Business
JOINT NEWS RELEASE - WESTERN ENERGY SERVICES CORP. ACQUIRES STONEHAM DRILLING TRUST TO CREATE CANADA'S SIXTH LARGEST CONTRACT DRILLER
Apr. 7, 2011 (Canada NewsWire Group) -- / NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERV...
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n\n\n Apr. 7, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, April 7 /CNW/ - Western Energy Services Corp. ("Western")\n (TSXV: WRG) and Stoneham Drilling Trust ("Stoneham") (TSX: SDG.UN) are\n pleased to announce that they have entered into an agreement (the\n "Arrangement Agreement") whereby the two entities will combine to\n create the sixth largest contract driller in Canada.\n\n\nSubject to certain conditions, Western will acquire all of the issued\n and outstanding units of Stoneham in exchange for a combination of cash\n and Western common shares (the "Transaction").  Under the terms of the\n Transaction, Stoneham unitholders will, for each unit held, receive at\n their election: (i) 61.538 Western common shares; or (ii) $24.00 in\n cash, subject to a maximum of $115 million in aggregate cash paid. \n Assuming all Stoneham unitholders elect all cash, each Stoneham\n unitholder would receive approximately $14.41 in cash and 24.577\n Western common shares for each Stoneham unit held.\n\n\nThe Western share consideration offered to Stoneham is equivalent to\n $24.00 per Stoneham unit based upon a deemed value per Western share of\n $0.39 and represents a 41% premium to Stoneham's twenty-day volume\n weighted average trading price of $17.03 per unit as at April 7, 2011.\n The total transaction value is approxi...