Pacific Drilling Provides Notice of Proposed NOTC Timetable for Reverse Stock Split
OREANDA-NEWS. As previously announced by Pacific Drilling S.A. (NYSE: PACD) (NOTC: PDSA) (the “Company”) on May 2, 2016, the Company has called an Extraordinary General Meeting to be held on May 24, 2016 (the “EGM”).
The purpose of the EGM is to submit to shareholders for approval a 10 for 1 reverse stock split of the Company’s shares with the intent to increase the per share trading price of the Company’s shares in order to satisfy the continued listing requirements of the New York Stock Exchange. Subject to approval by the shareholders at the EGM, the timetable for the reverse stock split regarding trading on the NOTC is as follows:
|Tuesday, May 24, 2016||EGM to be held|
|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|
Subject to approval at the EGM, the new share capital of the Company will be USD 225,510 represented by 22,551,077 shares, each with a nominal value of USD 0.01.
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
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.