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CES Energy Solutions Renews Buyback After $112M Spent at $10.65 Avg
CES Energy Solutions will repurchase up to 18.1 million shares over 12 months after spending $112M on its prior buyback at C$10.65 a share. The NCIB starts July 22.
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CES Energy Solutions Corp. (TSX: CEU, OTC: CESDF) will buy back up to 18.1 million of its own shares over the next year, the company said Monday, renewing a program that has already retired 10.5 million shares at an average price of C$10.65 each.
The Toronto Stock Exchange accepted the notice for the normal course issuer bid, which starts July 22 and runs through July 21, 2027, or until the maximum is purchased. The new authorization covers 10% of the public float, or 18,139,079 common shares based on the 181,390,795-share float as of July 9.
Under the expiring NCIB, CES had approval to buy 18,911,524 shares. It spent roughly $112 million on the 10.5 million shares acquired to date, at a volume-weighted average price of C$10.65. Those shares will be cancelled.
"CES' Board of Directors and management continue to believe that from time to time the market price of CES' Common Shares do not reflect their underlying value," the company said in a statement. The renewal gives the energy-services firm "an additional capital allocation alternative" to reduce its share count and boost per-share metrics.