FOR IMMEDIATE RELEASE
CALGARY, Alberta (December 13, 2018) – 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 (the "NCIB").
Under the NCIB, Pason may purchase for cancellation, from time to time, as Pason considers advisable, up to a maximum of 6,556,292 common shares of Pason ("Common Shares"), which represents 10% of the public float of 65,562,924 Common Shares as at December 11, 2018. Purchases of Common Shares will be made on the open market through the facilities of the TSX and through a variety of 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 31,538 Common Shares which equates to 25% of Pason's average daily trading volume for the six months ended November 30, 2018. As permitted by the TSX rules, Pason may also make one block purchase per calendar week which exceeds the daily purchase restriction.
As at December 11, 2018, there were 85,750,131 Common Shares issued and outstanding.
The NCIB will commence on December 18, 2018 and will terminate on December 17, 2019 or such earlier time as the NCIB is completed or terminated at the option of Pason. National Bank Financial Inc. will act on Pason's behalf to make purchases of Common Shares pursuant to the NCIB. Pason intends to enter into an automatic purchase plan for the NCIB 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. 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:
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