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Precision Drilling shares plunge on shareholder exit

Reuters

CALGARY, Alberta (Reuters) - Shares in Precision Drilling Corp (Toronto:PD.TO - News), Canada's No.1 oilfield services company, fell 9.8 percent on Thursday as its largest shareholder sold its 15 percent stake in the company.

Shares in Precision were down C$1.00 to C$9.26 by midday on the Toronto Stock Exchange.

Precision said in a statement that Alberta Investment Management Co (AIMCo) sold its entire position in the company overnight.

"AIMCo acted independently of Precision in both its decision to exit its position and the facilitation of the overnight marketed transaction," the company said in a statement.

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AIMCo could not be immediately reached for comment.

AIMCO, which manages about C$70 billion ($65.8 billion) of provincial pension and government funds, acquired the stake in 2009, paying C$3.00 each for what where then trust units that were converted into shares in 2010 when Precision became a corporation.

(Reporting by Scott Haggett; Editing by Kenneth Barry)