Document:

exv4w6

Exhibit
4.6

FORM 51-102F3

MATERIAL CHANGE REPORT

	1.	 	Name and Address of Company:
	 
	 	 	Precision Drilling Trust (the “Trust”)

4200, 150 — 6th Avenue S.W.

Calgary, AB T2P 3Y7
	 
	2.	 	Date of Material Change:
	 
	 	 	February 12, 2010
	 
	3.	 	News Release:
	 
	 	 	A press release disclosing the material change, a copy of which is attached hereto as
Schedule “A”, was issued on February 12, 2010 through the facilities of MarketWire and was
filed with the applicable securities regulatory authorities via SEDAR on such date.
	 
	4.	 	Summary of Material Change:
	 
	 	 	The Trust announced its intention to convert to a corporation (the “Conversion”) pursuant to
a plan of arrangement (the “Arrangement”) under the Business Corporations Act (Alberta).
The Trust anticipates seeking approval from unitholders in conjunction with its 2010 annual
and special meeting of unitholders (the “Meeting”) and expects to complete the Conversion by
May 31, 2010.
	 
	5.	 	Full Description of the Material Change:
	 
	 	 	On February 12, 2010, the Trust announced its intention to convert from an income trust to a
corporation pursuant to the Arrangement. The proposed Conversion will occur on a tax
deferred basis and will be completed in compliance with the distribution method provided for
under the Income Tax Act (Canada). The Conversion requires the approval of the Trust’s
unitholders, as well as customary court and regulatory approvals. An information circular
will be mailed to the Trust’s unitholders in connection with the Meeting. To be
implemented, the Conversion must be approved by not less than two-thirds of the votes cast
by unitholders at the Meeting. The Trust anticipates seeking approval from unitholders in
conjunction with the Meeting and expects to complete the Conversion by May 31, 2010. TD
Securities Inc. is acting as financial advisor in connection with the Conversion and has
provided the Board of Trustees of the Trust with an opinion, subject to certain assumptions,
considerations and limitations, that the consideration to be received by unitholders
pursuant to the Conversion is fair, from a financial point of view, to such unitholders.
	 
	 	 	See the press release attached hereto as Schedule “A” for a full description of the material
change.
	 
	6.	 	Reliance on Subsection 7.1(2) or (3) of National Instrument 51-102:
	 
	 	 	Not applicable.

 

 

- 2 -

	7.	 	Omitted Information:
	 
	 	 	Not applicable.
	 
	8.	 	Executive Officer:
	 
	 	 	For further information, please contact Joanne Alexander, Vice President, General Counsel
and Corporate Secretary, at (403) 716-4500.
	 
	9.	 	Date of Report:
	 
	 	 	February 16, 2010

 

 

SCHEDULE “A”

PRESS RELEASE

(Attached)

 

 

NEWS RELEASE

Calgary, Alberta, Canada – February 12, 2010

PRECISION DRILLING TRUST                        

ANNOUNCES INTENTION TO CONVERT TO A CORPORATION                          

This news release contains “forward-looking information and statements” within the meaning of
applicable securities laws. For a full disclosure of the forward-looking information and
statements and the risks to which they are subject, see the “Cautionary Statement Regarding
Forward-Looking Information and Statements” later in this news release.

Precision
Drilling Trust (the “Trust” or “Precision”) announces its intention to convert to a
growth-oriented corporation (the “Conversion”) pursuant to a plan of arrangement (“Arrangement”)
under the Business Corporations Act (Alberta). Precision anticipates seeking approval from
unitholders in conjunction with its 2010 annual and special meeting of unitholders (the “Meeting”)
and expects to complete the Conversion by May 31, 2010.

The Board of Trustees and the Board of Directors of the administrator of the Trust (together the
“Board”) believe that it is the right time to proceed with the Conversion for the following
reasons:

	 	•	 	Precision believes the Conversion is important for future attraction and retention of
worldwide investors.
	 
	 	•	 	Access to capital markets for income trusts may become more limited in 2010.
	 
