ProfitQuotes.com
symbol lookup  commodity list
Bookmark This Page
Daily Dividend Report: PKI, SU, HFC, RTN, UNP

Thu, 14 Nov 17:33:50 GMT
Dow Movers: CSCO, WMT

Thu, 14 Nov 15:17:25 GMT
Portfolio Channel
Free Energy Dividend Stock Report
Free Dividend Report - Top Ranked Stocks
Free Dividend Paying Gold/Metals Stocks Report
Get a quote box (like the one below) for your site!
ProfitQuotes.com Commodities Quotes
commodity quotes list
energy quotes  gold quotes
uranium stocks  
solar power stocks

wind power stocks

Industry focus:

advertising stocks,
space stocks,
aerospace stock,
aerospace sector,
list of aerospace companies,
largest chemical companies,
chemical stock,
chemical news,
best agriculture stocks,
ag stocks,
chinese agriculture stocks,
top agriculture companies,
agriculture stocks,
agricultural stocks,
agricultural stock,
stocks agriculture,
agriculture markets,
agriculture index,
agriculture industries,
agricultural investment,
agriculture investment,
agricultural industry,
farm stock,
airline stock symbols,
airline stock prices,
airline stock,
airlines stock,
clothing stock,
fashion stocks,
publicly traded fashion companies,
clothing company stocks,
apparel stock,
apparel companies,
application software stocks,
asset management stocks,
auto stocks,
auto industry stocks,
chinese auto stocks,
auto stock prices,
automotive stock,
auto parts stocks,
community bank stocks,
regional bank stocks,
canadian bank stocks,
banking stock,
national bank stocks,
commercial bank stock,
banks stock,
bank stock quote,
bank stocks,
banking industry,
alcohol stocks,
beverage stock,
global wine stocks,
wine stocks,
liquor stock,
biotech stocks list,
biotechnology investing,
public biotech companies,
top biotech stocks,
nanotechnology stock,
largest biotech companies,
biotechnology stock,
biotech investing,
investing in biotech,
best biotech companies,
bio stocks,
biotech sector,
biotechnology investment,
biopharma companies,
new biotech companies,
biotech investment,
biotechnology industries,
nanotech stocks,
biotech stocks,
biotechnology articles,
biotechnology news,
business stocks,
service stocks,
chemical companies,
chemical industries,
chemical industry,
chemical company,
chemicals company,
cigarette stock,
cigarette company stocks,
cigarette stock symbols,
tobacco company stocks,
tobacco stock,
cigar stocks,
communications stocks,
communication stock,
computer peripherals companies,
computer peripherals,
computers stocks,
computer stock,
computer web,
internet stocks,
construction stocks,
machinery stocks,
builders stocks,
building stocks,
consumer goods stocks,
consumer services stocks,
consumer services companies,
lending stocks,
mortgage banking,
lending companies,
mortgage bankers,
loan services,
mortgage services,
mortgage bank,
loan bank,
defense stocks,
defensive stock,
department store stocks,
diagnostic company,
diagnostic companies,
pharmaceuticals stocks,
drug stocks,
drug company stocks,
pharma stock,
education stocks,
college stock,
electric utility stocks,
electric company stocks,
electric utilities stocks,
utility stocks,
utilities stocks,
power equipment companies,
electrical supply companies,
electronic stocks,
entertainment stock,
movie stocks,
movies companies,
movie company,
cefs,
open ended and closed ended mutual funds,
closed ended investment,
closed ended fund,
bonds fund,
closed end,
food stock,
game stock,
gambling stocks,
casino stocks,
gaming stocks list,
gaming stocks,
gas utility companies,
gas company stocks,
construction industries,
builders contractors,
construction services,
construction industry,
grocery store stocks,
supermarket stock,
drug store stocks,
home stocks,
furniture stock,
home improvement stocks,
medical company stocks,
top medical stocks,
medical stock,
hospital stock,
medical supply stocks,
medical technology stocks,
medical device stocks,
medical equipment stocks,
copper mining,
palladium mining stocks,
mining metals,
mining,
mining news,
gold exploration,
mining share price,
lithium mines,
mining industries,
international mining companies,
mining information,
molybdenum mining companies,
nickel mining companies,
metals and mining stocks,
gold and silver mining stocks,
copper mining companies,
rare earth mining companies,
rare metals stocks,
rare earth stocks,
metals stocks,
welding stock,
nonprecious metals,
non metallic mining,
office supplies companies,
office supply companies,
oil services stocks,
oil pipeline stocks,
gas pipeline stocks,
