Business
Ensign Announces Take-up of Shares and Last Extension of Offer
Ensign Announces Take-up of Shares and Last Extension of Offer Canada NewsWire C...
About this update from Ensign Energy Services Inc.
[{"type":"text","content":"\n\n\n\nEnsign Announces Take-up of Shares and Last Extension of Offer\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, Dec. 10, 2018\n\n\n\nEnsign now controls 86.67% of Trinidad common shares; extends the offer a final time to 5:00 p.m. (Toronto time) on December 21, 2018 Trinidad shareholders who tender prior to December 21, 2018 will be paid within 10 days of date of deposit Shareholders can tender today by contacting Kingsdale Advisors at 1-866-581-1514 or by e-mail at [email protected]  CALGARY, Dec. 10, 2018 /CNW/ - Ensign Energy Services Inc. (TSX:ESI) (\"Ensign\") is pleased to announce that it now owns or controls 237,014,214, or approximately 86.67%, of the outstanding common shares (\"Common Shares\") of Trinidad Drilling Ltd. (\"Trinidad\"), pursuant to Ensign's offer to purchase all the Common Shares for $1.68 per share (the \"Offer\"). All Common Shares tendered to the Offer will be paid for within ten days of the date of deposit.  \nTo allow remaining Trinidad shareholders an additional opportunity to tender their Common Shares and receive $1.68 per share in 2018, Ensign is extending its Offer until its final expiry at 5:00 p.m. (Toronto time) on December 21, 2018. Thereafter the Offer will expire with no further extensions.\nIf, during this final extension of the Offer period, Ensign does not reach the 90% tender threshold under the Offer, Ensign intends to expeditiously proceed with a second stage transaction to acquire the remaining Common Shares, at the same consideration of $1.68 per share, through a Subsequent Acquisition Transaction (as defined in the Offer). Completion of such a transaction may require up to 60 days or potentially longer from the expiry of the Offer and would be completed in the first quarter of 2019. Given Ensign's controlling interest the outcome of the second stage transaction is assured, and therefore remaining Trinidad shareholders are encouraged to immediately tender to the Offer in order to expedite their receipt of the $1.68 cash per share entitlement.\nIf Ensign reaches t...