CALGARY, March 5, 2019 /CNW/ - (TSX: SDY) – Strad Energy Services Ltd. ("Strad") announced today that it has entered into an automatic share purchase plan ("ASPP") with a broker in order to facilitate repurchases of Strad's class A shares ("Common Shares") under its previously announced normal course issuer bid ("NCIB").
Strad previously announced that it had received approval from the Toronto Stock Exchange ("TSX") to purchase up to a maximum of 4,067,205 Common Shares, representing approximately 10% of its public float of issued and outstanding Common Shares, pursuant to the NCIB on the open market through the facilities of the TSX or through alternative Canadian trading platforms at the prevailing market price at the time of such transaction.
Under Strad's ASPP, Strad's broker may purchase Common Shares under the NCIB at times when Strad ordinarily would not be active in the market due to insider trading rules and its own internal trading blackout periods. Purchases will be made by Strad's broker in its sole discretion based upon parameters set by Strad prior to the commencement of any such blackout period and in accordance with the rules of the TSX and the terms of the ASPP. Outside of these blackout periods, Common Shares may continue to be purchased in Strad's discretion, in compliance with TSX rules and applicable securities laws. Any Common Shares that are purchased by Strad under the NCIB will be cancelled. The ASPP has been pre-cleared by the TSX and entered into in accordance with the requirements of applicable Canadian securities laws.
The NCIB commenced on November 28, 2018 and will terminate on November 27, 2019 or such earlier date as Strad may complete its maximum purchases pursuant to the NCIB. All repurchases made under the ASPP will be included in computing the maximum number of Common Shares allowed for purchase under the NCIB.
Strad specializes in industrial matting and equipment rentals for projects of any size, from a network of branches across Canada and the United States. Strad aims to exceed customer expectations in many industrial sectors, including Oil & Gas, Pipeline, Power Transmission, and Mining.
Strad is headquartered in Calgary, Alberta, Canada. Strad is listed on the Toronto Stock Exchange under the trading symbol "SDY".
For more information, please contact:
President & Chief Executive Officer
Chief Financial Officer