gas pipeline companies,
pipeline companies,
natural gas pipeline companies,
oil services companies,
oil field services,
oil service stocks,
natural gas pipelines,
oilfield service companies,
oil and gas pipeline companies,
oil gas pipeline,
oil exploration stocks,
oil exploration sector,
oil exploration companies,
oil drilling stocks,
oil drilling companies,
oil production companies,
china oil companies,
brazil oil companies,
china oil stocks,
brazil oil stocks,
oil companies,
oil stocks,
oil drilling,
oil exploration,
offshore oil drilling companies,
list of oil drilling companies,
oil and gas exploration,
oil and gas drilling,
oil and gas stocks,
oil and gas drilling companies,
oil refining companies,
oil marketing companies,
oil refining stocks,
oil refining sector,
oil refinery companies,
oil refinery stocks,
major oil companies,
oil sector,
oil refinery,
oil refinery company,
oil company,
oil marketing company,
oil refining company,
oil refining industry,
major oil companies list,
oil and gas companies,
crude oil stocks,
packaging companies,
container companies,
packaging stocks,
packaging sector,
container sector,
pulp stocks,
paper stocks,
timber stocks,
pulp companies,
paper companies,
timber companies,
timber trusts,
cardboard companies,
paper sector,
timber sector,
paper companies list,
silver mining companies,
gold mining companies,
gold mining sector,
precious metal stocks,
mining companies,
exploration sector,
mining sector,
exploration stocks,
mining stocks,
silver stocks,
gold stocks,
gold mining stocks,
silver mining stocks,
silver mining company,
canadian mining companies,
gold mining,
gold mining company,
mining company,
list of mining companies,
gold stocks list,
largest gold mining companies,
silver mining,
printing companies,
printing stocks,
printing sector,
newspaper stocks,
newspaper sector,
newspaper companies,
publishing stocks,
publishing sector,
publishing companies,
digital media companies,
digital media stocks,
digital media sector,
book publishing companies,
digital media company,
publishing company,
railroad stocks,
railroad sector,
railroad companies,
railroad company,
railroad investment,
major railroad companies,
real estate companies,
real estate stock,
real estate public companies,
real estate investing,
real estate investments,
real estate sector,
commercial real estate investing,
real estate investment firms,
real estate investing guide,
REITs,
real estate investment trust,
REIT sector,
REIT stocks,
REITs sector,
REITs stock,
public REITs,
real estate investment trusts,
real estate investment trust companies,
real estate investment trusts REITs,
real estate investment companies,
real estate investment company,
real estate investment trust REIT,
rubber stocks,
plastic stocks,
rubber companies,
plastic companies,
rubber sector,
plastic sector,
plastic manufacturing companies,
rubber company,
plastic company,
semiconductor stocks,
semiconductor investments,
semi stocks,
semiconductor companies,
semiconductor sector,
shipping stocks,
dry bulk stocks,
container stocks,
dry bulk shipping,
dry bulk shipping companies,
tanker stocks,
shipping companies,
shipping sector,
specialty retail,
retail stocks,
retail investing,
retail store stocks,
consumer stocks,
consumer investment,
retail companies,
retail sector,
sports stocks,
sports investing,
sporting goods stocks,
sports investments,
sporting goods companies,
sporting goods sector,
stock message boards,
television stocks,
television investment,
radio stocks,
radio invest,
media stocks,
media invest,
media investment,
media investing,
television companies,
television sector,
radio sector,
radio companies,
media companies,
media sector,
textile stocks,
apparel stocks,
textile investment,
textile companies,
textile sector,
apparel sector,
freight investment,
transportation investment,
truck investment ,
freight stocks,
transportation stocks,
trucking stocks,
trucking companies,
trucking sector,
waste management stocks,
waste stocks,
recycling stocks,
waste investment,
waste companies,
waste sector,
water stocks,
water utilities,
water investing,
water investment,
water companies,
water sector

Home Oil & Gas Electricity Metals Treasuries Stocks My Portfolios Forex
News - Full Story
 Related Quotes
 Parker Drilling Company  19.77   0.02  0.10%
 Enter Symbols: 
Parker Drilling Files Revised Preliminary Proxy Statement Proposing Range of Stock Split Ratios to Reduce Number of Stockholders of Record Below 300

