Total Energy Services Inc. (TO: TOT) plans to repurchase up to some 1.6 million common shares from Sept. 30, 2013 to Sept. 30, 2014.
Total filed a notice with the Toronto Stock Exchange to undertake a normal course issuer bid that will expire on Sept. 29, 2014. Total has been informed that the TSX has accepted its notice to make the normal course issuer bid. All purchases of common shares will be effected through the facilities of the TSX and other alternative markets and all shares purchased will be cancelled by Total.
As of Sept. 26, there were some 31.1 million shares issued and outstanding. In connection with the normal course issuer bid, Total may purchase up to some 1.6 million shares, being 5% of the total number of outstanding shares, during the period from Sept. 30, 2013 to Sept. 29, 2014, subject to a maximum daily purchase limit of 7,059 shares based on an average daily trading volume for the last six calendar months of 28,238 shares.
From time to time, purchases of shares may be undertaken at prices that represent an attractive investment opportunity for Total. Total expects that the purchase of shares will benefit the remaining shareholders of Total by increasing their proportionate equity investment in Total.
On Sept. 26, 2012, Total announced its intention to undertake a normal course issuer bid, which remained in effect during the 12-month period ending Sept. 27, 2013. Under that normal course issuer bid, to date, Total purchased a total of 464,900 shares, at an average price of $14.63 per share, including 49,800 shares purchased under the current normal course issuer bid but not yet cancelled.
Total Energy Services Inc. operates as a public energy services company in Canada and internationally. The company is headquartered in Calgary.