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Calfrac holders OK amended recapitalization deal (OTCMKTS:CFWFF)

Calfrac Well Services (OTCPK:CFWFF) shareholders narrowly approve a recapitalization plan proposed by management, setting aside a takeover offer from Wilks Brothers.

Calfrac says nearly 69% of shareholders represented at today’s meeting voted in favor of a proposal which allows each shareholder to retain their shares or elect to be paid $0.15/share in cash from a maximum $10M pool.

In an earlier meeting, Calfrac’s senior noteholders voted 99.7% in support of the proposal, which allows them to swap debt for shares, leaving existing shareholders with ~8% of the equity.

Wilks Brothers had offered to pay $0.25/share with a maximum cash payout of $21.1M to buy Calfrac.

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