Business
Calfrac Postpones Shareholders and Noteholders Meetings to September 29; Advises Shareholders Not to Take Any Actions with Respect to Wilks Brothers' Unsolicited Offer
Calfrac Postpones Shareholders and Noteholders Meetings to September 29; Advises Sharehold...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n\n\n\nCalfrac Postpones Shareholders and Noteholders Meetings to September 29; Advises Shareholders Not to Take Any Actions with Respect to Wilks Brothers' Unsolicited Offer\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\nCanada NewsWire\nCALGARY, AB, Sept. 14, 2020\n\n\n\nCALGARY, AB, Sept. 14, 2020 /CNW/ - Calfrac Well Services Ltd. (\"Calfrac\" or the \"Company\") (TSX: CFW) announces the postponement of the shareholders and unsecured noteholders meetings with respect to its proposed Recapitalization Transaction from September 17, 2020 to September 29, 2020. \nAs announced on Friday September 11, 2020, the unsolicited offer by an affiliate of Wilks Brothers, LLC will be reviewed by the Special Committee and the Board of Directors of Calfrac, with the assistance of their financial and legal advisors. Calfrac's Board of Directors will file a directors' circular with its formal recommendation to Calfrac shareholders on or prior to September 24, 2020. As part of its process, the Company will also consider the ability of the proposed Wilks Brothers, LLC unsolicited offer to be completed on its terms without the support of Calfrac's unsecured noteholders, and the legal rights and positions of such parties.  The postponement of the meetings will ensure shareholders and unsecured noteholders have all of the current facts and recent information prior to the meetings. The Company, with the support of the consenting unsecured noteholders, will continue to focus on and advance the Recapitalization Transaction during the review process. \nCalfrac shareholders are advised to TAKE NO ACTION on the Offer and NOT TO TENDER THEIR SHARES.  \nShareholders will be notified of any material developments relating to Calfrac's Recapitalization Transaction, as well as the recommendation of the Board of Directors with respect to Wilks Brothers' proposal, through news releases.\nShareholders and Unsecured Noteholders should VOTE FOR the Recapitalization Transaction, only on the Company's White Proxy/VIF. DO NOT vote on the Wilks Brothers Blue Proxy/VIF.\nAny question...