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Trican Well Service Ltd Announces Normal Course Issuer Bid

Tuesday, 5 Mar 2013 07:44pm EST 

Trican Well Service Ltd announced that the Toronto Stock Exchange (the TSX) has accepted its application to renew the normal course issuer bid (the Bid) to purchase, from March 8, 2013 to March 7, 2014, certain of its outstanding common shares (the "Common Shares"). All purchases will be made through the facilities of the TSX. The Bid has been put in place because the Company believes that the Common Shares are a good investment for the Company in the context of equity market conditions, and to offset the dilutive effects of the exercise from time to time of stock options granted by Trican under its stock option plan. All Common Shares purchased through the Bid will be returned to treasury for cancellation. As at February 28, 2013, there were 148,831,558 Common Shares issued and outstanding. The number of Common Shares which may be purchased during the period of the Bid will not exceed 10,973,363 Common Shares, which is approximately 10% of the public float for the Common Shares. Except as permitted under the TSX rules, the Company will not purchase on any given trading day under the Bid more than 184,512 Common Shares, being approximately 25% of the average daily trading volume of the Common Shares on the TSX for the previous six calendar months of 738,051 Common Shares. During the past 12 months, Trican acquired 755,400 Common Shares at a volume weighted average price of $13.26 under its previous normal course issuer bid, which expired on March 1, 2013. 

Company Quote

-0.14 -0.84%
21 Jul 2014