Precision Drilling Trust Announces 2008 Special Year-End "In-Kind" Distribution
24 Dicembre 2008 - 10:33PM
Marketwired
Precision Drilling Trust ("Precision") announced today that its
Board of Trustees has approved a 2008 special year-end distribution
of $0.15 per trust unit to be settled "in-kind". This ensures that
the 2008 distributions declared will at least be equal to the
Trust's taxable income for 2008, as required under Precision's
Declaration of Trust. The special year-end distribution will be
settled on January 15, 2009 to unitholders of record on December
31, 2008. The ex-distribution date is December 29, 2008. Holders of
Class B limited partnership units of PDLP will receive the economic
equivalent treatment.
Settled "in-kind" essentially means that unitholders will not
receive cash or additional trust units. Immediately after the
"in-kind" special year-end distribution, the outstanding trust
units of the Trust will be consolidated so that the number of trust
units will remain unchanged from the number outstanding prior to
the "in-kind" special year-end distribution. Holders of Class B
limited partnership units of PDLP will receive the economic
equivalent treatment.
Non-resident holders of trust units will be subject to
applicable Canadian withholding tax on the "in-kind" special
year-end distribution. The applicable withholding tax will be
settled from the December cash distribution paid in January
2009.
As previously announced, the Board of Trustees anticipates that
monthly cash distributions will be $0.04 per trust unit, beginning
with the distribution declared in January 2009 for payment in
February 2009. The $0.09 per unit decrease from prior monthly cash
distributions reflects Precision's previously announced debt
reduction program. Distributions will be considered and declared
monthly by the Trustees.
Information outlining the implication of the "in-kind" special
year-end distribution, consolidation process and resulting income
tax treatment for Trust and PDLP unitholders is located on the
Trust's website at:
www.precisiondrilling.com/UnitholderInfo/Taxation2008.cfm.
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: Doug Strong, Chief Financial Officer Precision
Drilling Corporation, Administrator of Precision Drilling Trust
(403) 716-4500 (403) 264-0251 (FAX) Precision Drilling Trust 4200
150-6th Avenue S.W. Calgary, Alberta T2P 3Y7 Website:
www.precisiondrilling.com David Wehlmann Executive Vice President,
Investor Relations Precision Drilling Oilfield Services Corporation
(713) 435-6117 (713) 435-6171 (FAX) Precision Drilling Oilfield
Services Corporation Suite 600, 10370 Richmond Avenue Houston,
Texas 77042-4136
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