Pason Systems Inc. announces the renewal of its normal course buyback offer
CALGARY, AB, December 15, 2021 / CNW / – Pason Systems Inc. (TSX: PSI) announced that the Toronto Stock Exchange (“TSX”) has accepted Pason’s notice of intention to launch a normal course issuer bid (“OPRA 2022 “). The 2022 public tender offer effectively renews the normal course tender offer, which began on December 18, 2020, and should end on December 17, 2021 (“2021 NCIB”). NCIB 2022 will start on 20 December 2021 and will end on December 19, 2022 or at an earlier date that the NCIB 2022 offer is completed or terminated at Pason’s option.
As part of the 2021 public tender offer, Pason had received approval from the TSX to purchase for cancellation up to a maximum of 4,149,047 Pason common shares (the “Common Shares”), representing approximately 10% of the free float of the outstanding common shares at the time of approval. . From December 9, 2021, Pason had repurchased and canceled 673,779 common shares under the 2021 tender offer through market purchases on the TSX and other Canadian alternative trading systems, at a purchase price. average of about $ 8.85 per share.
Pursuant to the 2022 public credit repurchase offer, Pason may purchase for cancellation, from time to time, as Pason deems appropriate, up to a maximum of 7,131,543 common shares, which represents 10% of the free float. of 71,315,435 ordinary shares to the December 9, 2021. Purchases of Common Shares will be made on the open market through the facilities of the TSX and Canadian alternative trading systems. Pason will pay the then current market price of the Common Shares to the TSX at the time of any purchase made by Pason. The actual number of Common Shares that may be purchased for cancellation and the timing of such purchases will be determined by Pason, subject to a maximum daily purchase limit of 52,510 Common Shares, which equals 25% of the Pason’s average daily trading volume for the six months ended November 30, 2021 (i.e. 210,043 ordinary shares). As permitted by TSX rules, Pason may also make one block purchase per calendar week that exceeds the daily purchase restriction.
From December 9, 2021, there were 82,428,718 common shares issued and outstanding.
National Bank Financial Inc. will act on behalf of Pason to purchase common shares as part of the 2022 public tender offer. Pason intends to enter into an automatic purchase plan at the same time as the start. of the 2022 public credit buyback offer to purchase ordinary shares on behalf of the company during blackout periods as defined by Pason’s policy on insider trading.
Management of Pason believes that from time to time the market price of its Common Shares may not fully reflect the underlying value of the Common Shares and that at that time, the purchase of Common Shares would be in the market. Pason’s best interest. Such purchases will increase the proportional interest of, and may be beneficial to, all remaining shareholders.
Pason Systems Inc.
Pason Systems Inc. is one of the world’s leading providers of specialized data management systems for drilling rigs. Our solutions, which include data acquisition, well site reporting, remote communications, web-based information management and analytics, enable collaboration between the platform and the desktop. Through Energy Toolbase (ETB), the company also provides products and services for the solar energy and energy storage industry. ETB’s solutions enable solar energy and energy storage developers to model, control and measure the economics and performance of solar energy and storage projects. Pason’s common shares trade on the Toronto Stock Exchange under the symbol PSI.
Additional information about risks and uncertainties and other factors that could affect Pason’s transactions or financial results are included in Pason’s reports filed with the Canadian securities regulators and can be found on the SEDAR website (www.sedar.com) or through the Pason website (www.pason.com).
SOURCE Pason Systems Inc.
Show original content: http://www.newswire.ca/en/releases/archive/December2021/15/c4976.html