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Enerflex Ltd. Announces Approval of Normal Course Issuer Bid

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Enerflex (TSX: EFX) (NYSE: EFXT) has received approval from the Toronto Stock Exchange for a normal course issuer bid (NCIB) to repurchase up to 6,159,695 common shares, representing 5% of its public float as of March 18, 2025.

The NCIB will run from April 1, 2025 to March 31, 2026, with daily purchases to 109,475 shares, except for block purchases. The company had 124,150,067 common shares outstanding and a public float of 123,193,902 shares as of March 18, 2025.

Enerflex believes the current share price doesn't reflect underlying value and sees the buyback as an effective use of cash resources. The company has established an automatic share purchase plan (ASPP) with its designated broker to facilitate purchases at market prices through various trading facilities including TSX and NYSE.

Enerflex (TSX: EFX) (NYSE: EFXT) ha ricevuto l'approvazione dalla Borsa di Toronto per un'offerta di acquisto nel corso normale (NCIB) per riacquistare fino a 6.159.695 azioni ordinarie, che rappresentano il 5% del flottante pubblico al 18 marzo 2025.

Il NCIB sarà attivo dal 1 aprile 2025 al 31 marzo 2026, con acquisti giornalieri fino a 109.475 azioni, eccetto per acquisti in blocco. L'azienda aveva 124.150.067 azioni ordinarie in circolazione e un flottante pubblico di 123.193.902 azioni al 18 marzo 2025.

Enerflex ritiene che il prezzo attuale delle azioni non rifletta il valore sottostante e considera il riacquisto come un uso efficace delle risorse di cassa. L'azienda ha istituito un piano automatico di acquisto di azioni (ASPP) con il proprio broker designato per facilitare gli acquisti a prezzi di mercato attraverso vari sistemi di trading, inclusi TSX e NYSE.

Enerflex (TSX: EFX) (NYSE: EFXT) ha recibido la aprobación de la Bolsa de Valores de Toronto para una oferta de compra en curso normal (NCIB) para recomprar hasta 6,159,695 acciones ordinarias, que representan el 5% de su flotante público al 18 de marzo de 2025.

El NCIB estará vigente desde 1 de abril de 2025 hasta 31 de marzo de 2026, con compras diarias de hasta 109,475 acciones, excepto por compras en bloque. La compañía tenía 124,150,067 acciones ordinarias en circulación y un flotante público de 123,193,902 acciones al 18 de marzo de 2025.

Enerflex cree que el precio actual de las acciones no refleja el valor subyacente y considera la recompra como un uso efectivo de los recursos de efectivo. La empresa ha establecido un plan automático de compra de acciones (ASPP) con su corredor designado para facilitar las compras a precios de mercado a través de diversas instalaciones de negociación, incluidas TSX y NYSE.

Enerflex (TSX: EFX) (NYSE: EFXT)는 토론토 증권 거래소로부터 정상적인 발행자 입찰(NCIB)에 대한 승인을 받아 6,159,695주의 보통주를 재매입할 수 있게 되었습니다. 이는 2025년 3월 18일 기준으로 공공 유통 주식의 5%에 해당합니다.

NCIB는 2025년 4월 1일부터 2026년 3월 31일까지 진행되며, 하루 최대 109,475주를 구매할 수 있으며 블록 구매는 제외됩니다. 회사는 2025년 3월 18일 기준으로 124,150,067주의 보통주가 발행되어 있으며, 공공 유통 주식은 123,193,902주입니다.

Enerflex는 현재 주가가 기본 가치를 반영하지 않는다고 믿으며, 자사주 매입을 현금 자원의 효과적인 사용으로 보고 있습니다. 회사는 지정된 브로커와 함께 시장 가격으로 구매를 용이하게 하기 위해 자동 주식 구매 계획(ASPP)을 수립했습니다. 이 계획은 TSX 및 NYSE를 포함한 다양한 거래 시설을 통해 이루어집니다.

Enerflex (TSX: EFX) (NYSE: EFXT) a reçu l'approbation de la Bourse de Toronto pour une offre de rachat normale (NCIB) afin de racheter jusqu'à 6 159 695 actions ordinaires, représentant 5 % de son flottant public au 18 mars 2025.

Le NCIB sera en vigueur du 1er avril 2025 au 31 mars 2026, avec des achats quotidiens allant jusqu'à 109 475 actions, sauf pour les achats en bloc. La société comptait 124 150 067 actions ordinaires en circulation et un flottant public de 123 193 902 actions au 18 mars 2025.

