SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: November 8, 1996
READING & BATES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-5587 73-0642271
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
901 Threadneedle, Suite 200, Houston, TX 77079
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 496-5000
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit 99 - Press Release dated Novmeber 7, 1996 - Reading
& Bates announces extension of Commission-Free
Oddlot Selling Program.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf of the
undersigned thereunto duly authorized.
READING & BATES CORPORATION
By /s/T. W. Nagle
------------------------
T. W. Nagle
Executive Vice President,
Finance and Administration
(Principal Financial and
Accounting Officer)
Dated: November 8, 1996
EXHIBIT 99
For additional information, please contact: Mr. Tim Marshall
Shareholder Communications
Corporation
(212)-805-7000
READING & BATES CORPORATION
EXTENDS COMMISSION-FREE ODDLOT SELLING PROGRAM
November 7, 1996, Houston, Texas.....Reading & Bates Corporation (RB-
NYSE) announced today that it has extended its voluntary commission-free
selling program for shareholders who, as of September 27, 1996, owned
fewer than 100 shares of Reading & Bates Corporation Common Stock.
The program provides eligible shareholders the opportunity to sell all of
their eligible shares. The price to be paid to participating
shareholders during the extension period will be a weighted average sales
price. This uniform price will be based on those Reading & Bates shares
submitted from November 8, 1996 to December 9, 1996, and are then sold in
the open market.
Reading & Bates Corporation is offering a commission-free oddlot selling
program to save annual servicing costs while providing small shareholders
with a convenient and inexpensive method of selling shares.
Shareholder Communications Corporation will continue to manage the
extended program which is set to expire on December 9, 1996. Neither
Reading & Bates Corporation nor Shareholder Communications Corporation
makes any recommendation about the Program.
Reading & Bates is a New York Stock Exchange listed company, providing
offshore drilling services throughout the world. Its wholly owned
subsidiary, Reading & Bates Development Co., provides technical,
construction, and project management services and subsea and floating
production systems to the upstream offshore oil and gas industry
worldwide.
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