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Share Name | Share Symbol | Market | Type |
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Exterran Corporation | NYSE:EXTN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.58 | 0 | 01:00:00 |
FILED BY ENERFLEX LTD.
PURSUANT TO RULE 425 UNDER THE SECURITIES ACT OF 1933, AS AMENDED
AND DEEMED FILED PURSUANT TO RULE 14a-12
under the Securities and Exchange Act of 1934, as amended
SUBJECT COMPANY: EXTERRAN CORPORATION
COMMISSION FILE NO. FOR REGISTRATION STATEMENT ON
FORM F-4 FILED BY ENERFLEX LTD.: 333-263714
For immediate release
Enerflex Files Amended and Restated Financial Statements
CALGARY, ALBERTA July 11, 2022 Enerflex Ltd. (TSX:EFX) (Enerflex or the Company), announced today that it has identified matters which require the Company to make a restatement to reclassify certain amounts within the Statement of Cash Flows.
Users of the Companys financial statements should note that the Adjustments, as described below, do not change the Companys overall cash position, and do not impact the Companys Statement of Financial Position, the Companys Statement of Earnings, or earnings before finance costs, income taxes, depreciation and amortization (EBITDA) calculations.
The restatement includes (1) the removal of certain offsetting entries for non-cash items on the Statement of Cash Flows and (2) the reclassification of certain items between categories within the Statement of Cash Flows (collectively, the Adjustments). All changes are contained within the Statement of Cash Flows and related notes / exhibits and the net cash position of the Company is unchanged. The Company has filed amended and restated financial statements for the financial years ended December 31, 2021, 2020, and the 2019 comparative period (the Amended Annual Statements), the unaudited interim financial statements for the three months ended March 31, 2022 (the Amended Quarterly Statement and together with the Amended Annual Statements, the Amended Statements), and related amended and restated managements discussion and analysis (MD&A) for each period.
A summary of the Adjustments is described below and further details can be found in the Amended Statements and related MD&A which are available under the Companys electronic profile on SEDAR at www.sedar.com.
$ Canadian thousands | ||||||||||||
Three Months Ended March 31, 2022 | As Previously Reported |
Amendment | As Restated | |||||||||
Cash provided by/(used in) operating activities |
2,625 | (25,337 | ) | (22,712 | ) | |||||||
Cash used in investing activities |
(36,954 | ) | 20,069 | (16,885 | ) | |||||||
Cash provided by/(used in) financing activities |
(5,242 | ) | 6,627 | 1,385 | ||||||||
Effect of exchange rate changes on cash denominated in foreign currencies |
27 | (1,359 | ) | (1,332 | ) | |||||||
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|
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|
|
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Change in cash and cash equivalents over the quarter |
(39,544 | ) | | (39,544 | ) | |||||||
Three Months Ended March 31, 2021 | ||||||||||||
Cash provided by/(used in) operating activities |
59,951 | (1,374 | ) | 58,577 | ||||||||
Cash used in investing activities |
(10,679 | ) | (1,891 | ) | (12,570 | ) | ||||||
Cash used in financing activities |
(33,745 | ) | 3,702 | (30,043 | ) | |||||||
Effect of exchange rate changes on cash denominated in foreign currencies |
(561 | ) | (437 | ) | (998 | ) | ||||||
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|
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Change in cash and cash equivalents over the quarter |
14,966 | | 14,966 |
$ Canadian thousands | ||||||||||||
Year Ended December 31, 2021 | As Previously Reported |
Amendment | As Restated | |||||||||
Cash provided by/(used in) operating activities |
225,155 | (16,961 | ) | 208,194 | ||||||||
Cash used in investing activities |
(63,530 | ) | 14,669 | (48,861 | ) | |||||||
Cash used in financing activities |
(83,891 | ) | 3,435 | (80,456 | ) | |||||||
Effect of exchange rate changes on cash denominated in foreign currencies |
(652 | ) | (1,143 | ) | (1,795 | ) | ||||||
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|
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Change in cash and cash equivalents over the year |
77,082 | | 77,082 |
Year Ended December 31, 2020 | As Previously Reported |
Amendment | As Restated | |||||||||
Cash provided by/(used in) operating activities |
220,248 | 27,061 | 247,309 | |||||||||
Cash used in investing activities |
(137,759 | ) | (32,738 | ) | (170,497 | ) | ||||||
Cash used in financing activities |
(82,050 | ) | 4,729 | (77,321 | ) | |||||||
Effect of exchange rate changes on cash denominated in foreign currencies |
(1,018 | ) | 948 | (70 | ) | |||||||
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Change in cash and cash equivalents over the year |
(579 | ) | | (579 | ) | |||||||
Year Ended December 31, 2019 | ||||||||||||
Cash provided by/(used in) operating activities |
54,169 | 12,752 | 66,921 | |||||||||
Cash used in investing activities |
(222,820 | ) | (27,011 | ) | (249,831 | ) | ||||||
Cash used in financing activities |
(60,980 | ) | 16,742 | (44,238 | ) | |||||||
Effect of exchange rate changes on cash denominated in foreign currencies |
(978 | ) | (2,483 | ) | (3,461 | ) | ||||||
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Change in cash and cash equivalents over the year |
(230,609 | ) | | (230,609 | ) |
The Company has prepared a Note to the Amended Statements detailing the impact of the Adjustments and has revised the Supplemental Cash Flow Information Notes to the Amended Statements. Additionally, the MD&A has been amended to reflect the restated amounts for the categories of cash flow activities.
