Canada NewsWire
CALGARY, AB, Aug. 28, 2020
CALGARY, AB, Aug. 28, 2020 /CNW/ - (TSX: CFW) Calfrac Well Services Ltd. ("Calfrac" or the "Company") announced today that it has filed updated presentation materials addressing the many inaccuracies in the Wilks Brothers proxy circular pertaining to the upcoming meetings of Unsecured Noteholders and Shareholders (the "Meetings") for the Recapitalization Transaction. Calfrac's new investor presentation has been posted on SEDAR and the Company's website and is available here.
Calfrac has been transparent with all stakeholders about the process and the evaluation of alternatives. The facts about the Company's proposed Recapitalization Transaction are:
Inaccurate Wilks Brothers' Statements
Clear Benefits of Calfrac's Recapitalization Transaction
The Recapitalization Transaction provides the following clear benefits to stakeholders:
The numerous positive aspects of the Recapitalization Transaction presented by Calfrac make the choice clear:
Shareholders and Unsecured Noteholders should VOTE FOR the Recapitalization Transaction only on the Company's Proxy/VIF. Do NOT vote on the Wilks Brothers Blue Proxy/VIF.
Meeting and Voting Information
The Meetings in respect of the Plan of Arrangement are scheduled to be held on September 17, 2020 in the McMurray Room at the Calgary Petroleum Club, 319 - 5th Avenue S.W., Calgary, Alberta. Pursuant to the Interim Order, the Unsecured Noteholders' Meeting is scheduled to begin at 1:00 p.m. (Calgary time), and the Shareholders' Meeting is scheduled to begin at 2:00 p.m. (Calgary time). The previously obtained Interim Order also authorized a new record date (the "Record Date") for purposes of voting at the Meetings, being 5:00 p.m. (Calgary time) on August 10, 2020.
The deadline for Unsecured Noteholders and Shareholders to submit their proxies or voting instructions in order to vote on the Plan of Arrangement and other items to be considered at the applicable Meeting is 5:00 p.m. (Calgary time) on September 15, 2020.
Unsecured Noteholders that wish to receive their pro rata share of the 6% Early Consent Consideration (as defined in the Information Circular) must submit to their intermediaries on or prior to 5:00 p.m. (Calgary time) on September 8, 2020, or such earlier deadline as their intermediaries may advise, the required documentation or information described in the Information Circular.
Any questions or requests for further information regarding voting at the Meetings should be directed to Kingsdale Advisors by: (i) telephone, toll-free in North America at 1-877-659-1822 or at 416-867-2272 outside of North America; or (ii) e-mail to [email protected].
SOURCE Calfrac Well Services Ltd.
View original content: http://www.newswire.ca/en/releases/archive/August2020/28/c6923.html
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