Key Developments For Tesco Corporation
Tesco Corporation (TESO.O) (Nasdaq)
LRP V Luxembourg Holdings S.a r.l. Announces Acquisition of 4,990,416 Common Shares of Tesco Corporation
LRP V Luxembourg Holdings S.a r.l. (LRP) announced that on July 13, 2009, it acquired 4,990,416 common shares (Purchased Shares) of Tesco Corporation at a price of USD7.45 (approximately CAD8.68) pursuant to a stock purchase agreement (the Purchase Agreement) dated July 13, 2009 among LRP and Centennial Energy Partners, L.P., Hoyt Farm Partners, L.P., Quadrennial Partners, L.P., Centennial Energy Partners V, L.P. and Peter K. Seldin (collectively the Selling Shareholders) (the Acquisition). After giving effect to the common shares acquired pursuant to the Acquisition, the Purchased Shares represent approximately 13.3% of the outstanding common shares of Tesco. Following completion of the Acquisition of the Purchased Shares, LRP holds 5,146,060 common shares representing approximately 13.7% of the outstanding common shares of Tesco. LRP acquired the Purchased Shares for investment purposes.
Tesco Corporation Settles Patent Infringement Suit -DJ
Dow Jones reported that Tesco Corporation said in a regulatory filing that it has settled a patent-infringement lawsuit with Frank's International Inc. Pursuant to the settlement, Tesco Corporation will pay $1.83 million to Frank's and $400,000 to a third party from whom Tesco Corporation had a license, and Frank's would request the court to dismiss the lawsuit with prejudice. Frank's sued Tesco Corporation in January 2007, alleging that Tesco Corporation's casing drive system infringes two patents held by Frank's.
Tesco Corporation Announces Appointment Of Robert Kayl As Chief Financial Officer
Tesco Corporation announced that Robert L. Kayl, the Company's Vice President and Controller, has been named Senior Vice President and Chief Financial Officer effective July 2, 2008.
Tesco Corporation Announces Departure of Anthony Tripodo; Robert Kayl to be Appointed Acting Chief Financial Officer
Tesco Corporation announced that Anthony Tripodo, Executive Vice President and Chief Financial Officer (CFO) is leaving his position effective June 25, 2008. Robert Kayl, the Company's Vice President and Controller, has been named acting Chief Financial Officer.
Tesco Corporation Announces Settlement Of Patent Infringement Claims Against Fluid Design Solutions
Tesco Corporation annoucned that it had reached a settlement in its patent litigation against Fluid Design Solutions, Inc. (FDS).
