Calfrac Well Services Ltd. · TSX:CFW

Calfrac Well Services — Proxy Contest (October 2020)

7 slides from Calfrac Well Services's proxy contest presentation, Oct 13, 2020

  1. Slide 1: Calfrac Well Services Ltd. - Clarity for Shareholders

    October 9, 2020 Calfrac Well Services Ltd. Clarity for Shareholders

  2. Slide 2: Legal Disclosure

    Legal Disclosure THIS PRESENTATION DOES NOT OFFER ANY SECURITIES FOR SALE, OR SOLICIT ANY SECURITIES FOR PURCHASE. SUCH OFFERING, IF ANY, WILL BE MADE ONLY BY MEANS OF A CONFIDENTIAL OFFERING CIRCULAR. SUCH CONFIDENTIAL OFFERING CIRCULAR WILL SUPERSEDE ANY INFORMATION SET FORTH IN THIS PRESENTATION.

  3. Slide 3: Amended Recapitalization Transaction Vs. Wilks Brothers Offer

    Amended Recapitalization Transaction Vs. Wilks Brothers Offer Amended Recapitalization Transaction Wilks Brothers Offer Timing  Close November 2020 FASTER  Expires December 23, 2020  Does not apply if Amended Recapitalization Transaction is completed in CBCA or in CCAA  CBCA court approval Risks

  4. Slide 4: Amended Recapitalization Transaction is the Best Outcome

    Amended Recapitalization Transaction is the Best Outcome Shareholders Vote Against VOTING FOR the Amended the Amended Recapitalization Recapitalization Transaction Transaction Shareholder Choice of: Calfrac Files CCAA to Complete Original Recapitalization Transaction $0.15/sh Cash(1) Plus Retain Sha

  5. Slide 5: The Key Problem with the Wilks Brothers Offer: Calfrac Cannot Repay Its Unsecured Notes

    The Key Problem with the Wilks Brothers Offer CALFRAC CANNOT REPAY ITS UNSECURED NOTES Calfrac has agreed to complete the Amended Recapitalization Transaction in either CBCA or CCAA. Wilks Brothers Offer does not apply if the Amended Recapitalization Transaction is completed in either court. Wilks B

  6. Slide 6: Wilks Brothers Offer is a Mirage Aiming to Mislead Shareholders

    Wilks Brothers Offer is a Mirage Aiming to Mislead Shareholders  The following Wilks Brothers conditions create a MATERIAL RISK that there will be no cash for Shareholders  The only way to be certain of receiving cash is to VOTE FOR the Amended Recapitalization Transaction CONDITIONS to Wilks Brot

  7. Slide 7: The Facts on Shareholder Value Received at Various TEVs

    The Facts on Shareholder Value Received at Various TEVs  Wilks Brothers’ proposal removes shareholders’ ability to participate in Calfrac upside in a recovery to industry conditions  Wilks Brothers do not intend to pay any cash to shareholders. Even if conditions are met, $0.18/sh cash is material

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