Dawson Geophysical Renews Shareholder Rights Plan
09 Juillet 2009 - 12:33AM
PR Newswire (US)
MIDLAND, Texas, July 8 /PRNewswire-FirstCall/ -- Dawson Geophysical
Company (NASDAQ:DWSN) announced today that its Board of Directors
has adopted a Rights Plan designed to protect Company shareholders
from coercive or unfair takeover techniques. The Rights Plan, which
will become effective on July 23, 2009, will replace the previous
rights plan that was originally adopted in 1999 and will expire on
July 23, 2009. Terms of the Rights Plan provide for a dividend
distribution of one Right for each outstanding share of Common
Stock to holders of record at the close of business on July 23,
2009. The Rights Plan would be triggered if an acquiring party
accumulates 15% or more of the Company's Common Stock and would
entitle holders of the Rights to purchase either the Company's
stock or shares in an acquiring entity at half of market value. The
Company would generally be entitled to redeem the Rights at $0.01
per Right at any time until the tenth day following the time the
rights become exercisable. The Rights will expire on July 23, 2019.
The Company plans to outline the specific details of the new Rights
Plan in a current report to be filed on Form 8-K with the
Securities and Exchange Commission. Dawson Geophysical Company is
the leading provider of U.S. onshore seismic data acquisition
services as measured by the number of active data acquisition
crews. Founded in 1952, Dawson acquires and processes 2-D, 3-D, and
multi-component seismic data solely for its clients, ranging from
major oil and gas companies to independent oil and gas operators as
well as providers of multi-client data libraries. In accordance
with the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995, Dawson Geophysical Company cautions
that statements in this press release which are forward-looking and
which provide other than historical information involve risks and
uncertainties that may materially affect the Company's actual
results of operations. These risks include, but are not limited to,
the volatility of oil and natural gas prices, disruptions in the
global economy, dependence upon energy industry spending, limited
number of customers, credit risk related to our customers,
cancellations of service contracts, high fixed costs of operations,
weather interruptions, inability to obtain land access rights of
way, industry competition, managing growth, the availability of
capital resources and operational disruptions. A discussion of
these and other factors, including risks and uncertainties, is set
forth in the Company's Form 10-K for the fiscal year ended
September 30, 2008. Dawson Geophysical Company disclaims any
intention or obligation to revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise. http://www.dawson3d.com/ DATASOURCE: Dawson Geophysical
Company CONTACT: Christina W. Hagan, Chief Financial Officer of
Dawson Geophysical Company, 1-800-332-9766 Web Site:
http://www.dawson3d.com/
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