Ensign Energy Services Inc. resolves complaint regarding historical stock option pricing
April 17 2014 - 8:36PM
PR Newswire (Canada)
CALGARY, April 17, 2014 /CNW/ - Ensign Energy Services
Inc. ("Ensign" or the "Company") announced today the
resolution of a complaint made by an Ensign shareholder concerning
the Company's historical option granting practices. The
resolution, which was approved by the Alberta Court of Queen's Bench on April 15, 2014, provides for the return to the
Company of benefits received by certain directors and officers of
the Company arising from an alleged failure of administration and
oversight over the historical option granting process, and
repayment of the costs of the related review. The aggregate amounts
involved are not material to the Company.
This resolution follows a review of the
Company's historical option granting processes by a third party
independent advisor to the Ensign Board of Directors. Among
the findings of the independent advisor was that Ensign's current
option granting practices are satisfactory and have been
satisfactory since late 2006.
Ensign Energy Services Inc. is an international
oilfield services contractor based in Calgary, Alberta. Ensign's common shares are
publicly traded through the facilities of the Toronto Stock
Exchange (TSX: ESI).
SOURCE Ensign Energy Services Inc.
Copyright 2014 Canada NewsWire
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