Precision Drilling Trust Amends Terms Related to Its Conversion to a Corporation
28 April 2010 - 12:29AM
Marketwired
Precision Drilling Trust ("Precision") today clarified certain
terms related to its post-conversion corporate structure
contemplated by the proposed Plan of Arrangement, as described in
its Management Information Circular (the "Circular") dated April 7,
2010.
In the interests of good governance and clarity, Precision has
confirmed the number of preferred shares that may be issued by New
Precision, as defined in the Circular, will be limited to a maximum
of 50% of the issued and outstanding common shares of New
Precision. Precision also confirmed that it does not intend to use
such preferred shares as a defensive tactic to block takeover
bids.
About Precision
Precision is a leading provider of safe, high performance energy
services to the North American oil and gas industry. Precision
provides customers with access to an extensive fleet of contract
drilling rigs, service rigs, camps, snubbing units, wastewater
treatment units and rental equipment backed by a comprehensive mix
of technical support services and skilled, experienced
personnel.
Precision is headquartered in Calgary, Alberta, Canada.
Precision is listed on the Toronto Stock Exchange under the trading
symbol "PD.UN" and on the New York Stock Exchange under the trading
symbol "PDS".
Contacts: David Wehlmann, Executive Vice President, Investor
Relations Precision Drilling Corporation, Administrator of
Precision Drilling Trust 403.716.4575 403.716.4755 (FAX) Precision
Drilling Trust 4200, 150 - 6th Avenue S.W. Calgary, Alberta, Canada
T2P 3Y7 www.precisiondrilling.com
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