Precision Drilling Trust and Grey Wolf, Inc. Announce Merger Consideration Election Deadline of December 19, 2008 in Connection
15 Dezembro 2008 - 11:00PM
Marketwired
Precision Drilling Trust ("Precision"), (TSX: PD.UN), (NYSE: PDS)
and Grey Wolf, Inc. ("Grey Wolf"), (AMEX: GW) today announced the
deadline for merger consideration elections in connection with
Precision's proposed acquisition of Grey Wolf. Grey Wolf
shareholders wishing to make an election or amend their election
regarding the consideration they would like to receive for their
shares of Grey Wolf common stock must deliver to Computershare
Trust Company, N.A, the exchange agent, a properly completed letter
of transmittal and form of election by 5:00 p.m. CST on Friday,
December 19, 2008, the election deadline. Each share of Grey Wolf
common stock will be converted, at the holder's option, into $9.02
in cash or 0.4225 of a Precision trust unit, subject to proration,
as described in the proxy materials previously sent to Grey Wolf
shareholders.
Grey Wolf shareholders who do not properly deliver the letter of
transmittal and election form to Computershare Trust Company, N.A
at the address specified in those documents prior to the election
deadline will forfeit the right to select the form of consideration
they would like to receive. If the merger is completed, such
non-electing shareholders will be allocated Precision trust units
and/or cash in accordance with the formulae of the merger agreement
which are dependent upon all elections of other holders of Grey
Wolf common stock. Completion of the merger is subject to customary
closing conditions, as well as the approval of Grey Wolf
shareholders at the special meeting. Closing of the merger is
expected to occur promptly after the special meeting of Grey Wolf
shareholders on December 23, 2008.
Grey Wolf shareholders may obtain additional copies of the
letter of transmittal and election form by contacting Georgeson
Inc., the information agent, at 1-800-561-3540.
Cautionary Statements Regarding Forward-Looking Information and
Statements
Statements about Grey Wolf's and Precision's expectations and
all other statements in this news release other than historical
facts are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of
uncertainties and factors, many of which are outside Grey Wolf's
and Precision's control, which could cause actual results to differ
materially from such statements. Forward-looking information
includes, but is not limited to, statements regarding the proposed
merger, including whether and when the transactions contemplated by
the Merger Agreement will be consummated. Among the factors that
could cause results to differ materially from those indicated by
such forward-looking statements are failure to receive approval of
the Merger Agreement by the shareholders of Grey Wolf and
satisfaction of various other conditions to the closing of the
merger contemplated by the Merger Agreement.
This press release contains statements that may constitute
"forward-looking information" or "forward-looking statements"
(collectively, "forward-looking information") within the meaning of
applicable Canadian securities legislation. This forward-looking
information includes, among others, statements regarding plans and
expectations, beliefs, goals and objectives and statements about
possible future events. Specific forward-looking information
contained in this press release includes statements regarding
Precision's proposed merger with Grey Wolf and the completion of
the merger. Readers are cautioned not to place undue reliance on
such forward-looking information. Forward-looking information is
based on current expectations and assumptions that involve a number
of risks, which could cause actual results to vary and in some
instances to differ materially from those anticipated by Precision
and described in the forward-looking information contained in this
press release. Among the various factors that could cause results
to vary materially from those indicated in the forward-looking
information include failure to receive approval of the merger by
Grey Wolf's shareholders. No assurance can be given that any of the
events anticipated by the forward-looking information will
transpire or occur or, if any of them do so, what benefits
Precision will derive therefrom.
Additional Information and Where to Find It
In connection with the proposed merger, Precision has filed a
registration statement on Form F-4 which includes a proxy statement
of Grey Wolf and other materials, with the Securities and Exchange
Commission. SECURITYHOLDERS ARE URGED TO CAREFULLY READ THE
REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS, THE
SUPPLEMENTS THERETO AND THESE OTHER MATERIALS REGARDING THE
PROPOSED MERGER BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT
GREY WOLF, PRECISION AND PRECISION LOBOS CORPORATION, A
WHOLLY-OWNED SUBSIDIARY OF PRECISION CREATED AS A SPECIAL-PURPOSE
ACQUISITION VEHICLE, AND THE PROPOSED MERGER. Securityholders may
obtain a free copy of the registration statement and the proxy
statement/prospectus and other documents containing information
about Grey Wolf and Precision, without charge, at the SEC's website
www.sec.gov, Precision's website www.precisiondrilling.com and Grey
Wolf's website www.gwdrilling.com. Copies of the registration
statement and the proxy statement/prospectus and the SEC filings
that will be incorporated by reference therein may also be obtained
for free by directing a request to the contacts below.
Participants in the Solicitation
Grey Wolf and Precision and their respective directors,
officers, trustees and other persons may be deemed to be
participants in the solicitation of proxies from Grey Wolf's
shareholders in respect of the proposed merger. Information about
the directors and executive officers of Grey Wolf and their
ownership of Grey Wolf common stock can be found in Grey Wolf's
proxy statement filed October 29, 2008 (as supplemented from time
to time, the "proxy statement/prospectus"). Information concerning
the directors and executive officers of Precision is included in
the proxy statement/prospectus. Additional information regarding
the identity of potential participants in the solicitation of
proxies in respect of the proposed merger and a description of
their direct and indirect interests, by security holdings or
otherwise, is also included in the proxy statement/prospectus.
Contacts: Precision Drilling Trust Investor Relations (403)
716-4500 Website: www.precisiondrilling.com Grey Wolf, Inc.
Investor Relations (713) 435-6100 Website: www.gwdrilling.com
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