Total Energy Services Inc. Amends Normal Course Issuer Bid
CALGARY, Alberta, June 12, 2019 (GLOBE NEWSWIRE) — Total Energy Services Inc. (TSX:TOT) (“Total Energy”) announced today that it has received approval from the Toronto Stock Exchange (the “TSX”) to amend its previously approved Normal Course Issuer Bid (“NCIB”) to increase the maximum number of common shares Total Energy may repurchase for cancellation under the NCIB from 500,000 to 1,000,000 common shares.
Under Total Energy’s current NCIB, between October 2, 2018 and June 11, 2019, Total Energy repurchased a total of 435,100 common shares at a weighted average price of $9.58 per common share. The new, amended NCIB with the higher limit will commence on June 14, 2019 and terminate no later than October 1, 2019.
Other than the increase to the maximum number of common shares which may be acquired pursuant to the NCIB, no further amendments have been made to the NCIB. For further details regarding the NCIB, please refer to Total Energy’s prior news release dated September 28, 2018.
From time to time, purchases of Shares may be undertaken at prices that represent an attractive investment opportunity for Total Energy. Total Energy expects that the purchase of Shares will benefit the remaining shareholders of Total Energy by increasing their proportionate equity investment in Total Energy.
Headquartered in Calgary, Alberta, Total Energy provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to oil and natural gas producers operating in North America, Australia and other international markets. The common shares of Total Energy are listed and trade on the TSX under the symbol TOT.
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