Grifco Set to Divest Tubing Unit
Grifco International has set May 1 as the record date for its previously announced spin-off of wholly owned subsidiary Coil Tubing Technology (CTT).
Grifco shareholders will receive 1.89 shares of CTT for every one share held in Grifco as of the record date, up to 75 million shares. Upon completion of the spin-off dividend, CTT will have approximately 85 million shares issued and outstanding.
The distribution will occur when CTT receives acceptance of its SEC Form 10-SB, which is expected to be filed in April 2006. In order to participate in the CTT spin-off, a shareholder of Grifco must own their shares at the close of trading on May 1.
Grifco is a provider of oil and gas services equipment. It specializes in the conception, architecture, and development of
tools for the coil tubing, wire line, and snubbing industry
throughout the U.S., China, Mexico, South America, the Middle
East, and Africa.
- Grifco Announces Spins- Off Coil Tubing Technology (Aug 02)
- Grifco Further Clarifies CTT Spin-off Procedure (May 14)
- Grifco Unveils Procedure for CTT Spin-off (Apr 24)
Company: Coil Tubing Technology more info
- Coil Tubing Technology Tests and Deploys Improvements to 'Jet Motor' (Apr 20)
- Coil Tubing Technology Develops Plug Removal System (Apr 12)
- Grifco Set to Divest Tubing Unit (Mar 31)