CALGARY, Dec. 13, 2018 /CNW/ - Pason Systems Inc.
(TSX: PSI) announced that the Toronto Stock Exchange ("TSX") has
accepted Pason's Notice of Intention to commence a normal course
issuer bid (the "NCIB").
Under the NCIB, Pason may purchase for cancellation, from time
to time, as Pason considers advisable, up to a maximum of 6,556,292
common shares of Pason ("Common Shares"), which represents 10% of
the public float of 65,562,924 Common Shares as at December 11, 2018. Purchases of Common Shares
will be made on the open market through the facilities of the TSX
and through a variety of alternative trading systems. Pason will
pay the prevailing market price of the Common Shares on the TSX at
the time of any purchases made by Pason. The actual number of
Common Shares that may be purchased for cancellation and the timing
of any such purchases will be determined by Pason, subject to a
maximum daily purchase limitation of 31,538 Common Shares which
equates to 25% of Pason's average daily trading volume for the six
months ended November 30, 2018. As
permitted by the TSX rules, Pason may also make one block purchase
per calendar week which exceeds the daily purchase restriction.
As at December 11, 2018, there
were 85,750,131 Common Shares issued and outstanding.
The NCIB will commence on December 18,
2018 and will terminate on December
17, 2019 or such earlier time as the NCIB is completed or
terminated at the option of Pason. National Bank Financial Inc.
will act on Pason's behalf to make purchases of Common Shares
pursuant to the NCIB. Pason intends to enter into an automatic
purchase plan for the NCIB during trading blackout periods as
defined by Pason's insider trading policy.
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 such times the purchase of
Common Shares would be in the best interests of Pason. Such
purchases will increase the proportionate interest of, and may be
advantageous to, all remaining shareholders.
Pason Systems Inc.
Pason Systems Inc. is a leading
global provider of specialized data management systems for drilling
rigs. Our solutions, which include data acquisition, wellsite
reporting, remote communications, web-based information management,
and analytics, enable collaboration between the rig and the office.
Pason's common shares trade on the Toronto Stock Exchange under the
symbol PSI.
Certain information regarding the Company contained herein may
constitute forward-looking information under applicable securities
law. The words "anticipate", "expect", "believe", "may", "should",
"will", "estimate", "project", "outlook", "forecast" or other
similar words are used to identify such forward-looking information
and statements. Forward-looking statements in this document may
include statements, express or implied regarding the anticipated
business prospects and financial performance of Pason; expectations
or projections about future strategies and goals for growth and
expansion; expected and future cash flows and revenues; and
expected impact of future commitments. These forward-looking
statements are based upon various underlying factors and
assumptions, including the state of the economy and the oil and gas
exploration and production business, in particular; the Company's
business prospects and opportunities; and estimates of the
financial and operational performance of Pason.
Forward-looking information and statements are subject to known
or unknown risks and uncertainties that may cause actual results to
differ materially from those anticipated or implied in the
forward-looking information and statements. Risk factors that could
cause actual results or events to differ materially from current
expectations include, among others, the ability of Pason to
successfully implement its strategic initiatives and whether such
strategic initiatives will yield the expected benefits, the
operating performance of Pason's assets and businesses, the price
of energy commodities, competitive factors in the energy industry,
changes in laws and regulations affecting Pason's businesses,
technological developments, and general economic conditions.
Readers are cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such forward looking statements, although considered
reasonable by management as of the date hereof, may prove to be
incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.
Additional information on risks and uncertainties and other
factors that could affect Pason's operations or financial results
are included in Pason's reports on file with the Canadian
securities regulatory authorities and may be accessed through the
SEDAR website (www.sedar.com) or through Pason's website
(www.pason.com). Furthermore, any forward looking statements
contained in this news release are made as of the date of this news
release, and Pason does not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by securities law.
SOURCE Pason Systems Inc.