ENTREC Announces Normal Course Issuer Bid for Its Shares
(firmenpresse) - SPRUCE GROVE, ALBERTA -- (Marketwired) -- 11/14/13 -- ENTREC Corporation (TSX VENTURE: ENT) ("ENTREC" or the "Company"), a leading provider of heavy lift and heavy haul services, announces that the TSX Venture Exchange (the "Exchange") has accepted ENTREC's Notice of Intention to Make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as ENTREC considers advisable, its issued and outstanding common shares (the "Shares").
There are 115,640,248 Shares issued and outstanding as at November 13, 2013 of which 85,619,715 Shares are in the "public float" (as defined in the applicable policies of the Exchange). Pursuant to the Bid, ENTREC intends to purchase for cancellation up to a maximum of 8,561,671 Shares, being equal to 10% of ENTREC's public float. Notwithstanding the foregoing, pursuant to the rules of the Exchange, ENTREC may not purchase, when aggregated with the total of all other purchases in the preceding thirty (30) days, whether through the facilities of the Exchange or otherwise, more than 2% of the total issued and outstanding Shares outstanding at the time the purchases are made.
Purchases under the Bid will be made on the open market through the facilities of the Exchange and other Canadian marketplaces. ENTREC has appointed National Bank Financial Inc. as its broker, who will conduct the Bid on behalf of ENTREC. The price that ENTREC will pay for any Shares purchased by it will be the prevailing market price of the Shares on the Exchange and other Canadian marketplaces at the time of such purchase. The actual number of Shares that may be purchased under the Bid for cancellation and the timing of any such purchases will be determined by ENTREC.
The Bid will commence on November 20, 2013 and will terminate on November 19, 2014 or such earlier time as the Bid is completed or terminated at the option of ENTREC.
Management of ENTREC believes that, from time to time, the market price of the Shares may not fully reflect their underlying value and that at such times the purchase of Shares would be in the best interests of ENTREC. At times when the market price does not fully reflect the value of the Shares, such purchases would increase the proportionate interest of, and be advantageous to, all remaining shareholders.
ENTREC has not purchased any Shares during the previous 12 months.
About ENTREC
ENTREC is a leading provider of heavy lift and heavy haul services with offerings encompassing crane services, heavy haul transportation, engineering, logistics and support. ENTREC provides these services to the oil and natural gas, construction, petrochemical, mining and power generation industries. ENTREC's common shares trade on the TSX Venture Exchange under the trading symbol "ENT".
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
ENTREC Corporation
Rod Marlin
Chairman & CEO
(780) 960-5647
ENTREC Corporation
John M. Stevens
President & COO
(780) 960-5625
ENTREC Corporation
Jason Vandenberg
CFO
(780) 960-5630
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Datum: 14.11.2013 - 12:00 Uhr
Sprache: Deutsch
News-ID 316468
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contact information:
Town:
SPRUCE GROVE, ALBERTA
Kategorie:
Oil & Gas
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