CALGARY, AB, Dec. 15, 2021 /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
("2022 NCIB"). The 2022 NCIB effectively renews the existing normal
course issuer bid, which started on December
18, 2020, and is scheduled to end on December 17, 2021 ("2021 NCIB"). The 2022
NCIB will commence on December 20,
2021 and will terminate on December
19, 2022 or such earlier time as the 2022 NCIB is completed
or terminated at the option of Pason.
Under the 2021 NCIB, Pason had received approval from the TSX to
purchase for cancellation up to a maximum of 4,149,047 common
shares of Pason ("Common Shares"), representing approximately 10%
of the public float of Common Shares outstanding at the time of
approval. As of December 9, 2021,
Pason had repurchased and cancelled 673,779 Common Shares under the
2021 NCIB through market purchases on the TSX and other Canadian
alternative trading systems, at an average purchase price of
approximately $8.85 per share.
Under the 2022 NCIB, Pason may purchase for cancellation, from
time to time, as Pason considers advisable, up to a maximum of
7,131,543 Common Shares, which represents 10% of the public float
of 71,315,435 Common Shares as at December
9, 2021. Purchases of Common Shares will be made on the open
market through the facilities of the TSX and through Canadian
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 52,510 Common Shares which equates to 25% of Pason's
average daily trading volume for the six months ended November 30, 2021 (being 210,043 Common Shares).
As permitted by the TSX rules, Pason may also make one block
purchase per calendar week which exceeds the daily purchase
restriction.
As of December 9, 2021, there
were 82,428,718 Common Shares issued and outstanding.
National Bank Financial Inc. will act on Pason's behalf to make
purchases of Common Shares pursuant to the 2022 NCIB. Pason intends
to enter into an automatic purchase plan concurrently with the
commencement of the 2022 NCIB to effect purchases of Common Shares
on behalf of the Corporation 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. Through Energy
Toolbase (ETB), the company also provides products and services for
the solar power and energy storage industry. ETB's solutions enable
solar and energy storage developers to model, control and measure
economics and performance of solar energy and storage projects.
Pason's common shares trade on the Toronto Stock Exchange under the
symbol PSI.
For more information about Pason Systems Inc., visit the
company's website at www.pason.com or contact
investorrelations@pason.com.
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).
SOURCE Pason Systems Inc.