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TSX SYMBOL: TDG
CALGARY , April 29, 2014 /CNW/ - Trinidad Drilling Ltd. ("Trinidad")
announces that the Board of Directors of Trinidad has approved minor
amendments to Trinidad's stock option plan (the "Option Plan") which
will place a limit on individual awards to non-employee directors in
equity compensation plans, together with other administrative
amendments. The Toronto Stock Exchange has approved the amended Option
Plan. The proposed amendments were made in part to address comments
raised by Institutional Shareholder Services Inc. ("ISS") in the course
of its consideration of the Option Plan.
The amendments to the Option Plan reflect the following changes:
Trinidad established a maximum non-employee director participation limit
of an annual equity award value of $100,000 per director (as determined
by a Black-Scholes calculation). In addition, the amended Option Plan
requires shareholder approval for any amendment to the amending
provisions to the Option Plan or the non-employee director
participation limit.
The amended Option Plan will be proposed to the shareholders for
ratification at our next annual general meeting to be held May 8, 2014
and Trinidad is bound by the terms of the amended Option Plan until
such time as the amended Option Plan is approved by shareholders. A
copy of the amended plan can be found on our SEDAR profile at www.sedar.com.
The board of directors feels that these amendments address all of the
concerns raised by ISS with respect to the Option Plan.
Trinidad believes a critical component of their executive compensation
program is the provision of long-term incentives to the executives,
senior managers and other key employees of the organization to ensure
that a clear link exists between employee compensation and the growth
in shareholder value. The Option Plan is a fundamental component of
its corporate strategy which is designed to align individual goals and
objectives with Trinidad's objective of creating shareholder value.
FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
information") within the meaning of applicable Canadian securities
laws. The use of any of the words "expect", "anticipate", "will",
"future" and similar expressions are intended to identify
forward-looking information. In particular, this press release
contains forward-looking information pertaining to Trinidad's
understanding of ISS's concerns regarding its Option Plan and
ratification of the Option Plan at the shareholder meeting.
The forward-looking information included in this press release reflects
several factors, expectations and assumptions including, without
limitation: the belief that the amendments made to the Option Plan will
address all of ISS's concerns and that the Option Plan will be ratified
at the shareholder meeting.
The forward-looking information included in this press release is not a
guarantee of future performance and should not be unduly relied upon.
Forward-looking information is based on current expectations, estimates
and projections that involve a number of risks and uncertainties, which
could cause actual results to differ materially from those anticipated
and described in the forward-looking information including, without
limitation: Trinidad's belief that they have addressed all of ISS's
concerns regarding the Option Plan and that the Option Plan will be
ratified at the shareholder meeting. The forward-looking information
contained in this press release speaks only as of the date of this
press release and Trinidad assumes no obligation to publicly update or
revise such forward-looking information to reflect new events or
circumstances, except as may be required pursuant to applicable
securities laws.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the shares in any jurisdiction. The
shares offered will not be and have not been registered under the
United States Securities Act of 1933 and may not be offered or sold in
the United States or to a United States person, absent registration, or
an applicable exemption therefrom.
SOURCE Trinidad Drilling Ltd.