08:53 AM EDT, 05/15/2025 (MT Newswires) -- SECURE Waste Infrastructure Corp. ( SECYF ) announced Thursday the preliminary results of its substantial issuer bid, pursuant to which SECURE offered to purchase for cancellation up to $200 million of its outstanding common shares from holders of shares for cash.

A statement noted the offer proceeded by way of a modified Dutch auction which had a tender price range from $12.00 per Share to $14.50 per share and included the ability for shareholders to participate via a proportionate tender. The offer expired at 5:00 p.m. (Eastern time) on May 14, 2025.

Thursday's statement noted 9,413,963 shares have been deposited to the offer and not withdrawn. In accordance with the terms and conditions of the offer, based on the preliminary count and after accounting for proportionate tenders, SECURE expects to take up and pay for 9,382,391 shares at a purchase price of $14.50 per share, without proration.

The shares to be purchased under the offer are expected to represent an aggregate purchase price of approximately $136,044,670 and 4% of SECURE's issued and outstanding shares before giving effect to the offer. Immediately following completion of the offer, SECURE expects to have 221,492,147 shares issued and outstanding.

SECURE believes its "strong balance sheet and robust projected cash flows" provide it with the flexibility to execute on its capital allocation priorities, including enhanced shareholder returns via additional share buybacks under its normal course issuer bid, where it has approval to purchase up to an additional 13,598,634 shares prior to December 17, 2025. While the offer was undersubscribed, SECURE said it is "encouraged by the indication that many of its shareholders share its strong conviction in the intrinsic value of the business".

SES eased $0.16 or 1.1% to $13.47 yesterday.