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Trican Well Service Ltd. Announces the Successful Completion of Its Current Normal Course Issuer Bid and Renewal of the Program for 2024-2025

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Trican Well Service (TSX: TCW) has successfully completed its 2023-2024 Normal Course Issuer Bid (NCIB) program, purchasing the maximum allowable 21,004,897 Common Shares for $94.7 million at a weighted average price of $4.50 per share. Since 2017, Trican has repurchased 164.2 million Common Shares, representing about 47% of its outstanding shares at that time.

The company has also announced the renewal of its NCIB program for 2024-2025, approved by the Toronto Stock Exchange (TSX). The new NCIB allows Trican to purchase up to 19,010,793 Common Shares, representing 10% of the company's public float. The program will run from October 5, 2024, to October 4, 2025. Trican is subject to a daily purchase limit of 157,951 Common Shares, with the option for one block purchase per week exceeding this limit.

Trican Well Service (TSX: TCW) ha completato con successo il suo programma di acquisto normale di azioni da emittente (NCIB) 2023-2024, acquistando il numero massimo consentito di 21.004.897 azioni ordinarie per 94,7 milioni di dollari a un prezzo medio ponderato di 4,50 dollari per azione. Dal 2017, Trican ha riacquistato 164,2 milioni di azioni ordinarie, rappresentando circa il 47% delle sue azioni in circolazione a quel tempo.

L'azienda ha inoltre annunciato il rinnovo del suo programma NCIB per il 2024-2025, approvato dalla Borsa di Toronto (TSX). Il nuovo NCIB consente a Trican di acquistare fino a 19.010.793 azioni ordinarie, equivalenti al 10% della flottante pubblica dell'azienda. Il programma avrà inizio dal 5 ottobre 2024 e terminerà il 4 ottobre 2025. Trican è soggetta a un limite di acquisto giornaliero di 157.951 azioni ordinarie, con la possibilità di un acquisto in blocco a settimana che superi questo limite.

Trican Well Service (TSX: TCW) ha completado con éxito su programa de recompra de acciones de emisor (NCIB) 2023-2024, comprando el máximo permitido de 21,004,897 acciones ordinarias por $94.7 millones a un precio promedio ponderado de $4.50 por acción. Desde 2017, Trican ha recomprado 164.2 millones de acciones ordinarias, lo que representa aproximadamente el 47% de sus acciones en circulación en ese momento.

La empresa también ha anunciado la renovación de su programa NCIB para 2024-2025, aprobado por la Bolsa de Valores de Toronto (TSX). El nuevo NCIB permite a Trican comprar hasta 19,010,793 acciones ordinarias, representando el 10% del float público de la compañía. El programa se llevará a cabo desde el 5 de octubre de 2024 hasta el 4 de octubre de 2025. Trican está sujeta a un límite de compra diario de 157,951 acciones ordinarias, con la opción de una compra en bloque por semana que exceda este límite.

Trican Well Service (TSX: TCW)는 2023-2024 정상 발행인 매입(NCIB) 프로그램을 성공적으로 완료하였으며, 최대 허용치인 21,004,897 주식9,470만 달러에 평균 주당 4.50 달러의 가격으로 매입했습니다. 2017년 이후, Trican은 1억 6,420만 주식을 재매입하였으며, 이는 당시 유통 주식의 약 47%에 해당합니다.

회사는 또한 토론토 증권 거래소(TSX)의 승인을 받아 2024-2025년 NCIB 프로그램을 갱신한다고 발표했습니다. 새로운 NCIB는 Trican이 회사의 공적 유통주식의 10%에 해당하는 19,010,793 주식을 매입할 수 있게 합니다. 프로그램은 2024년 10월 5일부터 2025년 10월 4일까지 진행됩니다. Trican은 하루 최대 157,951 주식을 매입할 수 있으며, 이 한도를 초과하는 주간 블록 매입 옵션이 있습니다.

