more than 157,504 Common Shares, being 25% of the average daily trading volume of the Common Shares on the TSX for the six calendar months ended August 31, 2020 of 630,019 Common Shares. Nonetheless, the Company may make one block purchase per calendar week which exceeds the daily repurchase restriction. All Common Shares purchased through the NCIB will be returned to treasury for cancellation.Providing returns to shareholders remains core to Trican's strategy. Given the vo...