Precision Drilling Trust Announces Effectiveness of Registration Statement in Connection With Rights Offering
30 Aprile 2009 - 1:00PM
Marketwired
(Canadian dollars, except as noted)
This news release contains "forward-looking information and
statements" within the meaning of applicable securities laws. For a
full disclosure of the forward-looking information and statements
and the risks to which they are subject, see the "Cautionary
Statement Regarding Forward-Looking Information and Statements"
later in this news release.
Precision Drilling Trust (the "Trust") announced today that a
registration statement on Form F-7 covering the previously
announced rights offering to unitholders of the Trust (the "Rights
Offering") has been filed with the U.S. Securities and Exchange
Commission and is effective. Pursuant to the Rights Offering, each
holder of trust units of the Trust (the "Trust Units") and holders
of exchangeable units of Precision Drilling Limited Partnership
(the "Exchangeable Units"), which are exchangeable into Trust Units
on a one for one basis, will receive one transferable right (a
"Right") for every Trust Unit or Exchangeable Unit held. Every
seven Rights will entitle a holder to purchase one Trust Unit at a
price of $3.00.
A Rights Offering Circular will be mailed to unitholders of
record on May 5, 2009. The Trust has received approval for listing
of the Rights and the Trust Units to be issued upon exercise of the
Rights on the Toronto Stock Exchange (the "TSX") and the New York
Stock Exchange (the "NYSE"). The Rights are listed on the TSX under
the trading symbol "PD.RT" and on the NYSE under the trading symbol
"PDS RT". The Rights will stop trading on the NYSE on May 28, 2009
and on the TSX on June 3, 2009. The Rights will expire at 4:30 PM
(Calgary time) on June 3, 2009.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND
STATEMENTS
Statements about the Trust's expectations and all other
statements in this news release, other than historical facts, are
"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"). These
forward-looking information and statements rely on a number of
assumptions concerning future events and are subject to a number of
uncertainties and factors, many of which are outside of the Trust's
control, which could cause actual results to differ materially from
such statements. Forward-looking information and statements in this
news release include, but are not limited to, statements about the
prospect for, and timing of the completion of, the proposed Rights
Offering, the use of the proceeds from the proposed Rights Offering
and the ultimate outcome of the Rights Offering. Among the factors
that could cause results to differ materially from those indicated
by such forward-looking information and statements are a failure to
complete the proposed Rights Offering, the possibility of a reduced
take up under the Rights Offering and any failure to obtain any
required regulatory approvals. No assurance can be given that any
of the events anticipated by the forward-looking information and
statements will transpire or occur or, if any of them does so, what
benefits the Trust will derive from them.
ABOUT THE TRUST
The Trust is a leading provider of safe, high performance energy
services to the North American oil and gas industry. The Trust
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.
The Trust is headquartered in Calgary, Alberta, Canada. The
Trust 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".
The Toronto Stock Exchange has neither approved nor disapproved
the information contained herein.
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 T2P 3Y7 Website: www.precisiondrilling.com
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