	 	•	 	The Trust anticipates efficiencies and cost savings from presenting the Conversion for
approval of the unitholders at its regularly scheduled annual general meeting.
	 
	 	•	 	The Conversion removes the restriction on non-resident ownership.
	 
	 	•	 	The Conversion will occur on a tax-deferred basis.
	 
	 	•	 	On October 31, 2006, the Canadian Minister of Finance announced the Specified Investment
Flow Through Trust (“SIFT”) income and distribution tax which effectively eliminated the
benefits of Precision’s income trust structure by introducing additional income taxes to be
imposed on trusts (generally) for taxation years commencing January 1, 2011.
	 
	 	•	 	The Conversion removes the growth limitations imposed by the SIFT legislation.

The proposed Conversion will be completed in compliance with the distribution method provided for
under the Income Tax Act (Canada). The Conversion requires the approval of Precision’s
unitholders, as well as customary court and regulatory approvals. An information circular and
proxy statement will be mailed to Precision unitholders in connection with the meeting. To be
implemented, the Conversion must be approved by not less than two-thirds of the votes cast by
unitholders at the Meeting. Further details about the timing and mechanics of the Conversion will
be communicated over the next two months.

The Board retained TD Securities Inc. (“TD Securities”) to act as its financial advisor in
connection with this transaction. Pursuant to this mandate, TD Securities has provided the Board
with an opinion that, as at the date thereof and subject to the particular assumptions,
considerations and limitations summarized therein, the consideration to be received by unitholders
pursuant to the Arrangement is fair, from a financial point of view, to such
unitholders. The full text of the TD Securities fairness opinion will be appended to the management
information circular to be provided to unitholders in connection with the proposed Conversion.

1

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

Certain statements contained in this news release, including statements that contain words such
as “could”, “should”, “can”, “anticipate”, “estimate”, “propose”, “plan”, “expect”, “believe”,
“will”, “may” and similar expressions and statements relating to matters that are not historical
facts constitute “forward-looking information” within the meaning of applicable Canadian securities
legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of
the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking
information and statements”).

In particular, this news release contains forward-looking information and statements relating to
the expectations of the Trust and the administrator of the Trust regarding the proposed Conversion
including, but not limited to: timing, completion, receipt of necessary approvals and anticipated
benefits of the Conversion.

These forward-looking information and statements are based on certain assumptions and analysis made
by the Trust in light of its experience and its perception of historical trends, current conditions
and expected future developments as well as other factors it believes are appropriate in the
circumstances. However, whether actual results, performance or achievements will conform to the
Trust’s expectations and predictions is subject to a number of known and unknown risks and
uncertainties which could cause actual results to differ materially from the Trust’s expectations.
Such risks and uncertainties include, but are not limited to the failure to receive approval of the
Conversion from the unitholders, the court or other regulatory authorities or to realize the
anticipated benefits of the Conversion.

Consequently, all of the forward-looking information and statements made in this news release are
qualified by these cautionary statements and there can be no assurance that the actual results or
developments anticipated by the Trust will be realized or, even if substantially realized, that
they will have the expected consequences to, or effects on, the Trust or its business or
operations. Readers are therefore cautioned not to place undue reliance on such forward-looking
information and statements. Except as may be required by law, the Trust assumes no obligation to
update publicly any such forward-looking information and statements, whether as a result of new
information, future events or otherwise.

About Precision

Precision is a leading provider of safe, high performance energy services to the North American oil
and gas industry. Precision provides customers with access to an extensive fleet of contract
drilling rigs, service rigs, camps, snubbing units, wastewater treatment units and rental equipment
backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada. Precision is listed on the Toronto Stock
Exchange under the trading symbol “PD.UN” and on the New York Stock Exchange under the trading
symbol “PDS”.

For further information, please contact:

David Wehlmann, Executive Vice President, Investor Relations

Precision Drilling Corporation, Administrator of Precision Drilling Trust

(403) 716-4575

(403) 716-4755 (FAX)

4200, 150 – 6th Avenue S.W.