In connection with the filing of the Amended Statements, the Company is also filing CEO and CFO certifications in compliance with National Instrument 52-109 Certification of Disclosure in Issuers Annual and Interim Filings.
About Enerflex
Enerflex is a single source supplier of natural gas compression, oil and gas processing, refrigeration systems, and electric power generation equipment plus related engineering and mechanical service expertise. The Companys broad in-house resources provide the capability to engineer, design, manufacture, construct, commission, operate, and service hydrocarbon handling systems. Enerflexs expertise encompasses field production facilities, compression and natural gas processing plants, gas lift compression, refrigeration systems, and electric power equipment servicing the natural gas production industry.
Headquartered in Calgary, Canada, Enerflex has approximately 2,100 employees worldwide. Enerflex, its subsidiaries, interests in associates and joint-ventures operate in Canada, the United States, Argentina, Bolivia, Brazil, Colombia, Mexico, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Kuwait, Australia, New Zealand, Indonesia, Malaysia, and Thailand. Enerflexs shares trade on the Toronto Stock Exchange under the symbol EFX. For more information about Enerflex, go to www.enerflex.com.
For investor and media inquiries, please contact:
Marc Rossiter | Sanjay Bishnoi | Stefan Ali | ||
President & Chief Executive Officer | Senior Vice President & Chief Financial Officer | Vice President, Strategy and Investor Relations | ||
Tel: 403.387.6325 | Tel: 403.236.6857 | Tel: 403.717.4953 |
No Offer or Solicitation
This announcement is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed Transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information and Where to Find It
In connection with the Transaction, Enerflex and Exterran have filed, on March 18, 2022, as amended on May 19, 2022, relevant materials with the Securities and Exchange Commission (SEC), including a Registration Statement containing a proxy statement/prospectus on appropriate form of registration statement regarding each of Enerflex and Exterran, respectively. After the Registration Statement has become effective, the definitive proxy statement/prospectus will be mailed to Exterran stockholders. The definitive proxy statement/prospectus will contain important information about the proposed Transaction and related matters. Enerflex expects to file the Circular with respect to the shareholder approval that is required for the issuance of Enerflex common shares pursuant to the Transaction during the second half of 2022. The Circular will contain a detailed description of the Transaction and will be available on SEDAR at www.sedar.com as well as on Enerflexs website. INVESTORS AND SHAREHOLDERS ARE URGED AND ADVISED TO READ THE PROXY STATEMENT/PROSPECTUS AND/OR THE CIRCULAR CAREFULLY WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION AND THE PARTIES TO THE TRANSACTION. The definitive proxy statement, the preliminary proxy statement, and other relevant materials in connection with the transaction (when they become available) and any other documents filed by Enerflex with the SEC, may be obtained free of charge at the SECs website, at www.sec.gov and the Circular and other documents filed by Enerflex on SEDAR may be obtained free of charge at www.sedar.com. The documents filed by Enerflex with the SEC and on SEDAR may also be obtained free of charge at Enerflexs investor relations website at https://www.enerflex.com/investors/index.php. Alternatively, these documents, when available, can be obtained free of charge from Enerflex upon written request to Enerflex Ltd., Attn: Investor Relations, Suite 904, 1331 Macleod Trail SE, Calgary, Alberta, Canada T2G 0K3 or by calling +1 403 387.6377.
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