CALGARY, ALBERTA–(Marketwired – Jan. 13, 2017) – Total Energy Services Inc. (“Total” or the “Corporation“) (TSX:TOT) announced today that it intends, subject to market conditions and applicable securities laws, to purchase common shares (the “Savanna Shares“) of Savanna Energy Services Corp. (“Savanna“) through the facilities of the Toronto Stock Exchange (the “TSX“). Purchases of Savanna Shares may occur from time to time during the period commencing on January 16, 2017 and ending at the expiry time of Total’s offer (the “Offer“) to acquire all of the issued and outstanding Savanna Shares.
Under applicable Canadian securities laws, the aggregate number of Savanna Shares that may be acquired by Total or any of its affiliates through the facilities of the TSX is limited to 5% of the outstanding Savanna Shares as at the date of the Offer (being December 9, 2016). The purchase price for any Savanna Shares acquired by Total or any of its affiliates through the facilities of the TSX may be different than the per share value ascribed to the Savanna Shares under the Offer. Total will be required to issue and file a news release, setting out information concerning the number of Savanna Shares purchased and other information prescribed by applicable Canadian securities laws, after the close of business on each day on which Total or any of its affiliates purchase Savanna Shares.
Total’s objective in purchasing Savanna Shares, as contemplated by this news release, is to assist it in achieving its previously stated objective of acquiring 100% of the Savanna Shares.
The expiry time for the Offer is 11:59 p.m. (Pacific Time) on March 24, 2017, unless the Offer is accelerated or extended by Total or withdrawn by Total.
Total is a growth oriented energy services corporation involved in contract drilling services (Chinook Drilling), rentals and transportation services (Total Oilfield Rentals) and the fabrication, sale, rental and servicing of natural gas compression (Bidell Gas Compression) and process equipment (Spectrum Process Systems).