Business
Major Drilling Adopts Shareholder Rights Plan
Major Drilling Adopts Shareholder Rights Plan.
About this update from Major Drilling Group International Inc.
[{"type":"text","content":"\n\n\n\nMONCTON, NB, July 13 /CNW/ - Major Drilling Group International Inc.\n(TSX:MDI) (the "Corporation") announces today that its Board of Directors has\nadopted a shareholder rights plan (the "Rights Plan").\n\n\nThe Rights Plan was not adopted by the Board of Directors in response to\nany specific proposal or intention to acquire control of the Corporation and\nthe Board of Directors is not aware of any such proposal or intention.\n\n\nThe Rights Plan is effective immediately, subject to TSX acceptance and\nratification and confirmation by the Corporation's shareholders at the next\nannual and special meeting of shareholders to be held on September 11, 2007.\nIt is designed to ensure the fair treatment of shareholders in any take-over\nbid made for the Corporation's common shares. The Rights Plan is intended to\nprovide shareholders and the Board of Directors with adequate time to consider\nand evaluate any unsolicited take-over bid made for the Corporation's common\nshares and, if appropriate, to seek out other alternatives to maximize\nshareholder value.\n\n\nThe Rights Plan will be subject to reconfirmation at every third annual\nmeeting of shareholders following the September 11, 2007 meeting until its\nexpiry in 2016. If the shareholders do not ratify and confirm the Rights Plan,\nthe Rights Plan will terminate and cease to be effective at that time. The\nfull text of the Rights Plan will be posted on SEDAR at www.sedar.com.\n\n\nBased in Moncton, New Brunswick, Major Drilling Group International Inc.\nis one of the world's largest metals and minerals contract drilling service\ncompanies. To support its customers' mining operations and mineral exploration\nactivities, Major Drilling maintains operations in Canada, the United States,\nMexico, South and Central America, Australia, Indonesia, Africa and Mongolia.\n\n\n","length":1916,"tagName":"div"}]