NISKU, AB, July 6, 2016 /CNW/ - Hyduke Energy Services Inc.
("Hyduke" or the "Company") (TSX: HYD) reports that on June 29, 2016, the Company amended the terms
of its term loan with its current term loan lender. The amendments include the removal of the Consolidated Fixed Charge
Coverage Ratio, the addition of a minimum EBITDAS (as defined as earnings before interest, taxes, depreciation, amortization and
stock based compensation) tested cumulatively and on a quarterly basis commencing June 30, 2016 and a
revision to the interest rate charged. Furthermore, the term lender has postponed all principal payments for a period of
thirteen months commencing July 15, 2016. The Company anticipates it will be in compliance with
the revised covenants at June 30, 2016.
The Company also reports that it has received the American Petroleum Institute's authorization to use the official API Monogram
on API Specification 4F products at Hyduke's manufacturing facility, Hyduke Drilling Solutions Inc. The API Monogram Program
has been the oil and natural gas industry's benchmark for oilfield equipment and product service, safety and quality
since 1924 and few companies in Canada have achieved its certification. The API 4F
specification covers drilling and well servicing structures, fabrication of structural steel and pipe supports and fuel tanks and
allows the Company to use the official API monogram on manufactured products including Derricks, Masts, Crown Block Assemblies and
Substructures at the highest Product Specification Level available. API has also reviewed Hyduke's quality assurance
program and has determined that it meets API Spec Q1 standards. Hyduke is very proud to have met the strict quality
standards of the API Monogram Program and is confident this will increase our competitive position in the marketplace.
The Company held its Annual General Meeting of Shareholders on June 14, 2016 and there were a
total of 95 shareholders voting in person and by proxy holding 9,452,075 common shares, being 30.69% of the total number of
Hyduke's issued and outstanding common shares.
The results of the vote for the election of directors are as follows:
|
Name of
Directors
|
Number of
Shares Voted
For
|
Percentage of
Shares
Voted For
|
Number of
Shares Withheld
from Voting
|
Percentage of
Shares Withheld
from Voting
|
|
|
|
|
|
|
David Yager
|
8,735,201
|
93.51%
|
606,100
|
6.49%
|
|
John Pinsent
|
8,621,301
|
92.29%
|
720,000
|
7.71%
|
|
Patrick F. Ross
|
8,630,801
|
92.39%
|
710,500
|
7.61%
|
|
Walter Chayka
|
8,662,801
|
92.74%
|
678,500
|
7.26%
|
|
Jane Halford
|
8,620,801
|
92.29%
|
720,500
|
7.71%
|
|
Willi Hamm
|
8,703,201
|
93.17%
|
638,100
|
6.83%
|
Each of the directors listed as nominees in the management proxy circular dated May 10, 2016 were
elected directors of the Company until the next Annual Meeting.
In a directors' meeting held subsequent to this shareholders' meeting, Mr. David Yager was
appointed as Chair of the Board of Directors of Hyduke.
The results for the vote for the appointment of auditors are 9,225,597 or 97.60% voted in favour. Grant Thornton LLP was
appointed as auditors of Hyduke to hold office until the next annual meeting of the shareholders.
The results for the approval of amendment and reconfirmation of the Shareholders Rights Plan are 8,730,347 or 93.46% in
favour.
About Hyduke
Trading on the TSX under the symbol "HYD," Hyduke Energy Services Inc. is an engineering-driven
fabricator, assembler and supplier of equipment and services to the oil and gas industry as well as the construction and
transportation sectors.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.
SOURCE Hyduke Energy Services Inc.
