07:16 AM EDT, 04/29/2024 (MT Newswires) -- SECURE Energy Services Inc. ( SECYF ) entered Monday into an agreement with an affiliate of TPG Angelo Gordon to purchase for cancellation an aggregate of 13,181,020 common shares in the capital of SECURE at a price of $11.38 per share (representing a discount of near 1.8% to the closing price of the shares on the Toronto Stock Exchange on April 26, 2024), for gross proceeds to the selling shareholder of approximately $150 million.

As a result of the share repurchase transaction, Monday's statement noted, TPG Angelo Gordon's ownership in SECURE will be reduced from 52,529,667 Shares to 39,348,647 shares (representing a decrease from near 19.01% to near 14.96% of the issued and outstanding shares after giving effect to the share repurchase transaction).

SECURE also reiterated Monday its intention to commence a substantial issuer bid whereby SECURE will offer to purchase up to $250 million of its outstanding shares from holders of shares, excluding TPG Angelo Gordon. As of April 29, 2024, after giving effect to the share repurchase transaction, there will be 263,097,071 shares issued and outstanding. The offer will be for near 8.34% of the total number of issued and outstanding shares, after giving effect to the share repurchase transaction, if the purchase price is determined to be $11.40 (which is the minimum price per share under the offer) and approximately 7.31% of the total number of issued and outstanding shares, after giving effect to the share repurchase transaction, if the purchase price is determined to be $13.00 (which is the maximum price per share under the offer).