Badger Infrastructure Solutions Ltd. Initiates Normal Course Issuer Bid
![Badger Infrastructure Solutions Ltd. Initiates Normal Course Issuer Bid](https://investorshangout.com/images/blog/investors-hangout-newswire.jpg)
Badger Infrastructure Solutions Ltd. Announces Normal Course Issuer Bid
On August 1, 2024, Badger Infrastructure Solutions Ltd. (TSX:BDGI) announced its intention to file a notice with the Toronto Stock Exchange (the "Exchange") for a normal course issuer bid (the "Notice"). The Exchange has accepted this Notice, allowing Badger to purchase and cancel up to 861,836 common shares in the capital of the company during the specified period beginning on August 26, 2024, and concluding on the earlier of: (i) August 25, 2025; (ii) the date Badger acquires the intended number of shares; or (iii) the date upon which the company decides to terminate the bid.
Enhancing Shareholder Value
Badger believes that the market price of its common shares may not always reflect its underlying business value. By purchasing shares for cancellation, the company aims to provide an opportunity to enhance long-term shareholder returns. This initiative reflects Badger's strategic effort to optimize shareholder value by reducing the number of shares outstanding in the market.
Purchase Details and Limits
The maximum number of common shares that can be bought and cancelled under the normal course issuer bid accounts for approximately 2.5% of the 34,473,438 common shares issued and outstanding as of August 12, 2024. On any given trading day, the total number of shares that Badger may acquire is limited to 15,502 common shares, constituting 25% of the average daily trading volume on the Exchange over a six-month period leading to the acceptance of the Notice, which was recorded at 62,008 common shares. The Exchange's Company Manual provides certain exceptions to this daily purchase limit under specific block purchase exemptions.
Broker Purchase Mechanism
Common shares purchased for cancellation through this bid will be acquired by Badger's broker via the Exchange's facilities, as well as any alternative trading systems in Canada that may be utilized, all in accordance with applicable securities laws. Purchases will occur at the market price of the common shares at the time.
About Badger Infrastructure Solutions Ltd.
Badger Infrastructure Solutions Ltd. is recognized as North America’s leading provider of non-destructive excavation services. The company serves contractors and facility owners engaged in various infrastructure industries, as well as general commercial construction. Badger’s operations are particularly vital in areas where high concentrations of underground power, communication, water, gas, and sewer lines exist. In these scenarios, safety and financial risks are elevated, making non-destructive excavation a preferred choice for excavation requirements.
Innovative Technology
At the core of Badger’s service offerings is the Badger Hydrovac technology, designed primarily for safe excavation around critical infrastructures and in congested underground environments. The Badger Hydrovac employs a pressurized water stream to liquify soil cover, which is then efficiently removed through a powerful vacuum system and transferred into a storage tank. This innovative approach sets Badger apart in the non-destructive excavation industry, where the company not only offers services but also designs and manufactures its hydrovac units at its facility in Red Deer, Alberta. This plant boasts an impressive annual production capacity of over 350 hydrovac units. Additionally, Badger complements its Hydrovac services with a select array of specialty vehicles, including Airvacs, combo trucks, sewer, and flusher units.
Company Contact Information
For further information, please reach out to:
Robert Blackadar, President and Chief Executive Officer
Robert Dawson, Chief Financial Officer
Lisa Olarte, Director, Investor Relations & Financial Planning
Badger Infrastructure Solutions Ltd.
ATCO Centre II
Suite 400, 919 - 11th Avenue SW
Calgary, Alberta T2R 1P3
Telephone (403) 264-8500
Fax (403) 228-9773
Frequently Asked Questions
What is the Notice of Intention filed by Badger?
The Notice indicates Badger's intention to make a normal course issuer bid for up to 861,836 common shares to enhance shareholder value.
How long is the normal course issuer bid period?
The bid period starts on August 26, 2024, and will end on August 25, 2025, or earlier under specific conditions.
What percentage of shares will Badger buy back?
Badger may purchase and cancel up to approximately 2.5% of its total common shares outstanding as of August 12, 2024.
Who manages the share purchase transactions?
Badger's broker will manage the share purchases through the Exchange and any alternative trading systems in compliance with securities laws.
What distinguishes Badger in the excavation market?
Badger is distinguished by its innovative Hydrovac technology, designed for safe excavation in high-risk areas, making it the largest provider of non-destructive excavation services.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/