Business
Precision Drilling Corporation completes Trust conversion
Precision Drilling Corporation completes Trust conversion.
About this update from Precision Drilling Corporation
[{"type":"text","content":"\n\n\n\n\nCALGARY, Nov. 7 /CNW/ - Precision Drilling Corporation (\"Precision\") and\nPrecision Drilling Trust (the \"Trust\") jointly announce today the successful\ncompletion of the reorganization of Precision into the Trust by way of Plan of\nArrangement. The units of the Trust will commence trading on both the Toronto\nStock Exchange and the New York Stock Exchange today.\nPursuant to the Plan of Arrangement, holders of common shares of\nPrecision will receive in exchange for each common share of Precision held (i)\none unit of the Trust, (ii) .2089 common shares of Weatherford International\nLtd., and (iii) $Cdn 6.83 of cash.\nAs a result of the Plan of Arrangement, the Trust will issue 122,512,799\ntrust units. Pursuant to the Plan of Arrangement, shareholders were also given\nthe opportunity to receive limited partnership units (\"Exchangeable LP Units\")\nof Precision Drilling Limited Partnership exchangeable without further\nconsideration into trust units on a one-for-one basis. Pursuant to the\nelection forms received, an aggregate of 1,108,597 Exchangeable LP Units will\nbe issued pursuant to the Plan of Arrangement in lieu of trust units.\n%SEDAR: 00002052E\n\n\n","length":1239,"tagName":"div"}]