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Calfrac Shareholders: Both ISS and Glass Lewis Have Reaffirmed Recommendations to Vote AGAINST the Amended Management Transaction
Calfrac Shareholders: Both ISS and Glass Lewis Have Reaffirmed Recommendations to Vote AG...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"CalfracShareholders\n \n \n \n Calfrac Shareholders: Both ISS and Glass Lewis Have Reaffirmed Recommendations to Vote AGAINST the Amended Management Transaction\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.prnml40{\nMARGIN-LEFT:3.33em\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n CISCO, Texas, Oct. 7, 2020\n \n \n \n \n \n CISCO, Texas\n \n ,\n \n Oct. 7, 2020\n \n /CNW/ - Wilks Brothers, LLC (\"Wilks\") is pleased to announce that both leading independent proxy advisory firms, Institutional Shareholder Services (\"ISS\") and Glass Lewis & Co. (\"Glass Lewis\"), have concluded exactly as they did before: Shareholders should VOTE AGAINST the Amended Management Transaction at the special meeting of shareholders of Calfrac Well Services Ltd  (\"Calfrac\") (TSX: CFW), to be held on\n \n October 16, 2020\n \n (the \"Meeting\").\n \n \n \n \n \n \n \n \n \n \n \n Nothing has changed\n \n . ISS and Glass Lewis published updates to their voting recommendations for Shareholders and reaffirmed their strong recommendations that Shareholders\n \n VOTE AGAINST\n \n the Amended Management Transaction;\n \n \n ISS and Glass Lewis reports outline the numerous infirmities in the Amended Management Transaction and the serious risks to Calfrac's survival and to shareholders' interests if Calfrac's transaction is approved;\n \n \n Not surprisingly, Calfrac has failed to disclose the renewed ISS and Glass Lewis recommendations to its Shareholders; and\n \n \n Wilks' amended Premium Offer continues to represent the only direct path to superior value for shareholders.\n \n \n \n ISS and Glass Lewis made their independent proxy voting recommendation to vote\n \n AGAINST\n \n the Amended Management Transaction after carefully reviewing the facts and arguments made by both Calfrac and Wilks, including Calfrac's recent \"carrot and stick\" approach to threaten its Shareholders into supporting its insider deal, and Wilks' direct response to further improve its Premium Offer and provide Shareholders with up to\n \n $0.25\n \n cash per Calfrac Share under the terms of the Premium Off...