Ensign Energy Services Inc. Announces Renewal of Normal Course Issuer Bid
/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
CALGARY, June 14, 2012 /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 4,596,397 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 66,358 common shares (which is equal to 25% of the average daily trading volume for the six months ended May 31, 2012). The average daily trading volume for the six months ended May 31, 2012 was 265,435 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 153,213,232 common shares outstanding.
The Bid will commence on June 18, 2012 and will terminate on June 17, 2013 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 Bid is a renewal of the normal course issuer bid (the "Recent Bid") commenced by the Company on June 7, 2011, which expired on June 6, 2012. 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. All sales will be made through registered securities dealers in jurisdictions where the offering has been qualified for distribution. 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 such registration.
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 forward-looking statements.For further information:
Ensign Energy Services Inc., 400 - 5th Avenue SW, Suite 1000, Calgary, Alberta, T2P 0L6, Attention: Mr. Glenn Dagenais, Chief Financial Officer, (403) 262-1361.