ST. ALBERT, AB, Aug. 17, 2018 /CNW/ - Enterprise
Group, Inc. ("Enterprise," or "the Company") (TSX: E)
announces that the Toronto Stock Exchange ("TSX") has
accepted its notice of intention to make a normal course issuer bid
to purchase outstanding common shares of the Company
("Shares") on the open market in accordance with the rules
of the TSX.
The Company is authorized to purchase up to 4,393,820 Shares
under the normal course issuer bid, representing 10% of its public
float, as of August 7, 2018. As of
that date, there were 55,147,374 Shares issued and outstanding. The
average daily trading volume of the Shares for the six months ended
August 7, 2018, calculated in
accordance with the rules of the TSX, was 37,550 Shares. Enterprise
is subject to a daily repurchase limit of 25% of such volume, being
9,387 Shares, except where such purchases are made in accordance
with the block purchase exemption under TSX rules.
Enterprise intends to commence the normal course issuer bid on
August 21, 2018 and terminate the bid
on August 20, 2019 or such earlier
time as the bid is completed or terminated at the option of the
Company. All Shares purchased under this bid will be purchased in
the open market through the facilities of the TSX or alternative
Canadian trading systems at the prevailing market price at the time
of such transaction. Shares acquired under the bid will be
cancelled. During the past 12 months, the Company has purchased an
aggregate of 505,000 Shares at a weighted average price of
$0.4225 per Share. The previous
normal course issuer bid expired on June 11,
2018.
Enterprise's Board of Directors has authorized the normal course
issuer bid as it is believed that the purchase of the Shares
pursuant to the normal course issuer bid is in the best interest of
shareholders as the Shares may become available at prices that make
an attractive investment and appropriate use of the Company's
funds.
About Enterprise Group, Inc.
Enterprise Group, Inc. is a consolidator of services to the
energy sector. The Company's focus is primarily specialized
equipment rental. The Company's strategy is to acquire
complementary service companies in Western Canada, consolidating capital,
management, and human resources to support continued growth. More
information is available at the Company's website
www.enterprisegrp.ca. Corporate filings can be found on
www.sedar.com
Forward-Looking Information
This news release may contain certain forward-looking
information as defined under applicable Canadian securities
legislation, that is not based on historical fact, including
without limitation statements containing the words "believes",
"anticipates", "plans", "intends", "will", "should", "expects",
"continue", "estimate", "forecasts" and other similar expressions.
In particular, this news release includes forward-looking
information relating to the Company's intention to purchase Shares
pursuant to the normal course issuer bid, the number of Shares to
be purchased, the timing of such purchases and the impact of such
purchases on the value of the remaining Shares. Actual results,
events or developments could be materially different from those
expressed or implied by these forward-looking statements. There is
no assurance that any of the events or expectations will occur or
be realized. By their nature, forward-looking statements are
subject to numerous assumptions and risk factors including those
discussed in the Company's Annual Information Form and most recent
MD&A which are incorporated herein by reference and are
available through SEDAR at www.sedar.com. The forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement and are made as of the date hereof.
The Company disclaims any intention and has no obligation or
responsibility, except as required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE Enterprise Group, Inc.