CALGARY, Alberta, Sept. 11, 2017 (GLOBE NEWSWIRE) --
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Strad Energy Services Ltd. ("Strad" or the "Corporation") (TSX:SDY) today announced that the Toronto Stock Exchange ("TSX") has accepted Strad's notice of intention to commence a normal course issuer bid (the "NCIB"). Under the NCIB, Strad may purchase for cancellation, from time to time, as Strad considers advisable, up to a maximum of 3,000,637 common shares of the Corporation ("Common Shares"), which represents 5% of the 60,012,740 issued and outstanding Common Shares as at the date hereof. Purchases of Common Shares may be made on the open market through the facilities of the TSX and through other alternative Canadian trading platforms at the prevailing market price at the time of such transaction. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by Strad, subject to a maximum daily purchase limitation of 4,960 Common Shares which equates to 25% of Strad's average daily trading volume of 19,842 for the six months ended August 31, 2017. Strad may make one block purchase per calendar week which exceeds the daily repurchase restrictions. Any Common Shares that are purchased by Strad under the NCIB will be cancelled.
The NCIB will commence on September 14, 2017, and will terminate on September 13, 2018, or such earlier time as the NCIB is completed or terminated at the option of Strad.
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
Fax: (403) 232-6901
Email: apernal@stradenergy.com
Strad Energy Services Ltd.
Michael Donovan
Chief Financial Officer
(403) 775-9221
Fax: (403) 232-6901
Email: mdonovan@stradenergy.com