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    CET   CA14916J1021

CATHEDRAL ENERGY SERVICES LTD.

(CET)
  Report
Delayed Toronto Stock Exchange  -  03:53 2022-08-05 pm EDT
0.6700 CAD   +1.52%
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Cathedral Energy Services Ltd. agreed to acquire Drilling services business of Altitude Energy Partners, LLC for $88.7 million.

07/04/2022 EDT

Cathedral Energy Services Ltd. (TSX:CET) entered into an agreement to acquire Drilling services business of Altitude Energy Partners, LLC for $88.7 million on July 4, 2022. Under the terms of transaction, Cash consideration of $62.67 million which will be funded through cash on hand and expanded credit availability under the Company term and revolving credit facilities and the issuance of 67.031167 million Shares of Cathedral Energy Services Ltd. The company plans to operate under the Altitude name and brand in the US. Lee Harns, the current President and CEO of Altitude, will enter into an employment agreement to continue as President of the Altitude business unit after the Acquisition, and accordingly will become an executive officer of Cathedral. Following the completion of the Acquisition, Harns is expected to exercise control over approximately 13,203,103 Common Shares representing approximately 6.2% of the issued and outstanding Common Shares. J.R. Boyles, a director and founder of Altitude, will be appointed to Cathedral's board of directors, subject to the completion of ordinary course due diligence prior to closing of the Acquisition. Following the completion of the Acquisition, it is expected that Boyles will exercise control over approximately 19,449,197 Common Shares, representing approximately 9.1% of the issued and outstanding Common Shares. Peters & Co. Limited is acting as financial advisor to Cathedral with respect to the Acquisition and has provided its opinion to the board of directors of Cathedral that, based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be paid by Cathedral pursuant to the Acquisition is fair, from a financial point of view, to Cathedral. Acumen Capital Finance Partners Limited has also provided an opinion to the board of directors of Cathedral that, based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be paid by Cathedral pursuant to the Acquisition is fair, from a financial point of view, to Cathedral. ATB Capital Markets, Canaccord Genuity Corp., Cormark Securities Inc., and Stifel FirstEnergy are acting as strategic advisors to Cathedral with respect to the Acquisition. DS Lawyers Canada LLP, Porter Hedges LLP and Gordon Lusky LLP acted as legal advisor to Cathedral. Parks Paton Hoepfl & Brown, LLC (PPHB) acted as Altitude and Black Bay's financial advisor and investment bank with respect to the Acquisition. Fishman Haygood and Stikeman Elliot acted as legal advisor to Altitude and Black Bay.


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All news about CATHEDRAL ENERGY SERVICES LTD.
07/19Cathedral Energy Services Names New CFO
MT
07/19CATHEDRAL ENERGY SERVICES BRIEF : Announced Overnight Organization Updates and Appointment..
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07/19NORTH AMERICAN MORNING BRIEFING : Stock Futures Gain; Tech Seen Steady After Apple, IBM Wo..
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07/18Cathedral energy services announces organization updates and appointment of cf
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07/18Cathedral Energy Services Ltd. Announces Executive Changes
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07/14CATHEDRAL ENERGY SERVICES BRIEF : Says Closed Acquisition of Altitude Energy Partners For ..
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07/14Cathedral energy services announces closing of acquisition of altitude energy partners ..
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07/14Cathedral Energy Services Ltd. completed the acquisition of Drilling services business ..
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07/04Cathedral Energy Services Soars 24% as Says To Buy Altitude Energy's Drilling Business ..
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07/04Cathedral Energy Services buying U.S. company Altitude Energy Partners
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Financials
Sales 2022 254 M 196 M 196 M
Net income 2022 - - -
Net Debt 2022 75,0 M 57,9 M 57,9 M
P/E ratio 2022 -
Yield 2022 -
Capitalization 143 M 110 M 110 M
EV / Sales 2022 0,86x
EV / Sales 2023 0,38x
Nbr of Employees 118
Free-Float 76,7%
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Mean consensus BUY
Number of Analysts 1
Last Close Price 0,67 CAD
Average target price 1,75 CAD
Spread / Average Target 161%
Managers and Directors
Tom Connors President, Chief Executive Officer & Director
Chad Robinson Chief Financial Officer
Roderick Donald Maxwell Chairman
Bogdan Picioreanu Vice President-Research & Development
Vaughn Spengler Vice President-Operations