Precision Drilling Corporation announces shareholder approval of stock split
11 Mai 2005 - 1:00AM
PR Newswire (US)
Precision Drilling Corporation announces shareholder approval of
stock split CALGARY, May 10 /PRNewswire-FirstCall/ -- Further to
the news release of March 10, 2005, Precision Drilling Corporation
("Precision") announces that its shareholders have approved the
stock split of its Common Shares on a two for one basis at the
Annual and Special Meeting of Shareholders held earlier today. The
trading price of Precision's Common Shares has increased from
$57.48 (US$44.80) on January 5, 2004 to $75.52 (US$62.80) on
December 31, 2004. The trading price of the Common Shares continued
to increase this year recently reaching a high of $98.14 (US$78.68)
on April 26, 2005. The board of directors of Precision believes
that the stock split will encourage greater market liquidity and
wider distribution among retail investors, as a lower share price
makes a board lot (100 Common Shares) more affordable. Precision
would like to announce minor changes in the timing of the
implementation of the stock split. Subject to regulatory approval,
each shareholder will receive one additional Common Share for each
Common Share he or she holds on the record date for the stock split
of May 20, 2005. Pursuant to the rules of the Toronto Stock
Exchange, Precision's Common Shares will commence trading on a
split basis at the opening of business on May 18, 2005, which is
the second trading day preceding the record date. Also on May 18,
2005 Precision's Common Shares listed on the New York Stock
Exchange ("NYSE") will commence trading with rights entitling
holders to an additional Common Share for each Common Share held
upon the commencement of trading of the Common Shares on a split
basis on the NYSE. The trading of the Common Shares on a split
basis on the NYSE will occur one day after the mailing of share
certificates to registered holders of Precision's Common Shares. It
is anticipated that share certificates representing the additional
Common Shares resulting from the stock split will be mailed to
registered common shareholders on or about May 31, 2005. Precision
Drilling Corporation (TSX: PD and PD.U; NYSE: PDS) is a global
contract drilling and oilfield services company providing a broad
range of drilling, production and evaluation services with focus on
fulfilling customer needs through fit-for-purpose technologies for
the maturing oilfields of the 21st century. With corporate offices
in Calgary, Alberta, Canada and corporate subsidiary offices in
Houston, Texas, and research facilities in the U.S. and Europe,
Precision employs more than 12,000 people conducting operations in
more than 30 countries. Precision is committed to providing
efficient and safe services to create value for our customers, our
shareholders and our employees. DATASOURCE: Precision Drilling
Corporation CONTACT: Jan Campbell, Corporate Secretary, 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
reports@cnw.
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