Precision Drilling Trust Unitholders Approve Resolutions at Annual and Special Meeting, Including Conversion to Corporation
12 Mai 2010 - 11:45PM
Marketwired
Precision Drilling Trust ("Precision" or the "Trust") held its
annual and special meeting of unitholders (the "Meeting") in
Calgary yesterday. At the Meeting, the unitholders of the Trust
adopted the special resolution authorizing the plan of arrangement
to reorganize the Trust into a corporation (the "Arrangement") with
over 99 per cent of the units represented at the Meeting being
voted in favour of the resolution. In addition, the Court of
Queen's Bench of Alberta issued its final order approving the
Arrangement earlier today.
It is presently anticipated that the conversion will be
effective on or about June 1, 2010. Following completion, the
common shares of Precision Drilling Corporation, the successor to
the Trust, are expected to be listed for trading on the Toronto
Stock Exchange under the symbol "PD" and on the New York Stock
Exchange under the symbol "PDS".
All other resolutions presented at the Meeting were also
approved by the requisite majority of unitholders of the Trust. For
more information, readers can view the report of voting results
filed by the Trust in respect of the Meeting at:
http://www.sedar.com.
Cautionary Statement Regarding Forward-Looking Information and
Statements
Certain statements contained in this news release, including
statements that contain words such as "anticipate", "expect",
"believe", "may" and similar expressions and statements relating to
matters that are not historical facts constitute "forward-looking
information" within the meaning of applicable Canadian securities
legislation and "forward-looking statements" within the meaning of
the "safe harbor" provisions of the United States Private
Securities Litigation Reform Act of 1995 (collectively,
"forward-looking information and statements").
In particular, this news release contains forward-looking
information and statements relating to the expectations of the
Trust regarding the completion of the proposed Arrangement. These
forward-looking information and statements are based on certain
assumptions and analysis made by the Trust in light of its
perception of current conditions and expected future developments
as well as other factors it believes are appropriate in the
circumstances. However, whether actual results or achievements will
conform to the Trust's expectations and predictions is subject to a
number of known and unknown risks and uncertainties which could
cause actual results to differ materially from the Trust's
expectations. Such risks and uncertainties include, but are not
limited to the failure to satisfy all conditions to the completion
of the Arrangement. Consequently, all of the forward-looking
information and statements made in this news release are qualified
by these cautionary statements and there can be no assurance that
the actual results or developments anticipated by the Trust will be
realized. Readers are therefore cautioned not to place undue
reliance on such forward-looking information and statements.
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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