ST. ALBERT, AB, Aug. 17, 2018 /CNW/ - Enterprise Group, Inc. ("Enterprise," or "the Company") (TSX: E) announces that the Toronto Stock Exchange ("TSX") has accepted its notice of intention to make a normal course issuer bid to purchase outstanding common shares of the Company ("Shares") on the open market in accordance with the rules of the TSX.
The Company is authorized to purchase up to 4,393,820 Shares under the normal course issuer bid, representing 10% of its public float, as of August 7, 2018. As of that date, there were 55,147,374 Shares issued and outstanding. The average daily trading volume of the Shares for the six months ended August 7, 2018, calculated in accordance with the rules of the TSX, was 37,550 Shares. Enterprise is subject to a daily repurchase limit of 25% of such volume, being 9,387 Shares, except where such purchases are made in accordance with the block purchase exemption under TSX rules.
Enterprise intends to commence the normal course issuer bid on August 21, 2018 and terminate the bid on August 20, 2019 or such earlier time as the bid is completed or terminated at the option of the Company. All Shares purchased under this bid will be purchased in the open market through the facilities of the TSX or alternative Canadian trading systems at the prevailing market price at the time of such transaction. Shares acquired under the bid will be cancelled. During the past 12 months, the Company has purchased an aggregate of 505,000 Shares at a weighted average price of $0.4225 per Share. The previous normal course issuer bid expired on June 11, 2018.
Enterprise's Board of Directors has authorized the normal course issuer bid as it is believed that the purchase of the Shares pursuant to the normal course issuer bid is in the best interest of shareholders as the Shares may become available at prices that make an attractive investment and appropriate use of the Company's funds.
About Enterprise Group, Inc.
Enterprise Group, Inc. is a consolidator of services to the energy sector. The Company's focus is primarily specialized equipment rental. The Company's strategy is to acquire complementary service companies in Western Canada, consolidating capital, management, and human resources to support continued growth. More information is available at the Company's website www.enterprisegrp.ca. Corporate filings can be found on www.sedar.com
This news release may contain certain forward-looking information as defined under applicable Canadian securities legislation, that is not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. In particular, this news release includes forward-looking information relating to the Company's intention to purchase Shares pursuant to the normal course issuer bid, the number of Shares to be purchased, the timing of such purchases and the impact of such purchases on the value of the remaining Shares. Actual results, events or developments could be materially different from those expressed or implied by these forward-looking statements. There is no assurance that any of the events or expectations will occur or be realized. By their nature, forward-looking statements are subject to numerous assumptions and risk factors including those discussed in the Company's Annual Information Form and most recent MD&A which are incorporated herein by reference and are available through SEDAR at www.sedar.com. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Enterprise Group, Inc.
For further information: For questions or additional information, please contact: Leonard Jaroszuk: President & CEO, or Desmond O'Kell: Senior Vice-President, email@example.com, 780-418-4400