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Calfrac Announces Further Regulatory Filing
Calfrac Announces Further Regulatory Filing Canada NewsWire CALGARY, ...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n \n \n \n Calfrac Announces Further Regulatory Filing\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 \n \n \n CALGARY, AB\n \n ,\n \n March 12, 2021\n \n /CNW/ -\n \n Calfrac Well Services Ltd. (\"Calfrac\" or the \"Company\")\n \n (TSX: CFW) announced today the next step it is pursuing to modify one element of its prior disclosure by making an application to the Toronto Stock Exchange (the \"TSX\").\n \n \n \n \n Background\n \n \n \n \n The matter being addressed arises from the vote count in respect of the Shareholders' TSX 1.5 Lien Notes Resolution voted upon in connection with the Amended Recapitalization Transaction (the \"Recapitalization\").\n \n \n Among other things, the rules of the Toronto Stock Exchange required a separate vote count authorizing the issuance of Calfrac Common Shares upon the conversion of the newly issued 1.5 Lien Notes that included only the votes of disinterested Shareholders, with a 50% approval threshold.\n \n \n Calfrac had announced, after the vote tabulation, that the resolution to approve the issuance of the 1.5 Lien Notes was successful, with 57% of the Shareholder votes in favour. However, if the positive votes of one institutional shareholder were to be excluded, in the circumstances described below, the shareholder vote \"for\" the issuance of the 1.5 Lien Notes would have been approximately 39%.\n \n \n A 39% approval does not, in the absence of regulatory relief, meet the approval requirements of the TSX in respect of this resolution.\n \n \n \n \n Shareholder Purchase of 1.5 Lien Notes\n \n \n \n \n Calfrac recently disclosed that a specific institutional Shareholder of Calfrac had purchased\n \n $1,050,000\n \n of the 1.5 Lien Notes that were issued as part of its Recapitalization, which was completed on\n \n December 18, 2020\n \n .\n \n \n The purchase of 1.5 Lien Notes was made pursuant to a pro rata offering, made to qualified holders of Calfrac's previously issued Senior Unsecured Notes.\n \n \n The votes of the specific institutional Shareholder were counted, based on Cal...