Calfrac provides details of share split and voting results of election of directors

CALGARY, May 9, 2014 /CNW/ - Calfrac Well Services Ltd. ("Calfrac") (TSX-CFW) announced today that, at its annual and special meeting of shareholders held on May 8, 2014, its shareholders approved a split of its common shares on a two-for-one basis and the seven nominees proposed as directors and listed in Calfrac's management information circular dated March 28, 2014 were elected as directors.

Share Split

The record date for the share split will be the close of business on May 23, 2014.  The payment date, being the date on which Computershare Trust Company of Canada, Calfrac's transfer agent, will mail additional share certificates representing the common shares to which shareholders are entitled as a result of the share split, will be on May 30, 2014.  All future dividends approved by Calfrac's board of directors will reflect the two-for-one share split.

The Toronto Stock Exchange has determined to implement due bill trading in connection with the share split.  A due bill is an entitlement attached to listed securities undergoing a material corporate action, such as a share split.  In this instance, the entitlement is to the additional common shares of Calfrac issuable as a result of the share split.  The common shares of Calfrac will trade on a due bill basis from May 21, 2014 to May 30, 2014, inclusive.  Any trades that are executed on the Toronto Stock Exchange during this period will be flagged to ensure purchasers receive the entitlement to the additional common shares issuable as a result of the share split.  Ex-distribution trading in the common shares on a split-adjusted basis will commence on June 2, 2014.  The due bill redemption date will be June 4, 2014.

For beneficial shareholders who hold their shares in an account with their investment dealer or other intermediary, their account will be automatically updated to reflect the share split.  Registered shareholders should retain their current Calfrac share certificates, which will remain valid and continue to represent the number of Calfrac common shares indicated on those certificates.  Share certificates representing additional common shares of Calfrac issuable as a result of the share split will be mailed to registered shareholders, at the addresses indicated on Calfrac's shareholder register, on May 30, 2014.  The combination of the current share certificates and the additional share certificates will represent each shareholder's total post-split shareholdings.

Voting Results of Election of Directors

Detailed results of the voting for each nominee are set out below.

Nominee Votes For Votes Withheld
Number % Number %
Fernando Aguilar 37,813,639 99.65 133,638 0.35
Kevin R. Baker 35,006,159 92.25 2,941,119 7.75
James S. Blair 37,854,697 99.76 92,581 0.24
Gregory S. Fletcher 35,760,629 94.24 2,186,649 5.76
Lorne A. Gartner 37,881,369 99.83 65,909 0.17
Ronald P. Mathison 33,859,782 89.23 4,087,496 10.77
Douglas R. Ramsay 37,782,407 99.57 164,871 0.43

Calfrac's common shares are publicly traded on the Toronto Stock Exchange under the trading symbol "CFW".  Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Argentina, Colombia, Mexico and Russia.

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward-looking statements and information relating to the share split, including the record date, the payment date, the due bill trading dates, the ex-distribution date, the due bill redemption date and future dividend payments. These forward-looking statements and information are based on certain key expectations and assumptions made by Calfrac. Although Calfrac believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as Calfrac cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the ability of Calfrac to obtain the required shareholder and regulatory approvals to complete the share split; prevailing economic conditions; commodity prices; sourcing, pricing and availability of raw materials, component parts, equipment, suppliers, facilities and skilled personnel; dependence on major customers; uncertainties in weather and temperature affecting the duration of the service periods and the activities that can be completed; health, safety and environmental risks; exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; governmental regulations; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.

Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Additional information on these and other risk factors that could affect Calfrac's operations or financial results are included in Calfrac's annual information form and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof and Calfrac does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

 

SOURCE Calfrac Well Services Ltd.

For further information:

Fernando Aguilar
President and Chief Executive Officer
Telephone: (403) 266-6000
Fax: (403) 266-7381    

Michael J. McNulty
Chief Financial Officer
Telephone: (403) 266-6000
Fax: (403) 266-7381

Ian Gillies
Manager, Investor Relations
Telephone: (403) 266-6000
Fax: (403) 266-7381