ENTREC Corporation
TSX : ENT

ENTREC Corporation

November 17, 2014 07:00 ET

ENTREC Announces Normal Course Issuer Bid for Its Shares

ACHESON, ALBERTA--(Marketwired - Nov. 17, 2014) - ENTREC Corporation ("ENTREC" or the "Company") (TSX:ENT), a premier crane service and specialized transportation solutions provider, announces that the Toronto Stock Exchange (the "Exchange") has accepted ENTREC's Notice of Intention to Make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as ENTREC considers advisable, its issued and outstanding common shares (the "Shares").

There are 107,570,774 Shares issued and outstanding as at November 6, 2014 and November 17, 2014 of which 76,901,134 Shares are in the "public float" (as defined in the applicable policies of the Exchange). Pursuant to the Bid, ENTREC intends to purchase for cancellation up to a maximum of 7,690,113 Shares, being equal to 10% of ENTREC's public float as at November 6, 2014. Notwithstanding the foregoing, pursuant to the rules of the Exchange, ENTREC may not purchase more than 51,705 Shares in any one day, such amount being equal to 25% of the average daily trading volume of ENTREC'S Shares, being 206,824 shares, since listing on the Exchange on June 9, 2014 and ending October 31, 2014.

Purchases under the Bid will be made on the open market through the facilities of the Exchange and other Canadian marketplaces. ENTREC has appointed National Bank Financial Inc. as its broker, who will conduct the Bid on behalf of ENTREC. The price that ENTREC will pay for any Shares purchased by it will be the prevailing market price of the Shares on the Exchange and other Canadian marketplaces at the time of such purchase. The actual number of Shares that may be purchased under the Bid for cancellation and the timing of any such purchases will be determined by ENTREC.

The Bid will commence on November 20, 2014 and will terminate on November 19, 2015 or such earlier time as the Bid is completed or terminated at the option of ENTREC.

Management of ENTREC believes that, from time to time, the market price of the Shares may not fully reflect their underlying value and that at such times the purchase of Shares would be in the best interests of ENTREC. At times when the market price does not fully reflect the value of the Shares, such purchases would increase the proportionate interest of, and be advantageous to, all remaining shareholders.

ENTREC purchased and cancelled 8,561,671 Shares during the previous 12 months under its previous normal course issuer bid for a total of cost of $11.7 million (average purchase price - $1.37 per share).

About ENTREC

ENTREC is a premier crane service and specialized transportation solutions provider to the oil and natural gas, construction, petrochemical, mining and power generation industries. ENTREC is listed on the Toronto Stock Exchange under the symbol ENT.

Contact Information

  • ENTREC Corporation
    John M. Stevens
    President & CEO
    (780) 960-5625

    ENTREC Corporation
    Jason Vandenberg
    CFO
    (780) 960-5630