CALGARY, ALBERTA--(Marketwire - Dec. 19, 2012) - Enerflex Ltd. (TSX:EFX) ("Enerflex") announced today that it has filed with the Toronto Stock Exchange ("TSX") a Notice of Intention to make a normal course issuer bid to purchase a portion of its common shares ("Common Shares") through the facilities of the TSX. The normal course issuer bid will be made in accordance with the requirements of the TSX. The normal course issuer bid will commence on December 21, 2012 and will terminate on the earlier of (i) Enerflex purchasing 6,342,990 Common Shares; (ii) Enerflex providing notice of termination to the TSX; or (iii) December 20, 2013.
Enerflex currently has 77,660,281 Common Shares issued and outstanding. Under the normal course issuer bid, Enerflex is entitled to purchase, from time to time during the next 12 months, up to 6,342,990 Common Shares, representing 10% of its public float as of November 30, 2012, determined in accordance with TSX rules. The price that Enerflex will pay for any Common Shares will be the market price of such Common Shares at the time of acquisition. All Common Shares purchased under this normal course issuer bid will be cancelled. Enerflex may purchase up to 23,514 Common Shares on the TSX during any trading day, representing 25% of the average daily trading volume of 94,057 Common Shares for the six months ended November 30, 2012, except where such purchases are made in accordance with "block" purchase exemptions under TSX guidelines.
Enerflex believes that from time-to-time the purchase of its Common Shares at prevailing market prices may be a worthwhile investment and in the best interests of both Enerflex and its shareholders. Enerflex's previous normal course issuer bid expired on December 18, 2012. Zero Common Shares were purchased under the expired normal course issuer bid.
Enerflex Ltd. is the single source supplier of products and services to the global oil and gas production industry. Enerflex provides natural gas compression and oil and gas processing equipment for sale or lease, refrigeration systems and power generation equipment and a comprehensive package of field maintenance and contracting capabilities. Through the Company's ability to provide these products and services in an integrated manner, or as stand-alone offerings, Enerflex offers its customers a unique value proposition.
Headquartered in Calgary, Canada, Enerflex has approximately 3,200 employees. Enerflex, its subsidiaries, interests in affiliates and joint-ventures operate in Canada, the United States, Argentina, Colombia, Australia, the United Kingdom, Russia, the United Arab Emirates, Egypt, Oman, Bahrain, Indonesia and Singapore. Enerflex's shares trade on the Toronto Stock Exchange under the symbol "EFX". For more information about Enerflex, go to www.enerflex.com.