The Board of Directors of Seaway Energy Services Inc. (TSXV:SEW) authorized a share repurchase program on January 6, 2012. Under the program, the company will repurchase up to 59.5% of its total issued and outstanding common shares from its minority shareholders, thereby going private. Pursuant to the program, the minority shareholders will be entitled to receive a cash payment of CAD 0.04 for each common share. The cash payment for each redeemed common share represents a premium of approximately 20% over the 30-day volume weighted average trading price of the common shares on the TSX Venture Exchange on the last trading day prior to the announcement of the program. Pursuant to the program, the company proposes to redeem all of its common shares held by the minority shareholders of the company, other than those common shares held by the President, the Chief Executive Officer and few Directors of the company, and their associates, affiliates and joint actors, collectively, the majority shareholders, who in aggregate, control, directly or indirectly, in aggregate approximately 40.5% of the total issued and outstanding common shares of the company. The Board has also established a special committee which will retain an independent financial advisor to obtain both a formal valuation and a fairness opinion in respect of the transaction. Following its deliberations, including its review of the formal valuation and the fairness opinion and the receipt of advice from the independent financial and legal advisors, the special committee will determine the transaction in the best interest of the company, and that the consideration to be received by the minority shareholders pursuant to the transaction is fair, from a financial point of view, to the minority shareholders, and unanimously recommended that the Board approve the transaction and recommend to the shareholders that they vote in favour of a special resolution to approve an amendment to the articles of the company to add the redemption feature to the attributes of the common shares. The program is subject to approval in its Annual General and Special Meeting to be held on February 2, 2012 and also is subject to all regulatory, stock exchange approvals. The record date for the transaction is December 28, 2011. Seaway Energy Services Inc. cancelled its share repurchase program on February 2, 2012. The company did not get the majority votes from the shareholders in the favor of its share repurchase program at its Annual General and Special Meeting.