Business
Calfrac Announces Modification of Certain Disclosure and a Related Court Application
Calfrac Announces Modification of Certain Disclosure and a Related Court Application ...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n \n \n \n Calfrac Announces Modification of Certain Disclosure and a Related Court Application\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 1, 2021\n \n /CNW/ - Calfrac Well Services Ltd. (\"Calfrac\" or the \"Company\") (TSX: CFW) announced today the modification of its prior disclosure on one matter and its intention to make an application to the Court of Queen's Bench of\n \n Alberta\n \n in relation to this modified disclosure.\n \n \n \n \n Background\n \n \n \n \n As previously announced, Calfrac successfully completed its Amended Recapitalization Transaction on\n \n December 18, 2020\n \n . This transaction was implemented pursuant to a Plan of Arrangement under the\n \n Canada Business Corporations Act\n \n . The Plan was approved by court orders in both\n \n Canada\n \n and\n \n the United States\n \n .\n \n \n Calfrac's Shareholders and Unsecured Noteholders had overwhelmingly approved the Company's Amended Recapitalization Transaction on\n \n October 16, 2020\n \n . Fewer than 4% of the Calfrac securities held by investors, other than Wilks Brothers, LLC, a direct competitor of Calfrac, voted against the Plan.\n \n \n \n \n Voting Procedures\n \n \n \n \n Care was taken to maintain a voting process that complied with all applicable laws and the rules of the Toronto Stock Exchange. A comprehensive vote required the approval of the Plan by 66 2/3% of the votes cast by all Calfrac Shareholders who voted. In addition, a separate vote count was done for certain matters that included only the votes of disinterested Shareholders, with a 50% approval threshold in each case. A separate vote was conducted in respect of authorizing the issuance of Calfrac Common Shares upon the conversion of the newly issued 1.5 Lien Notes, which included only the votes of those Shareholders who did not acquire any of such 1.5 Lien Notes.\n \n \n \n \n Modified Disclosure\n \n \n \n \n Calfrac recently became aware that one institutional Shareholder of Calfrac purchased approximately\n \n $1 million...