Calgary, Alberta T2P 3Y7

Website: www.precisiondrilling.com

2exv4w1

Exhibit 4.1

CORPORATE ACCESS NUMBER: 2015389220

BUSINESS CORPORATIONS ACT

CERTIFICATE 

OF

AMALGAMATION

PRECISION DRILLING CORPORATION

IS THE RESULT OF AN AMALGAMATION FILED ON 2010/06/01.

 

 

Amalgamate Alberta Corporation — Registration Statement

Alberta Registration Date: 2010/06/01

Corporate Access Number: 2015389220

	 	 	 

	Service Request Number:

	 	 14780154
	Alberta Corporation Type:

	 	Named Alberta Corporation
	Legal Entity Name:

	 	PRECISION DRILLING CORPORATION
	French Equivalent Name:
	 	 
	Nuans Number:
	 	 
	Nuans Date:
	 	 
	French Nuans Number:
	 	 
	French Nuans Date:
	 	 
	 
	 	 
	REGISTERED ADDRESS
	 	 
	Street:

	 	 4200, 150 — 6TH AVENUE S.W.
	Legal Description:
	 	 
	City:

	 	CALGARY
	Province:

	 	ALBERTA
	Postal Code:

	 	T2P 3Y7
	 
	 	 
	RECORDS ADDRESS
	 	 
	Street:
	 	 
	Legal Description:
	 	 
	City:
	 	 
	Province:
	 	 
	Postal Code:
	 	 
	 
	 	 
	ADDRESS FOR SERVICE BY MAIL
	 	 
	Post Office Box:
	 	 
	City:
	 	 
	Province:
	 	 
	Postal Code:
	 	 
	Internet Mail ID:
	 	 
	 
	 	 
	Share Structure:

	 	THE ATTACHED SCHEDULE OF SHARE CAPITAL IS
INCORPORATED INTO AND FORMS PART OF THIS FORM.
	Share Transfers
	 	 

 

 

	 	 	 

	Restrictions:

	 	NONE
	Number of Directors:
	 	 
	Min Number Of

	 	 1
	Directors:
	 	 
	Max Number Of

	 	 15
	Directors:
	 	 
	Business Restricted To:

	 	NONE
	Business Restricted From:

	 	NONE
	Other Provisions:

	 	THE ATTACHED SCHEDULE OF OTHER PROVISIONS IS INCORPORATED INTO AND FORMS PART OF THIS FORM.
	 
	 	 
	Professional Endorsement Provided:
	 	 
	Future Dating Required:
	 	 
	Registration Date:

	 	 2010/06/01

Director

	 	 	 

	Last Name:

	 	DONOVAN
	First Name:

	 	WILLIAM
	Middle Name:

	 	T.
	Street/Box Number:

	 	4200, 150 — 6TH AVENUE S.W.
	City:

	 	CALGARY
	Province:

	 	ALBERTA
	Postal Code:

	 	T2P 3Y7
	Country:
	 	 
	Resident Canadian:
	 	 
	Named On Stat Dec:
	 	 
	 
	 	 
	Last Name:

	 	DUNN
	First Name:

	 	W.C. (MICKEY)
	Middle Name:
	 	 
	Street/Box Number:

	 	4200, 150 — 6TH AVENUE S.W.
	City:

	 	CALGARY
	Province:

	 	ALBERTA
	Postal Code:

	 	T2P 3Y7
	Country:
	 	 
	Resident Canadian:

	 	Y
	Named On Stat Dec:
	 	 
	 
	 	 
	Last Name:

	 	FELESKY
	First Name:

	 	BRIAN

 

 

	 	 	 

	Middle Name:

	 	A.
	Street/Box Number:

	 	4200, 150 — 6TH AVENUE S.W.
	City:

	 	CALGARY
	Province:

	 	ALBERTA
	Postal Code:

	 	T2P 3Y7
	Country:
	 	 
	Resident Canadian:

	 	Y
	Named On Stat Dec:
	 	 
	 
	 	 
	Last Name:

	 	LETWIN
	First Name:

	 	STEPHEN
	Middle Name:

	 	J.J.
	Street/Box Number: 

City: 

Province:

	 	4200, 150 — 6TH AVENUE S.W. 

