LRP V Luxembourg Holdings S.a r.l.

April 16, 2015 16:30 ET

LRP V Luxembourg Holdings S.a r.l. Announces Sale of Common Shares of Tesco Corporation

CALGARY, ALBERTA--(Marketwired - April 16, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

LRP V Luxembourg Holdings S.à r.l. ("LRP") announces that it sold 3,241,617 common shares (the "Shares") of Tesco Corporation ("Tesco") through open market transactions (the "Sale"). LRP sold the Shares at a price of $11.227 USD per share, for an aggregate sale price of $36,392,964.41 USD. The Shares represent approximately 8.31% of the outstanding Shares. The Sale represents the sale of all of LRP's holdings in Tesco. Prior to the Sale, LRP held 3,241,617 Shares (approximately 8.31% of the issued and outstanding Shares).

As a result of the Sale, LRP holds nil Shares which, accordingly, represents nil% of the outstanding Shares.

John T. Reynolds ("Mr. Reynolds"), a director of LRP GP V, Inc., who served as a board member of Tesco until December 12, 2014, continues to hold 17,939 Shares (approximately 0.05% of the issued and outstanding Shares).

LRP sold the Shares in the normal course in accordance with its investment objectives. LRP may in the future purchase Shares or other securities of Tesco through open market purchases or privately negotiated transactions.

A copy of LRP's related early warning report filed with the applicable securities commissions and further information may be obtained by contacting Hille-Paul Schut or Patrick Lauria, the Managers of LRP at: Telephone: 352 263 02271 and Facsimile: 352 263 02272.

Contact Information

  • Hille-Paul Schut
    352 263 02271

    Patrick Lauria
    352 263 02271
    352 263 02272 (FAX)