Enerflex estime que le prix actuel de l'action ne reflète pas la valeur sous-jacente et considère le rachat comme un usage efficace des ressources en liquidités. L'entreprise a mis en place un plan d'achat automatique d'actions (ASPP) avec son courtier désigné pour faciliter les achats à des prix de marché via diverses installations de négociation, y compris TSX et NYSE.

Enerflex (TSX: EFX) (NYSE: EFXT) hat die Genehmigung der Toronto Stock Exchange für ein normales Rückkaufangebot (NCIB) erhalten, um bis zu 6.159.695 Stammaktien zurückzukaufen, was 5 % des öffentlichen Streubesitzes zum 18. März 2025 entspricht.

Das NCIB wird vom 1. April 2025 bis zum 31. März 2026 laufen, mit täglichen Käufen von bis zu 109.475 Aktien, ausgenommen Blockkäufe. Das Unternehmen hatte am 18. März 2025 insgesamt 124.150.067 Stammaktien im Umlauf und einen öffentlichen Streubesitz von 123.193.902 Aktien.

Enerflex ist der Meinung, dass der aktuelle Aktienkurs den zugrunde liegenden Wert nicht widerspiegelt und sieht den Rückkauf als effektive Nutzung der Barmittel an. Das Unternehmen hat einen automatischen Aktienkaufplan (ASPP) mit seinem beauftragten Broker eingerichtet, um Käufe zu Marktpreisen über verschiedene Handelsplattformen, einschließlich TSX und NYSE, zu erleichtern.

Positive
  • Share buyback program of 5% of public float indicates strong cash position
  • Management believes shares are undervalued, showing confidence in company's value
  • Flexible purchase structure through ASPP allows efficient execution of buyback
Negative
  • Cash resources allocated to buyback instead of business growth or debt reduction

Insights

Enerflex's announcement of a Normal Course Issuer Bid (NCIB) represents a strategic capital allocation decision with positive implications for shareholders. The company has received approval to repurchase up to 5% of its public float (6.16 million shares) between April 2025 and March 2026.

This share repurchase program sends a strong signal regarding management's assessment of Enerflex's intrinsic value. The explicit statement that "the current market price of its Common Shares does not fully reflect their underlying value" indicates the leadership team believes the stock is undervalued at current levels.

The mechanics of the program are well-structured with an automatic share purchase plan (ASPP) that allows for systematic repurchases regardless of blackout periods. The daily purchase limit of 109,475 shares (representing 25% of average daily trading volume) provides a framework for orderly market purchases.

From a financial perspective, the company's intention to fund these repurchases from "available resources" suggests comfort with their current liquidity position and cash flow generation capabilities. This buyback effectively returns capital to shareholders while potentially enhancing earnings per share through a reduction in outstanding shares.

The timing referenced in the announcement that "current market conditions provide opportunities to acquire Common Shares at attractive prices" reveals management's view that there's a meaningful gap between market valuation and fundamental value. For investors, this program represents a vote of confidence from those with the most intimate knowledge of Enerflex's operations and outlook.

All amounts presented are in U.S. Dollars (“USD”) unless otherwise stated.

CALGARY, Alberta, March 28, 2025 (GLOBE NEWSWIRE) -- Enerflex Ltd. (TSX: EFX) (NYSE: EFXT) (“Enerflex” or the “Company”) is pleased to announce that the Toronto Stock Exchange (the "TSX") has approved its application to implement a normal course issuer bid ("NCIB") for a portion of its common shares ("Common Shares").

Enerflex believes that: (1) the repurchase of Common Shares would be an effective use of its cash resources and in the best interests of Enerflex and its shareholders; (2) that the current market price of its Common Shares does not fully reflect their underlying value; and (3) that current market conditions provide opportunities for the Company to acquire Common Shares at attractive prices.

Pursuant to the NCIB notice filed with and accepted by the TSX, the Company has been authorized to acquire up to a maximum of 6,159,695 Common Shares, or approximately 5% of the public float as of March 18, 2025, for cancelation. As of March 18, 2025, Enerflex had 124,150,067 Common Shares issued and outstanding and a public float of 123,193,902 Common Shares.

