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Western Energy Services Corp. Announces Approval of Normal Course Issuer Bid and 2020 Capital Budget
Western Energy Services Corp. Announces Approval of Normal Course Issuer Bid and 2020 Capi...
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n\n\n\nWestern Energy Services Corp. Announces Approval of Normal Course Issuer Bid and 2020 Capital Budget\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, Jan. 10, 2020\n\n\n\nCALGARY, Jan. 10, 2020 /CNW/ - Western Energy Services Corp. (the \"Company\" or \"Western\") (TSX: WRG) is pleased to announce that it plans to commence the previously announced share repurchase program by way of normal course issuer bid (the \"Bid\").\nThe Company announces that its notice of intention to make a normal course issuer bid has been accepted by the Toronto Stock Exchange (the \"TSX\"). The Company's Board of Directors (the \"Board\") and management believe that the purchase by the Company of its outstanding common shares pursuant to the Bid constitutes an attractive and appropriate investment of corporate funds. The Company's Board and management further believe that market prices of the common shares do not properly reflect the underlying value of the Company's assets and business. The primary purposes of the Bid are to provide extra liquidity to shareholders of Western who wish to dispose of their common shares, and to enhance the potential future value of the common shares which remain outstanding.\nPursuant to the Bid, Western intends to purchase for cancellation up to 5,200,000 common shares in the capital of Western, which is approximately 9.9% of Western's public float as at January 6, 2020. As of January 6, 2020, Western had approximately 92.5 million issued and outstanding common shares, with a public float of approximately 52.4 million common shares, after excluding common shares held by insiders and principal securityholders. Pursuant to the rules of the TSX, the maximum number of common shares that the Company may purchase in any one day is 25,092 common shares or 25% of the Company's average daily trading volume of 100,372 common shares on the TSX. Western may also make one block purchase per calendar week which exceeds the daily purchase restriction. Any common shares purchased pursuant to the Bid will be cancelled by the Company.\nThe Bid ...