Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: dealmakr who wrote (31567)	11/6/1998 6:43:00 PM
From: Jamey	Read Replies (1) of 95453

Dave, The conversion is applicable to the "Effective Time" which I assume to be on the date of the merger between PKD and SESI. "CONVERSION OF SUPERIOR COMMON STOCK. (a) As of the Effective Time, by virtue of the Merger and without any action on the part of the holder of any shares of Superior Common Stock or any shares of capital stock of Sub, and subject to Section 1.8(f), each share of Superior Common Stock issued and outstanding immediately prior to the Effective Time (other than shares to be canceled in accordance with Section 1.7(b)) shall be converted into the right to receive 0.90 of a share of Parker Common Stock (the "Merger Consideration");" If SESI is $4 1/4 and PKD is $5 than .90 X 5 + = $4.50 dollars a share for SESI. There is a good chance that PKD will be at a higher price when the merger is signed and there fore you would receive a higher price. Don't set this in granite. Maybe one of our posters familiar with legaleze can translate for sure. Regards, Santiago

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