Rowan Updates Timing of Change in Corporate Structure
Rowan Companies, Inc. (NYSE: RDC) reminds its stockholders that the special meeting to approve the previously announced plan to change Rowan's corporate structure will be held on April 16, 2012. The change in corporate structure would result in the Company becoming a wholly owned subsidiary of a new U.K. parent holding company to be named "Rowan Companies plc".
The Board of Directors has previously unanimously approved the change as it believes the move will enhance stockholder value by improving Rowan's long-term competitive position as a global contract driller. Under the proposed plan, which must be approved by our stockholders at the April 16 meeting, Rowan's legal domicile would effectively change from Delaware to the United Kingdom, where it already has substantial and growing operations.
The Company previously disclosed in its proxy statement that it might pursue a Class A Share structure instead of an American depositary share ("ADS") structure, and confirms today that it is actively pursuing such a Class A Share structure. If successful in these efforts, Class A Shares of Rowan UK would ultimately be delivered to holders of our common stock in conjunction with the closing of the transaction.
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