HOUSTON, Oct. 21, 2019 /PRNewswire/ -- Parker Drilling Company (NYSE: PKD) ("Parker" or the "Company") announced today that it has filed a revised preliminary proxy statement with the Securities and Exchange Commission (the "SEC") relating to a proposal by its Board of Directors (the "Board") to amend the Company's amended and restated certificate of incorporation to effect a reverse stock split, to be followed immediately by a forward stock split, at a ratio of (i) not less than 1-for-5 and not greater than 1-for-100, in the case of the reverse stock split, and (ii) not less than 5-for-1 and not greater than 100-for-1, in the case of the forward stock split, which collectively are the "stock splits." The proposed stock splits continue to be for the purpose of deregistering the Company's common stock under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in connection with delisting the Company's shares from trading on the New York Stock Exchange, as previously announced on September 10, 2019.

As of October 18, 2019, the Company's (i) executive officers and directors and (ii) 10% stockholders, which consist of Värde Partners and Brigade Capital Management, LP, have indicated that they intend to vote all their shares (17,231 and 9,317,302 shares, respectively) in favor of the stock splits. The combined holdings of our (i) directors and executive officers and (ii) 10% stockholders comprise approximately 0.1% and 61.9% of the Company's outstanding shares, respectively. If approved by our stockholders, the exact stock split ratios will be set within the ranges described above at the discretion of the Board (and, in all cases, with the forward stock split ratio being the inverse of the reverse Stock split ratio), without further approval or authorization of our stockholders. In addition, our Board, in its sole discretion, may effectuate the stock splits immediately following the public announcement of the stock split ratios chosen by the Board or elect to abandon the proposed stock splits and the overall transaction (whether or not authorized by the stockholders), at any time. The cash payment to stockholders to be paid in lieu of fractional shares remains unchanged so that a stockholder owning immediately prior to the effective time fewer than a minimum number of shares, which, depending on the stock split ratios chosen by the Board, would be between 5 and 100, would be paid $30.00, without interest, for each share of common stock held by such holder immediately prior to effective time. Cashed out stockholders would no longer be stockholders of the Company. At this time, the Company believes that any reverse stock split ratio within the proposed range would reduce the number of record holders below 300, which is the level at or above which the Company is required to remain an SEC registrant.

After announcing on September 10, 2019 the stock splits at a proposed reverse stock split ratio of 1-for-100 to be followed by a forward stock split ratio of 100-for-1 and the proposed transaction to deregister and delist its common stock, the Board and its advisors observed a substantial increase in trading of the Company's common stock. While this increased trading activity had only a nominal effect on the number of holders of record, it led to a significant increase in the number of shares that would be cashed out in lieu of receiving fractional shares at the previously proposed reverse stock split ratio, which would make the stock splits and the proposed transaction significantly more expensive for the Company.

The Board reserves the right to change the terms of or abandon the proposed stock splits or the overall proposed transaction at any time if it believes the stock splits or the overall proposed transaction are no longer in the best interests of our stockholders, whether prior to or following the special meeting of stockholders, including as a result of a change in the number of shares (whether or not held in "street name") that will be exchanged for cash that would increase in any material respect the cost and expense of the stock splits compared to previous estimates.

About Parker Drilling

Parker Drilling provides drilling services and rental tools to the energy industry. The Company's Drilling Services business serves operators through the use of Parker-owned and customer-owned rig fleets in select U.S. and international markets, specializing in remote and harsh environment regions. The Company's Rental Tools Services business supplies premium equipment and well services to operators on land and offshore in the U.S. and international markets. More information about Parker Drilling can be found on the Company's website at www.parkerdrilling.com.

