Total Energy Services Inc. Announces Acquisition of Shares of Savanna Energy Services Corp. on the TSX


Oil and Gas - Mar 22, 2017

Total Energy Services Inc. announced today that, in connection with its previously announced Offer (as defined below) to purchase all of the issued and outstanding common shares (" Savanna Shares ") of Savanna Energy Services Corp. (" Savanna "), it has purchased, through the facilities of the Toronto Stock Exchange , 30,800 Savanna Shares (the " Acquired Shares "). All of the Acquired Shares were purchased on March 22, 2017.

On December 9, 2016, Total commenced an offer to purchase all of the outstanding Savanna Shares. On March 1, 2017, Total filed a Notice of Change and Notice of Variation, which amended its original offer to, among other things, increase the consideration payable for Savanna Shares taken up by Total to 0.1300 of a Total common share and $0.20 in cash per Savanna Share and on March 13, Total filed a Notice of Variation indicating that it waived the 66 2/3 minimum tender condition (together, the " Offer "). The Offer is scheduled to expire at 11:59 p.m. (Pacific Time) on March 24, 2017, unless withdrawn or extended.


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The highest price paid for the Acquired Shares was $1.98. During the currency of the Offer, Total has purchased on the TSX an aggregate of 300,000 Savanna Shares at an average price of $1.98. After giving effect to the purchase of the Acquired Shares, Total owns 300,000 Savanna Shares.

Total previously announced its intention to purchase Savanna Shares through the facilities of the TSX, subject to applicable law, from time to time commencing on January 13, 2017 until the expiry of the Offer. The purchase by Total of the Acquired Shares was undertaken in support of Total's objective of acquiring 100% of the Savanna Shares.

Source : Total Energy Services Inc.

Published on Global Energy World: Mar 22, 2017

 

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