I had a huge position but started selling at .50 cents..Now today buying back at .44 cents using TD.
What kind of company announces a normal course issuer bid when shares are .35 freeking sense but does not buy any shares! They have purchased 7000 shares thus far!
Check out Canadian Insider purchases.
NCIB was announced in December 2021.
Mr. Garnet Amundson reports
ESSENTIAL ENERGY SERVICES ANNOUNCES NORMAL COURSE ISSUER BID
The Toronto Stock Exchange has accepted Essential Energy Services Ltd.'s notice of intention to implement a normal course issuer bid (NCIB) during the 12-month period commencing Dec. 21, 2021, and ending Dec. 20, 2022, or until such earlier time the NCIB is completed or terminated at the option of Essential.
At Dec. 16, 2021, Essential had 141,856,813 common shares issued and outstanding. Under the NCIB, Essential may purchase up to 10,374,478 shares, representing 7.5 per cent of the public float, on the open market through the facilities of the TSX and/or other alternative Canadian trading systems. The actual number of shares that will be purchased will be determined by Essential, subject to the maximum daily purchase limitation of 23,482 shares, which is 25 per cent of the six-month average daily trading volume of shares on the TSX at Nov. 30, 2021. Essential may make one block purchase per calendar week, which exceeds the daily purchase limitation. Any shares purchased under the NCIB will be cancelled. The price which Essential will pay for any shares purchased will be the prevailing market price of such shares at the time of purchase.
Essential has entered into an automatic share purchase plan with a broker for the purpose of buying shares through Essential's blackout periods. Such purchases would be determined by the broker in its sole discretion, based on parameters that are established by Essential prior to any blackout period. All other purchases under the NCIB will be at the discretion of Essential.
The board of directors of Essential believes the shares currently trade in a price range that does not adequately reflect the underlying value of Essential's assets and operations. As a result, Essential believes the purchase of its shares, from time to time, for cancellation is an attractive opportunity to enhance shareholder value.
About Essential Energy Services Ltd.
Essential provides oil field services to oil and natural gas producers, primarily in Western Canada. Essential offers completion, production and well site restoration services to a diverse customer base. Services are offered with coil tubing, fluid and nitrogen pumping and the sale and rental of downhole tools and equipment. Essential offers one of the largest coil tubing fleets in Canada.