Trinidad puts faith in trust
Canadians to reorganise
Canadian outfit Trinidad Drilling is hoping to reorganised itself as a trust in order to create a more efficient tax structure and put shareholder value to the fore.
The move, which needs shareholder and regulatory approval, will go to a vote at a special meeting to be held in September.
The new organisation will be called Trinidad Drilling Income Trust.
"The Trinidad Drilling Income Trust plans to make monthly cash distributions to investors while still retaining sufficient cash flow for maintenance and growth capital expenditures," said the company.