RE:RE:looks like we have to wait for meeting on vote, stk upThe results are in. Management Proposal passes. See partial press release below:
CALGARY, AB , Oct. 16, 2020 /CNW/ - Calfrac Well Services Ltd. (" Calfrac " or the " Company ") (TSX: CFW) today announced that Calfrac's Shareholders and Unsecured Noteholders have overwhelmingly approved the Company's Amended Recapitalization Transaction to be implemented pursuant to a Plan of Arrangement under Section 192 of the Canada Business Corporations Act .
At the meeting of Shareholders held today, each of the resolutions in connection with the approval of the Amended Recapitalization Transaction was approved. Excluding Common Shares voted by Wilks Brothers, LLC, no more than 4% of the issued and outstanding Common Shares were voted against any of such resolutions.
The lawyers have been hard at work wordsmithing this release.
Share prices will be targeting $0.04-0.05 this week, with massive dilution.
The Wilks Brothers are not finished. This is far from over.
Their $67M secured 2nd lien holdings were never addressed in the proposal, and they have been left out on the line to dry. Fireworks incoming this week.
Watch this space.
Geodan2 wrote: So another 5 hours or so