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Western Energy Services Corp. Announces Intention to Launch Share Repurchase Program
Western Energy Services Corp. Announces Intention to Launch Share Repurchase Program ...
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n\n\n\nWestern Energy Services Corp. Announces Intention to Launch Share Repurchase Program\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. 6, 2020\n\n\n\nCALGARY, Jan. 6, 2020 /CNW/ - Western Energy Services Corp. (the \"Company\" or \"Western\") (TSX: WRG) is pleased to announce that its Board of Directors (the \"Board\") has approved, subject to acceptance by the Toronto Stock Exchange (\"TSX\"), the repurchase of up to 5,200,000 common shares of Western, which is approximately 10% of Western's public float as at January 6, 2020, over a period of twelve months pursuant to a normal course issuer bid to be conducted in accordance with the rules of the TSX (the \"Bid\").\nThe Company's Board and management believe that the purchase by the Company of its outstanding common shares pursuant to the proposed repurchase program 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.\nAs and when considered advisable by the Company, common shares will be repurchased through the facilities of the TSX and any other markets and available trading systems at the market price at the time of purchase, in accordance with the applicable rules and policies of the TSX and applicable Canadian securities laws. The actual number of common shares that will be repurchased, and the timing of any such purchases, will be determined by the Company, subject to the limits imposed by the TSX. There cannot be any assurances as to the number of common shares that will ultimately be acquired by the Company. Any common shares purchased by the Company under the share repurchase program will be cancelled.\nAbout Western \nWestern is an oilfield service comp...