Precision Drilling Corporation announces stock split
10 Marzo 2005 - 1:30PM
PR Newswire (US)
Precision Drilling Corporation announces stock split CALGARY, March
10 /PRNewswire-FirstCall/ -- Precision Drilling Corporation
("Precision") announces that its board of directors has approved a
stock split of its Common Shares on a two for one basis. 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 an all time high of $97.50
(US$79.28) on March 4, 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 more affordable. Precision's
shareholders will be asked to approve the stock split at the Annual
and Special Meeting of Shareholders scheduled for May 10, 2005. In
addition to shareholder approval, the stock split is subject to the
receipt of all required regulatory approvals. If approved by
shareholders, and subject to such regulatory approvals, 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 18, 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 16, 2005, which is
the second trading day preceding the record date. Also on May 16,
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 delivery 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 26, 2005. Precision
Drilling Corporation (TSX: PD and PD.U; NYSE: PDS) is a global
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 10,000 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: please 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 available through CNW Photo Archive at
http://photos.newswire.ca/. Images are free to members of 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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