Poison pill waivedWith this waiver should be an interesting finish between ESI and PD offers--
PD's shareprice has to reach $3.78 to equal ESI's offer, something that is reachable. Those who have tendered their shares or who are considering to do so might want to reconsider or at least wait until close to last minute before tendering ( I think last day to tender is the 26th).
Trinidad Drilling to waive poison pill application
2018-11-22 16:07 ET - News Release
Mr. Brent Conway reports
TRINIDAD DRILLING ANNOUNCES INTENTION TO WAIVE APPLICATION OF ITS SHAREHOLDER RIGHTS PLAN AND CONFIRMS SUPPORT FOR PRECISION TRANSACTION
Trinidad Drilling Ltd. intends to waive the application of its shareholder rights plan on Nov. 23, 2018, as the shareholder rights plan is no longer required for its intended purpose.
In accordance with the terms of the shareholder rights plan, the waiver of the shareholder rights plan applies to all transactions that would result in any person acquiring 20 per cent or more of the issued and outstanding common shares of the company by way of a takeover bid (as such term is defined in the shareholder rights plan), including the unsolicited all-cash offer from Ensign Energy Services Inc., to acquire all of the Trinidad shares. A copy of the shareholder rights plan is available under Trinidad's profile on SEDAR.
The Trinidad board believes that the shareholder rights plan is no longer required given the process that Trinidad has undertaken since early 2018 and the resultant strategic merger proposed between Trinidad and Precision Drilling Corp. under which Precision would acquire all of the Trinidad shares on the basis of 0.445 of a Precision common share for each Trinidad share. The Trinidad board continues to believe that the Precision transaction is the best available option for Trinidad shareholders and unanimously recommends that shareholders vote for the Precision transaction at the special meeting of Trinidad securityholders to be held on Dec. 11, 2018. The Trinidad board continues to recommend that shareholders do not tender to the inadequate all-cash Ensign offer and reject the Ensign offer by taking no action with respect to the Ensign offer.
Shareholders with questions or that require assistance with withdrawing their shares which were tendered in error to the Ensign offer may contact Trinidad's information agent, D.F. King Canada, toll-free at 1-866-521-4427 (201-806-7301 by collect call) or by e-mail at inquiries@dfking.com.
About Trinidad Drilling Ltd.
Trinidad is an industry-leading contract driller, providing safe, reliable, expertly designed equipment operated by well-trained and experienced staff. Trinidad's drilling fleet is one of the most adaptable, technologically advanced and competitive in the industry. Trinidad provides contract drilling and related services in the United States, Canada, the Middle East and Mexico.