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Calfrac's Amended Recapitalization Transaction is Still the Best Way to Vote, for Both Shareholders and the Company
Calfrac's Amended Recapitalization Transaction is Still the Best Way to Vote, for Both Sh...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"CFW-AmendedRecap\n \n \n \n Calfrac's Amended Recapitalization Transaction is Still the Best Way to Vote, for Both Shareholders and the Company\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 CALGARY, AB, Oct. 6, 2020\n \n \n \n \n \n \n The Board Recommends that Shareholders\n \n VOTE FOR\n \n on the white proxy form.\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Oct. 6, 2020\n \n /CNW/ - Calfrac Well Services Ltd. (\"\n \n Calfrac\n \n \" or the \"\n \n Company\n \n \") (TSX: CFW) today summarized the current status of its Amended Recapitalization Transaction:\n \n \n \n \n What Shareholders Need to Know\n \n \n :\n \n \n \n \n \n Calfrac's Offer\n \n \n \n :\n \n At your election:\n \n \n \n (i)\n \n Cash of\n \n $0.15\n \n per share; or retain your Calfrac shares.\n \n (The cash amount is subject to possible proration.);\n \n \n plus\n \n \n \n \n (ii)\n \n in either case\n \n : Shareholders will also receive\n \n two warrants for each share held\n \n , exercisable for a period of three years at a price of\n \n $0.05\n \n per share.\n \n \n \n \n \n Potential Value of the Calfrac Warrants\n \n \n \n : Using conventional finance methods:\n \n \n $0.05\n \n per share now\n \n , but with the potential to be worth\n \n \n $0\n \n .26 to $0.71\n \n per share, if Calfrac's enterprise value returns to its historical average. More details in respect of the warrant analysis will be posted on our website under the Recapitalization Transaction Information tab which can be found\n \n here\n \n .\n \n \n \n \n \n Important Reasons to Accept the Calfrac Offer\n \n \n \n \n \n :\n \n \n \n \n \n \n (i)         Deal certainty.\n \n \n \n \n \n \n Calfrac's transaction can be readily completed. It is contractually supported by 78% of Unsecured Noteholders. (The Unsecured Notes balance due is\n \n US$431.8 million\n \n .)\n \n \n This is the\n \n \n only transaction\n \n \n being voted on at the meetings on\n \n October 16, 2020\n \n .\n \n \n As discussed below, the...