Business
Analysis Shows Calfrac Management Transaction Fails on All Metrics; Wilks Premium Ofers Remains the Superior Option
Analysis Shows Calfrac Management Transaction Fails on All Metrics; Wilks Premium Ofers R...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"WilksBrothers-Calfrac\n \n \n \n Analysis Shows Calfrac Management Transaction Fails on All Metrics; Wilks Premium Ofers Remains the Superior Option\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n CISCO, TX, Sept. 29, 2020\n \n \n \n \n \n CISCO, TX\n \n ,\n \n Sept. 29, 2020\n \n /CNW/ - Wilks Brothers LLC (\"\n \n Wilks\n \n \") is pleased to announce that earlier today it posted a detailed presentation and analysis (the \"Comparative Analysis\") of the \"Amended\" Management Transaction proposed by Calfrac Well Services Ltd. (\"\n \n Calfrac\n \n \" or the \"\n \n Company\n \n \"\n \n TSX:CFW\n \n ) to the website\n \n www.afaircalfrac.com\n \n .\n \n \n \n \n \n \n \n \n \n The Comparative Analysis convincingly demonstrates, using a variety of metrics, how each of the two proposals that have been made by Wilks, the Premium Offer and the Superior Alternative Proposal remain superior to the Amended Management Transaction.\n \n \n The Comparative Analysis also sets out a side by side comparison of the treatment of each of Calfrac's stakeholder classes under the Wilks proposals and the Calfrac Amended Management Transaction.  The comparison shows, in striking terms, the numerous ways in which the entrenched board and Management of Calfrac has failed to develop a transaction structure that delivers maximum value to all of Calfrac's stakeholder classes.\n \n \n The Comparative Analysis also sets the record straight on Calfrac's misstatements to the market concerning the Wilks' Premium Offer and graphically illustrates Calfrac's impending debt crisis highlighting that if the Management Transaction is implemented, Calfrac's annual debt service requirements for 2021 will exceed the consensus EBITDA for 2021.  Under the Amended Management Transaction, Calfrac will remain insolvent – to the detriment of its remaining security holders.\n \n \n All Calfrac Shareholders should review the Comparative Analysis to get an accurate perspective on the alternatives available to them. When they do, their course of action will be clear, ...