TORONTO, Jan. 24, 2017 /CNW/ - Franklin Resources, Inc. ("Franklin Templeton"), through one or more affiliated investment managers in their capacity as discretionary investment manager to underlying funds and managed accounts (collectively, the "Accounts"), and reporting on transactions made by one or more affiliated investment managers, has acquired control or direction of 41,600 common shares (each, a "Share") of Savanna Energy Services Corp. ("Savanna") on December 13, 2016 through the facilities of the Toronto Stock Exchange (TSX). As a result of such acquisition, Franklin Templeton held 18,060,385 Shares of Savanna representing approximately 15.28 per cent of the issued and outstanding Shares of Savanna at that time. Franklin Templeton has acquired control or direction of an aggregate of 5,137,471 Shares since December 13, 2016 through the facilities of the TSX, net of account closures, to the date of this press release. As a result of such acquisition, Franklin Templeton holds 23,197,856 Shares of Savanna representing approximately 19.63 per cent of the issued and outstanding Shares.
As disclosed on SEDAR on December 9, 2016, Franklin Bissett Investment Management, part of Franklin Templeton Investments Corp., entered into a support agreement (the "Support Agreement"), effective as of November 29, 2016, with Total Energy Services Inc. ("Total") pursuant to which it agreed to deposit the Shares that it has control or direction over to a take-over bid (the "Take-Over Bid") made by Total on December 9, 2016.
The transactions described above were done so in the ordinary course of business and for investment purposes only. The Accounts may from time to time acquire additional Shares and all such Shares held will be deposited under the Take-Over Bid pursuant to the Support Agreement.
About Franklin Templeton Investments
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments Corp. is a wholly owned subsidiary of Franklin Resources, Inc. Franklin Templeton Investments provides global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries. Through specialized teams, the company has expertise across all asset classes—including equity, fixed income, alternative and custom solutions. The company's more than 650 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With offices in over 30 countries, the California-based company has 70 years of investment experience and approximately $720 billion (over C$966 billion) in assets under management as of December 31, 2016. For more information, please visit franklintempleton.ca.
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SOURCE Franklin Templeton Investments Corp.
For further information: Please contact Franklin Resources, Inc., One Franklin Parkway, San Mateo, CA 94403-1906, USA; Media contact: Sarah Kingdon, Corporate Communications, Franklin Templeton Investments, 416.957.6191