This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Nabors To Nominate New Independent Directors To Board At 2013 And 2014 Annual General Meetings Of Shareholders

HAMILTON, Bermuda and NEW YORK, April 4, 2013 /PRNewswire/ -- Nabors Industries Ltd. (NYSE: NBR) ("Nabors") and PHM Investment (USD) 1 S.a.r.l., managed by Pamplona Capital Management LLP ("Pamplona"), today announced that Nabors has agreed to nominate a mutually agreed upon independent director for election to the Nabors Board of Directors at the Company's 2013 and 2014 annual general meetings of shareholders.  Nabors and Pamplona have also agreed that the 2013 nominee and Nabors will mutually agree on a second independent director who will be nominated at the Company's 2014 annual general meeting of shareholders.  The 2013 nominee has already been appointed to the Board, as detailed in Nabors' concurrent press release.  Pamplona and its affiliates are currently Nabors' largest shareholders, owning approximately 9.3% of the outstanding shares.

Anthony G. Petrello, President and Chief Executive Officer of Nabors, commented, "We are pleased to have reached this beneficial agreement following a series of constructive discussions with Pamplona.  Today's announcement enables us to add new and qualified independent directors to our Board and to continue executing on our strategic plan to create value for our shareholders.  The Board is also evaluating strategies to enhance shareholder value, including optimizing the Company's capital structure, reviewing its mix of businesses and improving operating performance with the assistance of an independent financial advisory firm of international reputation.  We remain confident that our quality asset base, diverse product lines and geography, global infrastructure and talented employee base uniquely position us for the long-term."

Alex Knaster, Chairman of Pamplona Capital Management, said, "We believe that the agreement reached will provide new independent voices and perspectives to Nabors' Board and will improve the focus on maximizing shareholder value.  We are pleased with the Board's commitment to conduct a strategic review and look forward to continued constructive interaction with Nabors."

Nabors and Pamplona also announced that, pursuant to their agreement, Pamplona will receive an exemption from Nabors' shareholder rights plan, allowing the fund to acquire up to 14.99% of Nabors' common shares.  Additionally, Pamplona has agreed, among other items, to vote its shares in support of all of the Board's director nominees at the Company's 2013 and 2014 annual meetings.   

Details of the agreement can be found in Nabors' 8-K, filed today with the U.S. Securities and Exchange Commission.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,055.87 -116.81 -0.68%
S&P 500 1,982.77 -11.52 -0.58%
NASDAQ 4,508.6880 -19.0010 -0.42%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs