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Nov 28, 2018

Trinidad Drilling execs, board resign as Ensign trumps Precision

Trinidad execs resign after Ensign wins takeover battle

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Trinidad Drilling Ltd.’s board and top executives are heading for the exits after Ensign Energy Services Inc. prevailed in a takeover tug of war with Precision Drilling Corp.

Ensign announced Tuesday afternoon 56.4 per cent of Trinidad's shares were tendered to its hostile all-cash $1.68-per-share offer. As a result, it's giving other holders more time to cash in by extending the deadline on its offer to Dec. 10.

In a subsequent release, Precision Drilling confirmed that it terminated its all-stock takeover over Trinidad and said it's owed a $20-million break fee.

Meanwhile, the dissolution of that friendly arrangement prompted a mass exodus at Trinidad Drilling.

The Calgary-based company said its chief executive officer, chief financial officer and chief operating officer have stepped down and that its entire board of directors agreed to resign. The board has been replaced with Ensign appointees, while Ensign CEO Robert Geddes has been named president and COO of Trinidad and Ensign's CFO is taking up that role at Trinidad.

"All other Trinidad employees continue their employment unaffected by [Tuesday’s] transaction," Trinidad said in a release. “Ensign has indicated to Trinidad that Ensign values the Trinidad employees and wishes to retain their services to Trinidad."