Trican Well Service (TSX: TCW) a réussi à terminer son programme d'achat normal d'actions (NCIB) 2023-2024, en achetant le maximum autorisé de 21 004 897 actions ordinaires pour 94,7 millions de dollars à un prix moyen pondéré de 4,50 dollars par action. Depuis 2017, Trican a racheté 164,2 millions d'actions ordinaires, représentant environ 47% de ses actions en circulation à l'époque.

L'entreprise a également annoncé le renouvellement de son programme NCIB pour 2024-2025, approuvé par la Bourse de Toronto (TSX). Le nouveau NCIB permet à Trican d'acheter jusqu'à 19 010 793 actions ordinaires, représentant 10% de la flottante publique de l'entreprise. Le programme se déroulera du 5 octobre 2024 au 4 octobre 2025. Trican est soumise à une limite quotidienne d'achat de 157 951 actions ordinaires, avec la possibilité d'un achat en bloc par semaine dépassant cette limite.

Trican Well Service (TSX: TCW) hat erfolgreich sein Programm für die normale Rückkaufaktion (NCIB) 2023-2024 abgeschlossen und die maximal zulässigen 21.004.897 Stammaktien für 94,7 Millionen Dollar zu einem gewichteten Durchschnittspreis von 4,50 Dollar pro Aktie erworben. Seit 2017 hat Trican 164,2 Millionen Stammaktien zurückgekauft, was etwa 47% aller zu diesem Zeitpunkt ausgegebenen Aktien entspricht.

Das Unternehmen hat außerdem die Erneuerung seines NCIB-Programms für 2024-2025 angekündigt, das von der Toronto Stock Exchange (TSX) genehmigt wurde. Das neue NCIB erlaubt es Trican, bis zu 19.010.793 Stammaktien zu kaufen, was 10% des öffentlichen Streubesitzes des Unternehmens entspricht. Das Programm läuft vom 5. Oktober 2024 bis zum 4. Oktober 2025. Trican unterliegt einem täglichen Kauflimit von 157.951 Stammaktien, hat jedoch die Möglichkeit, wöchentlich einen Blockkauf über diesem Limit vorzunehmen.

Positive
  • Successful completion of 2023-2024 NCIB program, purchasing maximum allowable shares
  • Repurchased 47% of outstanding shares since 2017, demonstrating commitment to shareholder returns
  • Renewal of NCIB program for 2024-2025, allowing purchase of up to 10% of public float
  • Implementation of automatic securities purchase plan for efficient share repurchases
Negative
  • None.

Calgary, Alberta--(Newsfile Corp. - October 3, 2024) - Trican Well Service Ltd. (TSX: TCW) ("Trican" or the "Company") is pleased to announce the successful completion of its 2023-2024 NCIB program (the "Completed Program"). Trican purchased the maximum amount of shares allowable under the Completed Program, which totaled 21,004,897 Common Shares for aggregate consideration of $94.7 million at a weighted average price per share of $4.50. The Completed Program was in place from October 4, 2023 to October 2, 2024.

Since initiating its normal course issuer bid ("NCIB") strategy in 2017, Trican has repurchased 164.2 million Common Shares or approximately 47% of the Company's issued and outstanding shares at that time.

Trican is also pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted its application to renew its NCIB. The NCIB allows for Trican to purchase up to 19,010,793 Common Shares, representing 10% of the Company's public float, as defined by the TSX, as of September 30, 2024. The NCIB will be in place from October 5, 2024 to October 4, 2025, or until such earlier time as the NCIB is completed or terminated at the option of Trican. As at September 30, 2024, there were 191,945,129 Common Shares of Trican issued and outstanding and the public float for the Company's Common Shares was 190,010,793.

Under TSX rules, the Company is subject to a daily purchase limit of 157,951 Common Shares, representing 25% of the average daily trading volume of 631,806 Common Shares on the TSX for the six calendar months ended September 30, 2024. However, the Company may make one block purchase per calendar week which exceeds such daily purchase restrictions. All Common Shares purchased through the NCIB will be returned to treasury for cancellation. All purchases will be made through the facilities of the TSX or Canadian alternative trading systems at the prevailing market price at the time of such transaction.

