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Secure Energy Services Inc T.SES

Alternate Symbol(s):  SECYF

Energy Oil & Gas Refining & Marketing
SECURE Energy Services Inc. is a Canada-based company that operates waste management and energy infrastructure business. Its Waste Management segment includes a network of waste processing facilities, produced water pipelines, industrial landfills, waste transfer stations, metal recycling facilities, and specialty chemicals. Through the infrastructure network, it carries out business operations, including the processing, recovery, recycling and disposal of waste streams generated by its energy and industrial customers. Its services include produced and wastewater disposal, hazardous and non-hazardous waste processing and transfer, treatment of crude oil emulsions, metal recycling, drilling waste management and specialty chemicals. Its Energy Infrastructure segment includes a network of crude oil gathering pipelines, terminals and storage facilities. Through this infrastructure network, the Corporation engages in the transportation, optimization, terminalling, and storage of crude oil.


TSX:SES - Post by User

Secure Energy Services Inc
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Post by retiredcfon Jun 06, 2024 9:57am
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Post# 36075016

RBC

RBC

June 6, 2024

Secure Energy
SIB 2x subscribed at the low end of price range

TSX: SES | CAD 11.50 | Sector Perform | Price Target CAD 14.00

Sentiment: Neutral

Our view: SES announced preliminary results of its substantial issuer bid that expired on June 5. Secure expects to repurchase about $250MM (8.33%) of its outstanding shares at $11.40/share. While the price was at the low end of the range, the SIB was about 2x subscribed. We expect the release to have a neutral impact to SES shares in today’s trading.

• SIB preliminary results. SES expects to take up and pay for 21.9MM shares at $11.40/share for an aggregate purchase amount of ~$250MM, representing 8.33% of SES's issued and outstanding shares before the offer. Immediately following completion of the SIB, SES expects to have 241.2MM shares issued and outstanding, with the company highlighting that the offer was oversubscribed as ~40.5MM shares were validly tendered and not withdrawn pursuant to the offer. The price range was $11.40-$13.00/share.


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