Ensign Energy Services Inc. Announces Renewal of Normal Course Issuer Bid
/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
CALGARY, June 21, 2013 /CNW/ - Ensign Energy Services Inc. ("Ensign" or the
"Company") (TSX:ESI) announces today that the Toronto Stock Exchange ("TSX")
has accepted Ensign's Notice of Intention to commence a Normal Course Issuer
Bid (the "Bid") to purchase, from time to time, as it considers advisable, up
to 4,599,367 common shares (which is equal to 3% of the outstanding common
shares) on the open market through the facilities of the TSX or other Canadian
alternative markets, if eligible. The number of common shares that can be
purchased pursuant to the Bid is subject to a daily maximum of 59,272 common
shares (which is equal to 25% of the average daily trading volume for the six
months ended May 31, 2013). The average daily trading volume for the six
months ended May 31, 2013 was 237,088 common shares. The price that Ensign
will pay for any common share under the Bid will be the prevailing market
price on the TSX at the time of such purchase or, with respect to purchases
made on the alternative markets, such price as is required under applicable
securities legislation. Common shares acquired under the Bid will be
subsequently cancelled. Ensign currently has 153,312,232 common shares
The Bid will commence on June 25, 2013 and will terminate on June 24, 2014 or
such earlier time as the Bid is completed or terminated at the option of
Ensign. A copy of the Form 12 - Notice of Intention to make a Normal Course
Issuer Bid filed by the Company with the TSX can be obtained from the Company
upon request without charge.
The Company had a recent normal course issuer bid in place, which commenced on
June 18, 2012 and expired on June 17, 2013 (the "Recent Bid"). Under the
Recent Bid the Company did not purchase any common shares.
The Company is commencing the Bid because it believes that, from time to time,
the market price of its Common Shares may not properly reflect the underlying,
intrinsic value of Ensign, and that, at such times, the purchase of Common
Shares for cancellation will increase the proportionate interest of, and be
advantageous to, all remaining shareholders.
Ensign is an international oilfield services contractor based in Calgary,
Alberta. Ensign's Common Shares (symbol: ESI) are publicly traded through
the facilities of the Toronto Stock Exchange.
This news release does not constitute an offer to sell securities, nor is it a
solicitation of an offer to buy securities, in any jurisdiction. No purchases
will be made in any jurisdiction where such purchases are not permitted under
applicable law. The securities offered are not, and will not be, registered
under the securities laws of the United States of America, nor any state
thereof and may not be sold in the United States of America absent
registration in the United States or the availability of an exemption from
The Toronto Stock Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this news release.
Certain information regarding the Company contained herein may constitute
forward-looking statements under applicable securities laws. Such statements
are subject to known or unknown risks and uncertainties that may cause actual
results to differ materially from those anticipated or implied in the
Ensign Energy Services Inc., 400 - 5th Avenue SW, Suite 1000, Calgary,
Alberta, T2P 0L6, Attention: Mr. Glenn Dagenais, Chief Financial Officer,
SOURCE: Ensign Energy Services Inc.
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CO: Ensign Energy Services Inc.
-0- Jun/21/2013 12:15 GMT
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