CALGARY, AB, March 28, 2022 /CNW/ - SECURE Energy Services Inc. ("SECURE" or the "Corporation") (TSX: SES) announces that it has amended its Unit Incentive Plan (the "Plan") to provide that the number of common shares in the capital of the Corporation (the "Common Shares") reserved for issuance from treasury pursuant to units credited under the Plan be reduced (the "Amendment"). The Amendment will reduce the aggregate number of Common Shares reserved for issuance under the Plan from 7% to 5% of the total number of then issued and outstanding Common Shares, less the number Common Shares issuable under any other security-based compensation arrangement of the Corporation. The Amendment will decrease the Plan's estimated cost and SECURE believes that the Amendment will ensure that the cost of the Plan, in aggregate, is at or less than the applicable benchmarks determined by proxy advisory services. The Amendment updates the disclosure on pages 13 and 14 of the management information circular in respect of the Meeting (the "Circular") and is effective as of the date hereof.
At the upcoming annual general and special meeting of the shareholders of the Corporation ("Shareholders") to be held at 11:00 am Mountain Time on April 29, 2022 (the "Meeting"), Shareholders are asked to vote FOR the item of business to approve the unallocated entitlements under the Plan, as modified by the Amendment, all as more particularly described in the Circular.
SECURE is a publicly traded energy infrastructure and environmental business listed on the Toronto Stock Exchange ("TSX"). SECURE provides industry leading midstream infrastructure and environmental and fluid management to predominantly upstream oil and natural gas companies operating in western Canada and certain regions in the U.S.
SECURE's Midstream Infrastructure business segment includes a network of midstream processing and storage facilities, crude oil and water pipelines, and crude by rail terminals located throughout key resource plays in western Canada, North Dakota and Oklahoma. SECURE's midstream infrastructure operations generate cash flows from oil production processing and disposal, produced water disposal, and crude oil storage, logistics, and marketing.
SECURE's Environmental and Fluid Management business segment includes a network of industrial landfills, hazardous and non-hazardous waste management and disposal, onsite abandonment, environmental solutions for site remediation and reclamation, bio-remediation and technologies, waste treatment & recycling, emergency response, rail services, metal recycling services, as well as fluid management for drilling, completion and production activities.
TSX Symbol: SES
SOURCE SECURE Energy Services Inc.