Business
Calfrac Well Services Ltd. - Open Letter to Stakeholders
Calfrac Well Services Ltd. - Open Letter to Stakeholders Canada NewsWire CA...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"Calfrac-OpenLetter\n \n \n \n Calfrac Well Services Ltd. - Open Letter to Stakeholders\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 CALGARY, AB, Oct. 5, 2020\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Oct. 5, 2020\n \n /CNW/ -\n \n \n To cut through the noise and confusion of the misleading statements being made by Wilks Brothers, we are writing this letter to explain to our stakeholders, in clear and concise terms, why the Amended Recapitalization Transaction should be approved.  This open letter will provide clarity to Calfrac stakeholders on the rationale behind the decisions made by the Calfrac Board of Directors.\n \n \n We are limiting this letter to the two most important points:\n \n \n \n \n There are two executable outcomes available for Calfrac stakeholders, the Amended Recapitalization Transaction and the original Recapitalization Transaction. The Amended Recapitalization Transaction is clearly the better outcome for Shareholders, and is contractually supported by the holders of 78% of Calfrac's Unsecured Notes;\n \n \n \n \n The cash and warrants offered to Shareholders under the Amended Recapitalization Transaction provide real value, and the opportunity for Shareholders to participate in a recovery of Calfrac's business in more normal industry conditions.\n \n \n \n \n Below are our observations and rationale on each of these points:\n \n \n 1.\n \n The best outcome available for Shareholders is the Amended Recapitalization Transaction\n \n . The Amended Recapitalization Transaction provides\n \n $0.15\n \n per share cash (subject to possible proration) and two warrants for each Calfrac share held. Each Shareholder will receive the warrants regardless of whether that Shareholder elects cash or to retain their shares.  The Amended Recapitalization Transaction is actionable and provides certainty but will only be completed if the requisite majority of Shareholders VOTE FOR at the\n \n October 16\n \n meeting of Calfrac Shareholders.  The alternate outcome, if sufficient Shareholder support is not ...