Total Energy Services Inc. Plans to Repurchase Shares
08 October 2021 - 12:00AM
Total Energy Services Inc. (TSX:TOT) (“Total Energy” or the
“Company”) announced today that it has filed a Notice with the
Toronto Stock Exchange (the “TSX”) to undertake a normal course
issuer bid that will expire on October 11, 2022. Total Energy has
been informed that the TSX has accepted its notice to make the
normal course issuer bid. All purchases of common shares (the
“Shares”) will be effected through the facilities of the TSX and
one or more of the Canadian alternative trading systems and all
Shares purchased will be cancelled by the Company.
As of today, there are 44,000,000 Shares issued
and outstanding. In connection with the normal course issuer bid,
which will commence on October 12, 2021, Total Energy may purchase
up to 2,200,000 Shares, being 5% of the total number of outstanding
Shares, during the period from October 12, 2021 to October 11,
2022, subject to a maximum daily purchase limit of 7,173 Shares
based on an average daily trading volume for the last six calendar
months of 28,695 Shares.
On October 7, 2020, Total Energy announced its
intention to undertake a normal course issuer bid, which remained
in effect during the 12-month period ending on October 8, 2021.
Under that normal course issuer bid, as of October 7, 2021 Total
Energy purchased a total of 1,183,200 Shares at an average price of
$4.28 per Share.
Capital stewardship remains a core value at
Total Energy. Since its inception, Total Energy has
returned approximately $235 million to its owners through
dividends, distributions and share buybacks, including $5.47 per
share in dividends and distributions. In the context of current
market conditions, Total Energy believes that the repurchase of
Shares is an attractive investment opportunity that will benefit
the remaining shareholders of Total Energy by increasing their
proportionate equity investment in the Company.
Headquartered in Calgary, Alberta, Total Energy
provides contract drilling services, equipment rentals and
transportation services, well servicing and compression and process
equipment and service to the energy and other resource industries
from operation centers in North America and Australia. The common
shares of Total Energy are listed and trade on the TSX under the
symbol “TOT”.
For further information, please contact Yuliya
Gorbach, V.P. Finance and CFO at (403) 216-3920 or by e-mail at:
investorrelations@totalenergy.ca or visit our website at
www.totalenergy.ca.
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