SERVICE SECTOR / Precision DRilling plans Normal Course Issuer Bid
CALGARY, Jan. 15 /CNW/ - PRECISION DRILLING CORPORATION (''Precision'')
announces that it has filed with The Toronto Stock Exchange and other
applicable regulatory authorities a Notice of Intention to Make an Issuer Bid
which shall commence on January 19, 1998 and terminate on the earlier of, the
date all shares subject to the Normal Course Issuer Bid are purchased, or
January 18, 1999.
In the opinion of the Board of Directors of the Corporation, the market
price of the Common Shares of the Corporation has recently not accurately
reflected the value of those shares. Furthermore, the Corporation possesses
excess funds at this time. As a result, the Corporation's Common Shares may
become available for purchase at prices which make them appropriate use of
funds of the Corporation.
Precision intends to attempt to acquire up to an aggregate of 2,000,000
Common Shares over the next 12 month period representing 4.76% of the issued
and outstanding Common Shares. There were 42,001,908 Common Shares of
Precision issued and outstanding as of January 14, 1998. The shares will be
cancelled upon purchase pursuant to this bid.
Purchases subject to this normal course issuer bid will be carried out
pursuant to open market transactions through facilities of either The
Toronto Stock Exchange or the New York Stock Exchange.
Precision Drilling Corporation is listed on The Toronto Stock Exchange
under the ticker symbol PD and on the New York Stock Exchange under the
ticker symbol PDS. |
