This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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

Tesco Corporation Response To White Eagle Partners, LLC Open Letter To Chairman

Stocks in this article: TESO

Trading Symbol: "TESO" on NASDAQ

HOUSTON, Feb. 20, 2014 /PRNewswire/ - On behalf of its Board of Directors ("Board"), TESCO Corporation ("TESCO" or "the Company") (NASDAQ:TESO) issues a response to a recent public communication made by its shareholder White Eagle Partners LLC:

The Board of TESCO values the opinions of its shareholders, and welcomes the opportunity to exchange views with our owners.   Over the recent months, TESCO has engaged with White Eagle both in writing and through discussions with management, and has noted and considered the suggestions presented by White Eagle in these meetings.

The Company reviews its strategic plan and capital allocation policies on a regular periodic basis, in addition to considering those topics in normal discussions at our Board meetings. TESCO is currently in the midst of such a review, and we expect to complete it by the end of the second quarter of 2014.  As a part of this process, consistent with its past practice, the Board will evaluate the Company's current strategic plan and capital allocation policies with a view to maximizing long-term shareholder value.

The Board notes that there were excellent returns provided to our shareholders in 2013, with the share price up by almost 74%, and remains committed to continuing to explore the best ways to drive value for all shareholders on a go-forward basis.



FORWARD-LOOKING STATEMENTS

This release contains statements that may constitute "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995 and other applicable securities legislation.  These statements include statements regarding the Company's internal review of its strategic plan and capital allocation policies and the timing thereof.  These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated.  These risks include, but are not limited to, further changes to the business, operations, assets or financial performance of the Company.  Readers are cautioned that such risk factors should not be construed as exhaustive.  The Company is under no obligation to update such risk factors except as required by applicable law.

1 of 2

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 16,773.66 +95.76 0.57%
S&P 500 1,959.39 +8.57 0.44%
NASDAQ 4,471.46 +18.6680 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