Pacific Drilling Shareholders Approve 1-for-10 Reverse Stock Split
May 24 2016 - 4:30PM
Business Wire
Pacific Drilling S.A. (NYSE: PACD) (NOTC: PDSA) (the “Company”)
announced today that its shareholders approved a 1-for-10 reverse
stock split of the Company’s common shares (the “Reverse Stock
Split”), in accordance with the Board’s proposal, at the Company’s
Extraordinary General Meeting of Shareholders held today. The
Reverse Stock Split will be effective and the Company’s common
shares will begin trading on a split-adjusted basis as of the
commencement of trading on May 25, 2016.
The Reverse Stock Split is being implemented by the Company to
maintain the listing of its common shares on the New York Stock
Exchange (“NYSE”). The Company received notice from the NYSE on
January 13, 2016 that the Company did not satisfy the NYSE’s
continued listing criteria. To regain compliance, the closing price
of the Company’s common shares must be at least $1.00 per share for
a minimum of thirty consecutive trading days before July 13, 2016.
There can be no assurance that the Reverse Stock Split will have
the desired effect of raising the closing share price to meet the
NYSE requirement.
The Reverse Stock Split will reduce the number of outstanding
common shares from 225,510,784 to 22,551,077, and the Company’s
shareholders will receive one new common share for every 10 common
shares they own. No fractional shares will be issued in connection
with the Reverse Stock Split; instead holders of fractional shares
will be paid out in cash for any fractional interests based on the
closing price of the common shares on May 24, 2016. Shareholders
will receive instructions from the Company’s transfer agent,
American Stock Transfer & Trust Company, LLC, as to procedures
for exchanging their shares and receiving any cash proceeds in lieu
of fractional shares. Beneficial holders of the Company’s common
shares are encouraged to contact their bank, broker, custodian or
other nominee with questions regarding procedures for processing
the Reverse Stock Split. The par value of the Company’s common
shares remains unchanged and the common shares will continue to
trade on the NYSE under the same ticker symbol, “PACD,” but under a
new CUSIP number, L7257P 114.
The timetable for the reverse stock split regarding trading on
the NOTC is as follows:
Date Wednesday, May 25,
2016 The shares are trading ex. Reverse Stock Split Thursday, May
26, 2016 VPS record date Friday, May 27, 2016 The shares are
trading on the NOTC under the new ISIN LU 1405802361
The Company’s shares will be traded ex. Reverse Stock Split from
and including May 25, 2016 on the NOTC under the existing ISIN LU
0611695635. From and including Friday May 27, 2016, the shares will
be trading on the NOTC under the new ISIN LU 1405802361. The
Company will continue to trade on the NOTC under the same ticker
symbol, “PDSA.”
About Pacific Drilling
With its best-in-class drillships and highly experienced team,
Pacific Drilling is committed to becoming the industry’s preferred
ultra-deepwater drilling contractor. Pacific Drilling’s fleet of
seven drillships represents one of the youngest and most
technologically advanced fleets in the world. For more information
about Pacific Drilling, including its current Fleet Status, please
visit www.pacificdrilling.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160524006601/en/
Pacific DrillingJohn Boots, +352 26 84 57
81Investor@pacificdrilling.com
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