TerraVest renews issuer bid for C$950,000 of 7% convertibles

By Susanna Moon

Chicago, Jan. 15 – TerraVest Industries Inc. said it is renewing its normal course issuer bid to purchase up to C$950,000, or 10% of the public float, of its C$13,583,000 outstanding 7% convertible subordinated debentures due June 30, 2020.

The issuer bid will run for about a year from Jan. 17 until Jan. 16, 2020.

Purchases will be made through the facilities of the Toronto Stock Exchange or may also be made through alternative Canadian trading platforms.

The average daily trading volume of the debentures for the previous six calendar months was C$17,824.00 principal amount.

Subject to the exchange's block purchase exception, purchases under the bid may not exceed C$4,456.00 principal amount, or 25% of the average daily trading volume on any trading day.

The price that the company will pay for any debentures purchased under the bid will be the prevailing market price at the time of purchase. The purchased debentures will be canceled.

Under the company’s normal course issuer bid that ran from July 4, 2017 until July 3, 2018, TerraVest purchased C$286,000 of its debentures at a weighted average price of C$116.32 per debenture.

The company’s board of directors “has authorized the bid because it believes that it is an efficient use of the corporation's financial resources to purchase debentures when the market price of the debentures does not fully reflect their underlying value,” according to a press release.

TerraVest is a Vegreville, Alta., oil and gas investment company focused on fuel containment vessels and processing equipment.

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