- Essential Energy Services (ESN) has announced its intention to implement a normal course issuer bid (NCIB)
- Under the NCIB, Essential may purchase up to 10,374,478 shares on the open market
- The company may purchase a maximum of 23,482 shares per day
- Essential will pay the prevailing market price for all shares purchased, which will be cancelled
- Essential provides oilfield services to oil and natural gas producers in western Canada
- Essential Energy Services Ltd. (ESN) is up 5.71 per cent on the day, trading at C$0.37 per share at 3:45 pm EST
Essential Energy Services (ESN) has announced its intention to implement a normal course issuer bid (NCIB).
Under the NCIB, Essential may purchase up to 10,374,478 shares, or 7.5 percent of the public float, on the open market through the TSX. The company may purchase a maximum of 23,482 shares per day.
Any shares purchased under the NCIB will be cancelled. Essential will pay the prevailing market price for all shares purchased.
Essential has entered into an Automatic Share Purchase Plan with a broker for the purpose of buying shares through Essential’s blackout periods. All other purchases under the NCIB will be at the discretion of Essential.
Essential believes the purchase of its shares for cancellation is an attractive opportunity to enhance shareholder value.
Essential provides oilfield services to oil and natural gas producers in western Canada. Essential offers completion, production and wellsite restoration services.
Essential Energy Services Ltd. (ESN) is up 5.71 per cent on the day, trading at C$0.37 per share at 3:45 pm EST.