Precision Drilling Corporation completes Trust conversion
07 November 2005 - 3:02PM
PR Newswire (US)
CALGARY, Nov. 7 /PRNewswire-FirstCall/ -- Precision Drilling
Corporation ("Precision") and Precision Drilling Trust (the
"Trust") jointly announce today the successful completion of the
reorganization of Precision into the Trust by way of Plan of
Arrangement. The units of the Trust will commence trading on both
the Toronto Stock Exchange and the New York Stock Exchange today.
Pursuant to the Plan of Arrangement, holders of common shares of
Precision will receive in exchange for each common share of
Precision held (i) one unit of the Trust, (ii) .2089 common shares
of Weatherford International Ltd., and (iii) $Cdn 6.83 of cash. As
a result of the Plan of Arrangement, the Trust will issue
122,512,799 trust units. Pursuant to the Plan of Arrangement,
shareholders were also given the opportunity to receive limited
partnership units ("Exchangeable LP Units") of Precision Drilling
Limited Partnership exchangeable without further consideration into
trust units on a one-for-one basis. Pursuant to the election forms
received, an aggregate of 1,108,597 Exchangeable LP Units will be
issued pursuant to the Plan of Arrangement in lieu of trust units.
DATASOURCE: Precision Drilling Corporation CONTACT: Doug Strong,
Chief Financial Officer, 4200, 150 - 6th Avenue S.W., Calgary,
Alberta, T2P 3Y7, Telephone, (403) 716-4500, Fax (403) 264-0251,
website: http://www.precisiondrilling.com/; Archived images on this
organization are searchable through CNW Photo Archive website at
http://photos.newswire.ca/. Images are free to accredited members
of the media. To request a free copy of this organization's annual
report, please go to http://www.newswire.ca/ and click on Tools for
Investors.
Copyright