TSX:SES - Post Discussion
Post by
retiredcf on Jun 06, 2024 9:57am
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with the company highlighting that the offer was oversubscribed as ~40.5MM shares were validly tendered and not withdrawn pursuant to the offer.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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