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Ensign and Trinidad agree to replace Trinidad board; Ensign controls approximately 66.73% of Trinidad
Ensign and Trinidad agree to replace Trinidad board; Ensign controls approximately 66.73% ...
About this update from Ensign Energy Services Inc.
[{"type":"text","content":"\n\n\n\nEnsign and Trinidad agree to replace Trinidad board; Ensign controls approximately 66.73% of Trinidad\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Nov. 28, 2018\n\n\n\nSurpassing the 66 2/3% mark ensures that Ensign will be able to complete a subsequent acquisition transaction to acquire the remaining Trinidad Shares Ensign and Trinidad agreed to replace Trinidad board of directors Precision Drilling arrangement agreement with Trinidad terminated Shareholders who have not tendered can tender today by contacting Kingsdale Advisors at 1-866-581-1514 or by e-mail at [email protected] CALGARY, Nov. 28, 2018 /CNW/ - Ensign Energy Services Inc. (TSX:ESI) (\"Ensign\") announces that Ensign and Trinidad Drilling Ltd. (\"Trinidad\") agreed to replace the Trinidad board of directors with five nominees of Ensign after the announcement by Precision Drilling of the termination of the arrangement agreement between Trinidad and Precision Drilling. The board of directors of Trinidad is now comprised of Robert H. Geddes, Gary Casswell, James B. Howe, Len O. Kangas and John G. Schroeder. Ensign and Trinidad also agreed that Mr. Geddes and Michael Gray should be appointed as President and Chief Operating Officer, and Chief Financial Officer, respectively, of Trinidad. Ensign has acquired an additional aggregate of 1,500,000 common shares (\"Trinidad Shares\") of Trinidad, such that Ensign owns or controls 182,474,767, or approximately 66.73%, of the outstanding Trinidad Shares. The additional Trinidad Shares were acquired in ordinary course market purchases by Ensign's wholly-owned subsidiary Ensign Holdings Inc. on November 28, 2018 at a maximum price of $1.68, and an average price of $1.6769, per share in accordance with applicable securities laws. \nWith a controlling interest of greater than 66 2/3 of the Trinidad Shares, Ensign will succeed in acquiring all of the Trinidad Shares at $1.68 per share, either through a Compulsory Acquisition or a Subsequent Acquisition Transaction (as defined in the Offer) to acquire the remaining shar...