Trinidad Drilling announces minor changes to its stock option plan
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
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.
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.For further information:
Chief Executive Officer
Vice President, Investor Relations