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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Calfrac Well Services Ltd.    CFW   CA1295841086

CALFRAC WELL SERVICES LTD.

(CFW)
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Calfrac Well Services : investors approve company plan over Wilks Brothers takeover

10/16/2020 | 05:33pm EST

CALGARY — Shareholders in debt-laden Calgary-based Calfrac Well Services Ltd. have narrowly approved a recapitalization plan proposed by management, thus setting aside a takeover offer from Texas rival Wilks Brothers, LLC.

In a vote on Friday afternoon, owners of 68.75 per cent of the shares represented at the meeting voted in favour of a proposal which allows each shareholder to retain their shares or elect to be paid 15 cents per share in cash from a maximum pool of $10 million.

The company is also offering to issue two warrants per share, allowing the holder to buy more shares at an exercise price of five cents each for three years.

In an earlier meeting on Friday, holders of Calfrac's senior unsecured notes voted 99.7 per cent in favour of the proposal, which allows them to swap debt for shares, leaving existing shareholders with about eight per cent of the equity.

The proposal required at least two-thirds approval from both sets of stakeholders to proceed.

Wilks Brothers had offered to pay 25 cents per share with a maximum cash payout of $21.1 million to buy Calfrac. It owns just under 20 per cent of the shares.

Calfrac warned last month that if the court-supervised reorganization under the Canada Business Corporations Act is not completed, it would go back to an earlier plan through a Companies' Creditors Arrangement Act process that would likely result in a reduced recovery for shareholders.

Wilks responded that it would continue to honour its takeover offer even if the company does enter a CCAA process.

This report by The Canadian Press was first published Oct. 16, 2020.

Companies in this story: (TSX:CFW)

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials
Sales 2020 670 M 516 M 516 M
Net income 2020 -501 M -385 M -385 M
Net Debt 2020 846 M 651 M 651 M
P/E ratio 2020 -0,07x
Yield 2020 -
Capitalization 37,1 M 28,6 M 28,6 M
EV / Sales 2020 1,32x
EV / Sales 2021 0,96x
Nbr of Employees 3 300
Free-Float 77,7%
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Technical analysis trends CALFRAC WELL SERVICES LTD.
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Mean consensus HOLD
Number of Analysts 5
Average target price 0,37 CAD
Last Close Price 0,26 CAD
Spread / Highest target 410%
Spread / Average Target 46,1%
Spread / Lowest Target -100%
EPS Revisions
Managers
NameTitle
Lindsay R. Link President, Chief Operating Officer & Director
Ronald P. Mathison Executive Chairman
Michael D. Olinek Chief Financial Officer
James Michael Brown Vice President-Technology
James S. Blair Independent Director
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