The Company intends to enter into an automatic securities purchase plan with a designated broker whereby Common Shares may be repurchased at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self-imposed blackout periods.

Providing returns to shareholders remains core to Trican's strategy. Trican continues to view investment in the NCIB program as an effective method of providing shareholder returns and is committed to maintaining a financially prudent capital structure and managing the NCIB program in accordance with this objective. As the Company's financial position and financial results dictate, management will evaluate and adjust the Company's investment in the NCIB.

FORWARD-LOOKING STATEMENTS

Certain statements and other information contained in this press release constitute "forward-looking information" and/or "statements" within the meaning of applicable Canadian securities legislation (collectively "forward-looking statements"), including, but not limited to, statements concerning the common shares which may be purchased under the NCIB program and related matters. All statements in this press release other than those relating to historical facts or current conditions are forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "estimate", "expect", "intend", "contemplate", "plan", "planned" "intend", "continue", "propose", "might", "may", "will", "shall", "project"', "should"', "could", "would", "believe", "predict", "forecast", "pursue", "potential", "capable", "commit", "maintain", "evaluate", "manage", and other similar terms and phrases. These forward-looking statements involve known and unknown risks, uncertainties, and other factors (many of which are beyond our control) that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct. Therefore, the forward-looking statements included in this press release should not be unduly relied upon.

These forward-looking statements speak only as of the date of this news release. Our actual results, performance or achievements could differ materially from those anticipated in these forward-looking statements as a result of general economic, market and business conditions, as well as the risk factors set forth in the "Risk Factors" section of our most recent Annual Information Form and annual MD&A. Readers are cautioned that the foregoing lists of factors are not exhaustive. Forward-looking statements are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although management of Trican believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Trican can give no assurance that such expectations will prove to be correct.

Except as required under applicable Canadian securities legislation, Trican disclaims any intention or obligation to update or revise any forward-looking statements in this press release as a result of new information, future events or otherwise.

Additional information regarding Trican including Trican's most recent AIF, is available under Trican's profile on SEDAR+ (www.sedarplus.ca).

ABOUT TRICAN

Headquartered in Calgary, Alberta, Trican supplies oil and natural gas well servicing equipment and solutions to our customers through the drilling, completion and production cycles. Our team of technical experts provide state-of-the-art equipment, engineering support, reservoir expertise and laboratory services through the delivery of hydraulic fracturing, cementing, coiled tubing, nitrogen services and chemical sales for the oil and gas industry in Western Canada. Trican is the largest pressure pumping service company in Canada.

Requests for further information should be directed to:

Bradley P.D. Fedora
President and Chief Executive Officer

Scott E. Matson
Chief Financial Officer

Phone: (403) 266-0202
2900, 645 - 7th Avenue S.W.
Calgary, Alberta T2P 4G8

Please visit our website at www.tricanwellservice.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225406

FAQ

How many shares did Trican Well Service (TOLWF) repurchase in its 2023-2024 NCIB program?

Trican Well Service repurchased 21,004,897 Common Shares in its 2023-2024 NCIB program, which was the maximum amount allowable.

What is the total value and average price of shares repurchased by Trican (TOLWF) in the 2023-2024 NCIB?

Trican repurchased shares for a total of $94.7 million at a weighted average price of $4.50 per share in the 2023-2024 NCIB program.

How many shares can Trican Well Service (TOLWF) purchase under the renewed 2024-2025 NCIB program?

Under the renewed 2024-2025 NCIB program, Trican can purchase up to 19,010,793 Common Shares, representing 10% of the company's public float.

What is the duration of Trican's (TOLWF) renewed NCIB program for 2024-2025?

Trican's renewed NCIB program for 2024-2025 will be in place from October 5, 2024, to October 4, 2025, unless completed or terminated earlier.

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Oil & Gas Equipment & Services
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