TSX: SHLE
CALGARY, Nov. 23, 2017 /CNW/ - Source Energy Services Ltd.
("Source" or the "Company") announces that James McMahon has entered into an automatic
securities disposition plan.
Source announced today that James
McMahon, a director of the Company has entered into an
automatic securities disposition plan ("ASDP") in accordance with
applicable Canadian provincial securities legislation, including
the guidance under the Ontario Securities Commission's Staff Notice
55-701. The objective of the ASDP is to facilitate the sale of up
to 170,000 common shares of Source held by James McMahon during the term of the ASDP from
November 17, 2017 to February 17, 2018. These shares represent
approximately 2% of the total common shares under Mr. McMahon's
control. Among other things, the ASDP provides that no trades will
start until after December 17, 2017
and that trades are subject to the minimum price threshold as
specified in the ASDP.
Generally, Canadian securities legislation permits an insider to
adopt a written ASDP to sell shares through an independent broker
in accordance with a pre-arranged set of instructions, regardless
of any subsequent material non-public information the insider may
receive, as long as the ASDP satisfies certain requirements. In
accordance with Canadian securities legislation, sales of shares
under the ASDP will be effected by an independent securities broker
in accordance with the trading parameters and other instructions
set out in the ASDP. Mr. McMahon will not exercise any further
discretion or influence over how dispositions will occur under the
ASDP and the broker administering the ASDP is not permitted to
consult with Mr. McMahon regarding any such dispositions. In
addition, Mr. McMahon is subject to restrictions on his ability to
modify, suspend or terminate his participation in the ASDP. In
accordance with best practices, the ASDP includes a waiting period
of 30 days between the date of adoption of the ASDP and the date
the first disposition can be made under the ASDP. Dispositions
pursuant to the ASDP will be reported on SEDI on an annual basis by
no later than March 31 of each calendar year for all
dispositions during the prior calendar year.
Source recognizes that insiders may have reasons unrelated to
their assessment of the Company or its prospects in deciding to
sell shares of the Company. Source also recognizes that many of its
directors and officers have a substantial portion of their personal
net worth represented by shares of Source and that such individuals
are subject to lengthy restrictions on their ability to effect
trades in Source's shares because of trading blackouts imposed
under the Company's Policy on Trading in Securities. The ASDP
entered into by Mr. McMahon is intended to provide an orderly
mechanism for Mr. McMahon to diversify his portfolio.
ABOUT SOURCE ENERGY SERVICES
Source is a fully integrated producer, supplier and distributer
of high quality Northern White frac sand primarily to the WCSB.
Source provides its customers with a full end-to-end solution
through its Wisconsin mine,
processing facilities, rail assets, strategically located terminal
network and "last mile" logistics operations. In addition, Source
provides storage and logistics services for other bulk oil and gas
well completion materials that are not produced by Source. Source's
full service approach allows customers to rely on its logistics
capabilities to increase reliability of supply and to ensure the
timely delivery of their growing requirements for frac sand and
other bulk completion materials.
SOURCE Source Energy Services
