Badger Infrastructure Solutions Ltd. Announces Normal Course Issuer Bid
On August 1, 2024, Badger Infrastructure Solutions Ltd. (TSX:BDGI) revealed its plan to submit a notice to the Toronto Stock Exchange (the "Exchange") regarding a normal course issuer bid (the "Notice"). The Exchange has approved this Notice, allowing Badger to buy back and cancel up to 861,836 common shares of the company. This initiative will take place during a designated period that starts on August 26, 2024, and ends on the earlier of: (i) August 25, 2025; (ii) the date Badger acquires the targeted number of shares; or (iii) the date the company opts to end the bid.
Enhancing Shareholder Value
Badger believes that the current market price of its common shares may not accurately reflect the true value of its business. By repurchasing shares for cancellation, the company aims to create an opportunity for improved long-term returns for its shareholders. This initiative is part of Badger's strategic approach to maximize shareholder value by decreasing the number of shares available in the market.
Purchase Details and Limits
The maximum number of common shares that Badger can repurchase and cancel under this normal course issuer bid represents approximately 2.5% of the 34,473,438 common shares that were issued and outstanding as of August 12, 2024. On any trading day, Badger is limited to acquiring a maximum of 15,502 common shares, which is 25% of the average daily trading volume on the Exchange over a six-month period leading up to the acceptance of the Notice, recorded at 62,008 common shares. The Exchange's Company Manual does provide some exceptions to this daily purchase limit for specific block purchase exemptions.
Broker Purchase Mechanism
Shares purchased for cancellation through this bid will be acquired by Badger's broker using the Exchange's facilities, as well as any alternative trading systems available in Canada, all in compliance with applicable securities laws. These purchases will be made at the market price of the common shares at the time of acquisition.
About Badger Infrastructure Solutions Ltd.
Badger Infrastructure Solutions Ltd. is recognized as the leading provider of non-destructive excavation services in North America. The company caters to contractors and facility owners involved in various infrastructure sectors, including general commercial construction. Badger's services are especially crucial in areas where there are high concentrations of underground utilities such as power, communication, water, gas, and sewer lines. In these contexts, the risks associated with safety and finances are heightened, making non-destructive excavation the preferred method for excavation needs.
Innovative Technology
Central to Badger’s offerings is the Badger Hydrovac technology, which is specifically designed for safe excavation around critical infrastructure and in densely packed underground environments. The Badger Hydrovac utilizes a pressurized water stream to liquefy soil, which is then effectively removed by a powerful vacuum system and collected in a storage tank. This cutting-edge method sets Badger apart in the non-destructive excavation industry, where the company not only provides services but also designs and manufactures its hydrovac units at its facility in Red Deer, Alberta. This facility has an impressive annual production capacity of over 350 hydrovac units. Additionally, Badger enhances its Hydrovac services with a specialized fleet of vehicles, including Airvacs, combo trucks, sewer units, and flusher units.
Company Contact Information
For more information, please contact:
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 outlines Badger's plan to conduct 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 begins on August 26, 2024, and will conclude on August 25, 2025, or sooner under certain conditions.
What percentage of shares will Badger buy back?
Badger may repurchase 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 oversee the share purchases through the Exchange and any alternative trading systems, ensuring compliance with securities laws.
What distinguishes Badger in the excavation market?
Badger stands out due to its innovative Hydrovac technology, which is designed for safe excavation in high-risk areas, making it the largest provider of non-destructive excavation services in the industry.
