Strad Energy Services Ltd. Amends Normal Course Issuer Bid
CALGARY, Alberta, July 04, 2018 (GLOBE NEWSWIRE) --
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Strad Energy Services Ltd. ("Strad" or the "Company") (TSX:SDY) today announces that it has received the approval of the Toronto Stock Exchange ("TSX") to amend its previously announced Normal Course Issuer Bid (the "NCIB") so as to increase the number of common shares (the "Common Shares") that it may purchase under the Bid from a maximum of 3,000,637 Common Shares to 4,946,487 Common Shares effective July 9, 2018.
The maximum number of Common Shares to be purchased pursuant to the NCIB represents approximately 10% of the public float of outstanding Common Shares as of September 8, 2017, being the date, the Company initially filed notice of the NCIB with the TSX. Purchases of Common Shares will be made on the open market through the facilities of the TSX. The price that Strad will pay for any Common Shares purchased by it will be the prevailing market price of the Common Shares on the TSX at the time of such purchase.
The NCIB commenced on September 14, 2017, and as at the date hereof, Strad has invested $4.0 million repurchasing an aggregate of 2,708,920 Common Shares at an average cost of $1.49 per share. Strad may still purchase up to 2,237,567 Common Shares before the NCIB is scheduled to terminate on September 13, 2018.
Strad believes that from time to time the market price of the Common Shares may not reflect their underlying value and that, at such times, the purchase of Common Shares for cancellation may represent an opportunity to enhance shareholder value. Strad intends to use the NCIB to enhance total long-term shareholder returns in conjunction with management’s disciplined capital allocation strategy.
About Strad Energy Services Ltd.
Strad is a North American energy services company that provides rental equipment and matting solutions to the oil and gas and energy infrastructure sectors. Strad focuses on providing complete customer solutions in Canada and the United States.
Strad is headquartered in Calgary, Alberta, Canada. Strad is listed on the Toronto Stock Exchange under the trading symbol "SDY".
For more information, please contact Strad Energy Services Ltd. Andy Pernal President & Chief Executive Officer (403) 775-9202 Email: Strad Energy Services Ltd. Michael Donovan Chief Financial Officer (403) 775-9221 Email:
