Shareholders' Capital

12 Months Ended

Dec. 31, 2021

Disclosure of classes of share capital [abstract]

NOTE 17.

SHAREHOLDERS’ CAPITAL


(a) Authorized	–	unlimited number of voting common shares
	–	unlimited number of preferred shares, issuable in series, limited to an amount equal to one half of the issued and outstanding common shares

(b) Issued


Common shares	Number			Amount
Balance, December 31, 2019		13,864,990		$	2,296,378
Share repurchase		(420,588	)		(11,317	)
Share issuance on redemption of non-management DSUs		15,228			677
Share consolidation adjustment		(37	)		—
Balance, December 31, 2020		13,459,593		$	2,285,738
Share repurchase		(155,168	)		(4,294	)
Balance, December 31, 2021		13,304,425		$	2,281,444

In 2019, the Toronto Stock Exchange (TSX) approved Precision’s application to implement a Normal Course Issuer Bid (NCIB). During the third quarter of 2021, the TSX approved Precision’s application to renew the NCIB. Under the terms of the NCIB, Precision may purchase and cancel up to a

maximum of 1,317,158 common shares, representing 10% of the public float of common shares as of August 13, 2021. Purchases under the NCIB were made through the facilities of the TSX, the New York Stock Exchange and various other designated exchanges in accordance with applicable regulatory requirements at a price per common share representative of the market price at the time of acquisition. The NCIB will terminate no later than August 26, 2022. For the year ended December 31, 2021, Precision repurchased and cancelled a total of 155,168 (2020 – 420,588) common shares for $4 million (2020 – $11 million).

(d) Share Consolidation

On November 12, 2020, Precision Drilling Corporation completed a 20:1 consolidation of its common shares. No fractional shares were issued pursuant to the share consolidation. In lieu of any such fractional shares, each registered shareholder otherwise entitled to a fractional share following the implementation of the share consolidation received the nearest whole number of post-consolidation shares, resulting in a share consolidation adjustment of 37 common shares.