CALGARY, ALBERTA–(Marketwired – March 28, 2017) – Total Energy Services Inc. (TSX:TOT) (“Total” or the “Corporation“) announced today that, in connection with its previously announced Offer (as defined below) to purchase all of the issued and outstanding common shares (“Savanna Shares“) of Savanna Energy Services Corp. (“Savanna“), it has purchased, through the facilities of the Toronto Stock Exchange (the “TSX“), 49,000 Savanna Shares (the “Acquired Shares“). All of the Acquired Shares were purchased on March 28, 2017.
On December 9, 2016, Total commenced an offer to purchase all of the outstanding Savanna Shares. On March 1, 2017, Total filed a Notice of Change and Notice of Variation, which amended its original offer to, among other things, increase the consideration payable for Savanna Shares taken up by Total to 0.1300 of a Total common share and $0.20 in cash per Savanna Share and on March 13, Total filed a Notice of Variation indicating that it waived the 66 2/3 minimum tender condition (together, the “Offer“). At 11:59 p.m. (Pacific time) on March 24, 2017, Total Energy took up 60,952,797 Savanna common shares validly tendered to the Offer (and not previously withdrawn) and announced that it had extended the period for the tender of additional Savanna common shares under its Offer to 12:00 p.m. on April 7, 2017. Full details of the extension of the period during which additional Savanna Shares may be tendered under the Offer are included in a Notice of Extension, filed on SEDAR (under Savanna’s profile) at www.sedar.com and mailed to registered securityholders of Savanna on March 27, 2017.
The highest price paid for the Acquired Shares was $1.92. During the currency of the Offer, Total has purchased on the TSX an aggregate of 549,000 Savanna Shares at an average price of $1.96. After giving effect to the purchase of the Acquired Shares, Total owns 61,501,797 Savanna Shares.
Total previously announced its intention to purchase Savanna Shares through the facilities of the TSX, subject to applicable law, from time to time commencing on January 13, 2017 until the expiry of the Offer. The purchase by Total of the Acquired Shares was undertaken in support of Total’s objective of acquiring 100% of the Savanna Shares.
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).