TSX SYMBOL: TDG.UN
CALGARY, Feb. 29 /CNW/ - Trinidad Energy Services Income Trust ("TDG.UN")
announces today that it will elect to make an early adoption of the Corporate
governance guidelines which call for limits to be placed on participation of
non - employee directors in equity compensation plans.
Trinidad has undertaken to amend to its option plan to reflect the
Trinidad will establish a maximum non-employee director participation
limit of the lesser of: (i) a reserve of 1% of the shares outstanding; and
(ii) an annual equity award value of $100,000 per director. Under the new plan
the aggregate total number of shares to be granted to all non-employee
directors as a group, under the amended plan shall not exceed 1% of the issued
and outstanding shares.
These changes will be proposed to the shareholders for ratification at
our next annual general meeting to be held May 7, 2008 and Trinidad agrees to
abide by these restrictions until such time as the amendment is approved by
shareholders. Future non-employee director participation in the plan will be
in accordance with these guidelines and any future amendments to the limit
would have to be approved by shareholders.
As a result of this undertaking for early adoption by Trinidad,
Institutional Shareholder Services Canada Corp, (ISS), Canada's leading
independent authority on proxy voting and corporate governance is recommending
that unitholders vote "FOR" the approval of the option plan resolution as
presented in the information circular and proxy statement dated January 30 ,
Trinidad Energy Services Income Trust is a growth oriented income trust
that trades on the TSX under the symbol TDG.UN. Trinidad's divisions operate
in the drilling, well servicing and barge drilling sectors of the North
American oil and gas industry. With the completion of the current rig
construction programs, the Trust now has 110 drilling rigs ranging in depths
from 1,000 - 6,500 metres. In addition to its drilling rigs, Trinidad has 20
service rigs, 20 pre-set and coring rigs and 4 barge rigs currently operating
in the Gulf of Mexico. Trinidad is focused on providing modern, reliable,
expertly designed equipment operated by well-trained and experienced
personnel. Trinidad's drilling fleet is one of the most adaptable and
competitive in the industry.
FORWARD LOOKING STATEMENTS: This news release may contain certain
forward-looking statements relating to the Trust's plans, strategies,
objectives, expectations and intentions. Expressions such as "anticipate",
"expect", "project", "believe", "estimate", and "forecast" should be used to
identify these forward looking statements. The Trust believes that the
expressions reflected in those forward-looking statement are reasonable;
however, such statement are subject to a number of know and unknown risks,
uncertainties and other factors that may cause actual result to differ
materially from those anticipated in our forward-looking statements.
The Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.
For further information:
For further information: Lyle Whitmarsh, President & CEO or Brent
Conway, CFO, at (403) 265-6525, e-mail: email@example.com