CALGARY 

ALBERTA
	Postal Code:

	 	T2P 3Y7
	Country:
	 	 
	Resident Canadian:
	 	 
	Named On Stat Dec:
	 	 
	 
	 	 
	Last Name:

	 	MURRAY
	First Name:

	 	PATRICK
	Middle Name:

	 	M.
	Street/Box Number:

	 	4200, 150 — 6TH AVENUE S.W.
	City:

	 	CALGARY
	Province:

	 	ALBERTA
	Postal Code:

	 	T2P 3Y7
	Country:
	 	 
	Resident Canadian:

	 	 
	Named On Stat Dec:
	 	 
	 
	 	 
	Last Name:

	 	HAGERMAN
	First Name:

	 	ALLEN
	Middle Name:

	 	R.
	Street/Box Number:

	 	4200, 150 — 6TH AVENUE S.W.
	City:

	 	CALGARY
	Province:

	 	ALBERTA
	Postal Code:

	 	T2P 3Y7
	Country:
	 	 
	Resident Canadian:

	 	Y
	Named On Stat Dec:
	 	 

 

 

	 	 	 

	Last Name:

	 	NEVEU
	First Name:

	 	KEVIN
	Middle Name:

	 	A.
	Street/Box Number:

	 	4200, 150 — 6TH AVENUE S.W.
	City:

	 	CALGARY
	Province:

	 	ALBERTA
	Postal Code:

 Country:

	 	T2P 3Y7
	Resident Canadian:

	 	Y
	Named On Stat Dec:
	 	 
	 
	 	 
	Last Name:

	 	PHEASEY
	First Name:

	 	FREDERICK
	Middle Name:

	 	W.
	Street/Box Number:

	 	4200, 150 — 6TH AVENUE S.W.
	City:

	 	CALGARY
	Province:

	 	ALBERTA
	Postal Code:

	 	T2P 3Y7
	Country:
	 	 
	Resident Canadian:

	 	Y
	Named On Stat Dec:
	 	 
	 
	 	 
	Last Name:

	 	PHILLIPS
	First Name:

	 	ROBERT
	Middle Name:

	 	L.
	Street/Box Number:

	 	4200, 150 — 6TH AVENUE S.W.
	City:

	 	CALGARY
	Province:

	 	ALBERTA
	Postal Code:

 Country:

	 	T2P 3Y7
	Resident Canadian:

	 	Y
	Named On Stat Dec:
	 	 
	 
	 	 
	Last Name:

	 	GIBSON
	First Name:

	 	ROBERT
	Middle Name:

	 	J.S.
	Street/Box Number:

	 	4200, 150 — 6TH AVENUE S.W.
	City:

	 	CALGARY
	Province:

	 	ALBERTA
	Postal Code:

	 	T2P 3Y7
	Country:
	 	 
	Resident Canadian:

	 	Y

 

 

	 	 	 

	Named On Stat Dec:
	 	 
	 
	 	 
	Last Name:

	 	TURBIDY
	First Name:

	 	TREVOR
	Middle Name:

	 	M.
	Street/Box Number:

	 	4200, 150 — 6TH AVENUE S.W.
	City:

	 	CALGARY
	Province:

	 	ALBERTA
	Postal Code:

	 	T2P 3Y7
	Country:
	 	 
	Resident Canadian:
	 	 
	Named On Stat Dec:
	 	 

Amalgamating Corporation

	 	 	 
	Corporate Access Number	 	Legal Entity Name
	2012906851

	 	PRECISION DRILLING CORPORATION
	2015388040

	 	PDC ACQUISITION LTD.

Attachment

	 	 	 	 	 
	Attachment Type	 	Microfilm Bar Code	 	Date Recorded
	Articles/Plan of Arrangement/Court Order

	 	 10000301000210557
	 	2010/06/01
	Other Rules or Provisions

	 	ELECTRONIC
	 	2010/06/01
	Share Structure

	 	ELECTRONIC
	 	2010/06/01

	 	 	 

	Registration Authorized By:

	 	JESSICA D. FERGUSON
	 

	 	SOLICITOR

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