Calfrac Well Services has filed a Notice of Intention to Make a Normal Course Issuer Bid with the Toronto Stock Exchange pursuant to which the Corporation indicated that it intends, subject to the receipt of regulatory approval, to make a normal course issuer bid for certain of its outstanding common shares on the terms set forth in the Notice.
From time to time, common shares may become available for purchase at prices that make them an attractive investment. The Corporation expects that the purchase of common shares will benefit the remaining shareholders of the Corporation by increasing their equity interest in the Corporation's assets.
On October 14, 2008, 37,844,343 common shares were outstanding. Under the rules of the Exchange, in the period commencing on October 23, 2008, and ending on October 22, 2009, the Corporation may acquire up to 1,892,217 common shares of the Corporation, being approximately 5% of the common shares outstanding as at October 14, 2008. If market conditions permit, the Corporation presently anticipates that it will acquire the maximum number of shares it is entitled to purchase as set forth above as. In accordance with the applicable rules of the Exchange, the maximum number of shares which may be acquired by the Corporation on any given day is 48,324, subject to the block purchase exemption provided for in the Company Manual.
Any shares purchased pursuant to the Notice will be cancelled. Shares will be purchased at the market price of the shares at the time of purchase and will be purchased on behalf of the Corporation by a registered investment dealer through the facilities of the Exchange. The funding for any purchase of common shares pursuant to the normal course issuer bid will be financed out of working capital of the Corporation.
The Corporation has not purchased any common shares pursuant to a normal course issuer bid during the 12 month period preceding the date hereof.
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