The NCIB will commence on April 1, 2025 and will terminate no later than March 31, 2026. Purchases under the NCIB will be made in accordance with applicable regulatory requirements through the facilities of the TSX, the New York Stock Exchange (the “NYSE”), other designated exchanges and/or alternative trading systems in Canada or the United States or by such other means as may be permitted by the applicable securities regulator at a price per Common Share representative of the market price at the time of acquisition.

The number of Common Shares that can be purchased pursuant to the NCIB is subject to a current daily maximum of 109,475 Common Shares (which is equal to 25% of the average daily trading volume on the TSX of 437,902 Common Shares for the six full calendar months ended January 31, 2025), subject to the Company's ability to make one block purchase of Common Shares per calendar week that exceeds such limits. The price per Common Share will be based on the market price of such shares at the time of purchase in accordance with regulatory requirements and all Common Shares purchased under the NCIB will be canceled upon their purchase. The Company intends to fund the purchases out of its available resources.

The Company has entered into an automatic share purchase plan (“ASPP”) with its designated broker. Such purchases will be determined by the broker at its sole discretion, based on the purchasing parameters set out by the Company in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP.

The ASPP will terminate on the earliest of the date on which: (i) the NCIB expires; (ii) the maximum number of Common Shares have been purchased under the NCIB; and (iii) the Company terminates the ASPP in accordance with its terms. Concurrent with the establishment of the ASPP, the Company has confirmed to the broker that it was then not aware of any material undisclosed or non-public information with respect to the Company or any securities of the Company. During the term of the ASPP, the Company will not communicate any material undisclosed or non-public information to the trading staff of the broker; accordingly, the broker may make purchases regardless of whether a trading blackout period is in effect or whether there is material undisclosed or non-public information about the Company at the time that purchases are made under the ASPP. If the ASPP is materially varied, suspended or terminated, the Company will issue a news release advising of such variation, suspension or termination, as applicable.

Advisory Regarding Forward-looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” (and together with “forward-looking information”, “FLI”) within the meaning of the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are FLI. The use of any of the words “anticipate”, “believe”, “could”, “estimate”, “expect”, “future”, “intend”, “may”, “plan”, “potential”, “predict”, “should”, “will” and similar expressions, (including negatives thereof) are intended to identify FLI. In particular, this news release includes (without limitation) forward-looking information and statements pertaining to the anticipated benefits of the NCIB. Readers are cautioned that the foregoing list of factors is not exhaustive. Although the FLI contained in this news release are based upon assumptions which management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements.

With respect to FLI contained in this news release, Enerflex has made assumptions regarding, among other things, the ability of the Company to achieve the benefits of the NCIB. The FLI included in this news release are made as of the date of this news release and are based on the information available to the Company at such time and, other than as required by law, Enerflex disclaims any intention or obligation to update or revise any FLI, whether as a result of new information, future events, or otherwise. This news release and its contents should not be construed, under any circumstances, as investment, tax, or legal advice.

ABOUT ENERFLEX
Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low-carbon, and treated water solutions – from individual, modularized products and services to integrated custom solutions. With over 4,600 engineers, manufacturers, technicians, and innovators, Enerflex is bound together by a shared vision: Transforming Energy for a Sustainable Future. The Company remains committed to the future of natural gas and the critical role it plays, while focused on sustainability offerings to support the energy transition and growing decarbonization efforts.

Enerflex's common shares trade on the Toronto Stock Exchange under the symbol "EFX" and on the New York Stock Exchange under the symbol "EFXT". For more information about Enerflex, visit www.enerflex.com.

For investor and media enquiries, contact:

Preet S. Dhindsa
Interim President and Chief Executive Officer
E-mail: PDhindsa@enerflex.com

Jeff Fetterly
Vice President, Corporate Development and Capital Markets
E-mail: JFetterly@enerflex.com


FAQ

How many shares can Enerflex (EFXT) buy back under the new NCIB program?

Enerflex can repurchase up to 6,159,695 common shares, representing 5% of its public float as of March 18, 2025.

What is the duration of Enerflex's (EFXT) share buyback program?

The NCIB program runs from April 1, 2025 to March 31, 2026.

What is the daily purchase limit for Enerflex's (EFXT) share buyback?

The daily maximum is 109,475 shares, equal to 25% of the average daily trading volume on TSX for the six months ended January 31, 2025.

How will Enerflex (EFXT) execute its share buyback program?

Through an automatic share purchase plan (ASPP) with a designated broker, buying shares at market prices via TSX, NYSE, and other trading facilities.
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