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: October 7, 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 October 7, 1996 - Reading
& Bates announces 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
Dated: October 7, 1996
EXHIBIT 99
For additional information, please contact: Mr. Tim Marshall
Shareholder Communications
Corporation
(212)-805-7000
Reading & Bates Announces Commission-Free Oddlot Selling Program
October 7, 1996, Houston, Texas.....Reading & Bates Corporation (RB-NYSE)
announced today that it has retained Shareholder Communications
Corporation to manage a 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 will permit eligible shareholders the opportunity to sell all
of their eligible shares. The price to be paid to participating
shareholders will be a weighted average sales price. This uniform price
will be based on those Reading & Bates shares submitted from October 7,
1996 to November 7, 1996, and are then sold in the open market. If the
program is extended, the price to be paid per share tendered in the
extension period will be the weighted average price determined during the
extension period.
Reading & Bates Corporation has established 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, specialist in the design and
implementation of oddlot programs, will administer the program which is
set to expire on November 7, 1996, unless extended.
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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