Additional Information and Where to Find It

THIS PRESS RELEASE IS ONLY A BRIEF DESCRIPTION OF THE PROPOSED TRANSACTION. IT IS NOT A REQUEST FOR OR SOLICITATION OF A PROXY OR AN OFFER TO ACQUIRE OR SELL ANY SHARES OF COMMON STOCK. THE COMPANY HAS FILED A REVISED PRELIMINARY PROXY STATEMENT AND OTHER REQUIRED MATERIALS, INCLUDING A SCHEDULE 13E-3, WITH THE SEC CONCERNING THE PROPOSED STOCK SPLITS, AND INTENDS TO FILE A DEFINITIVE PROXY STATEMENT AND OTHER REQUIRED MATERIALS, INCLUDING ANY AMENDMENTS THERETO. A COPY OF ALL FINAL PROXY MATERIALS WILL BE MADE AVAILABLE TO STOCKHOLDERS PRIOR TO A SPECIAL MEETING OF STOCKHOLDERS AT WHICH THE COMPANY'S STOCKHOLDERS WILL BE ASKED TO VOTE ON THE PROPOSALS DESCRIBED IN THE MATERIALS PROVIDED BY THE COMPANY. THE COMPANY URGES ALL STOCKHOLDERS TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, AS WELL AS ALL OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THOSE DOCUMENTS WILL INCLUDE IMPORTANT INFORMATION. A FREE COPY OF ALL MATERIALS THE COMPANY FILES WITH THE SEC, INCLUDING THE COMPANY'S SCHEDULE 13E-3 AND PROXY STATEMENT, WILL BE AVAILABLE AT NO COST ON THE SEC'S WEBSITE AT WWW.SEC.GOV. WHEN THOSE DOCUMENTS BECOME AVAILABLE, THE PROXY STATEMENT AND OTHER DOCUMENTS FILED BY THE COMPANY MAY ALSO BE OBTAINED WITHOUT CHARGE BY DIRECTING A REQUEST TO PARKER DRILLING COMPANY, 5 GREENWAY PLAZA, SUITE 100, HOUSTON, TEXAS 77046, ATTENTION: CORPORATE SECRETARY.

Participants in the Solicitation

The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information concerning such participants is set forth in the Company's Annual Report on Form 10-K filed with the SEC on March 11, 2019, as amended by the Form 10-K/A filed on April 29, 2019. To the extent that such participants' holdings of the Company's securities have changed since the amounts printed in the Company's Form 10-K, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of such participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement to be filed by the Company with the SEC in connection with the proposed transaction.

Forward-Looking Statements

This press release may contain forward-looking statements that are being made pursuant to the Private Securities Litigation Reform Act of 1995, which provides a "safe harbor" for forward-looking statements to encourage companies to provide prospective information so long as those statements are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those discussed in the statement. Such forward-looking statements include statements about the perceived benefits and costs of the proposed transaction, the number of shares of the Company's common stock that are expected to be cashed out in the proposed transaction and the timing and stockholder approval of the proposed transaction. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results, performance or achievements to differ materially from those described or implied in such forward- looking statements. Accordingly, actual results may differ materially from such forward-looking statements. The forward-looking statements relating to the transaction discussed above are based on the Company's current expectations, assumptions, estimates and projections about the Company and involve significant risks and uncertainties, including the many variables that may impact the Company's projected cost savings, variables and risks related to consummation of the proposed transaction, SEC regulatory review of the Company's filings related to the proposed transaction, and the continuing determination of the Board of Directors and the Finance and Strategic Planning Committee that the proposed transaction is in the best interests of all stockholders. The Company assumes no obligation for updating any such forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements.

Contact:

Nick Henley
Director, Investor Relations
(+1) (281) 406-2082
nick.henley@parkerdrilling.com

Cision src=https://c212.net/c/img/favicon.png?sn=DA08903&sd=2019-10-21 View original content:http://www.prnewswire.com/news-releases/parker-drilling-files-revised-preliminary-proxy-statement-proposing-range-of-stock-split-ratios-to-reduce-number-of-stockholders-of-record-below-300-300941960.html

SOURCE Parker Drilling Company

<  back


TickerTech.com Private-label branded pages powered by TickerTech.com. Copyright © 2019 Ticker Technologies, All Rights Reserved. Quote data is at least 20 minutes delayed. NYMEX/COMEX data is at least 30 minutes delayed. Please read other important disclaimer information.
"DUTY, n. That which sternly impels us in the direction of profit, along the line of desire." - Ambrose Bierce
Google
 

© Ticker Technologies, all rights reserved. Profitquotes.com is wholly owned by Ticker Technologies and serves to demonstrate the company's products to prospective clients. All quotes are in US Eastern Time (EST) and delayed at least 15 minutes. NYMEX/COMEX data delayed at least 30 minutes. Data is presented for informational purposes only and not intended for investment purposes. Nothing on this site should be considered advice, opinions, recommendations, or endorsements from ProfitQuotes.com or Ticker Technologies, Inc. Full Disclaimer.