CISCO, TX, Oct. 2, 2020 /PRNewswire/ – Wilks Brothers, LLC (“Wilks”) appreciates the overwhelming support from the Shareholders of Calfrac Well Services Ltd. (“Calfrac” or the “Company”) (TSX: CFW) and today provided answers to some of the most frequently asked questions about Calfrac and Wilks’ $0.18 cash Premium Offer for the common shares of Calfrac.

Wilks Brothers, LLC (“Wilks”) is a significant, long-term shareholder of Calfrac, who holds approximately 19.78% of Calfrac’s outstanding Common Shares. (CNW Group/Wilks Brothers, LLC.)
Wilks Brothers, LLC (“Wilks”) is a significant, long-term shareholder of Calfrac, who holds approximately 19.78% of Calfrac’s outstanding Common Shares. (CNW Group/Wilks Brothers, LLC.)

1.   Why did Wilks make the Premium Offer?

Wilks made the Premium Offer to provide Shareholders with an actionable alternative to the Management Transaction and to neutralize the threat from Calfrac that, if Shareholders do not approve the Management Transaction, they will be left with no recovery. Calfrac should not be able to threaten its way into a transaction that benefits only its executive chairman and a self-selected group of unsecured creditors.

As Wilks has said in its previous press releases, options create value; the launch of the Premium Offer focused the Board and management of Calfrac on the importance of creating value for Shareholders. Clearly it worked.  Calfrac was forced to go back to the drawing board and improve their own transaction terms. Unfortunately, the Amended Management Transaction announced by Calfrac still does not deliver adequate value to Shareholders and is significantly inferior to Wilks’ Premium Offer.  The only benefit of the Amended Management Transaction is that it has focused the debate on the essential issues: value and fairness.

2.    Calfrac has announced that if their Amended Management Transaction is not implemented, they will cause the original Management Transaction to be implemented through proceedings under the CCAA. Is it fair and legal for Calfrac to try to do this if Shareholders vote down Calfrac’s Amended Management Transaction?

It is

President Trump on Tuesday cornered Democratic challenger Joseph R. Biden about his son, Hunter, getting rich off foreign deals while his father was in the White House.

Mr. Trump asked Mr. Biden why his son pocketed more than $3.5 million from the wife of Moscow’s mayor.

“What did he do to deserve it?” demanded Mr. Trump at his first debate with Mr. Biden in the 2020 presidential race.

Mr. Biden responded that it was “totally discredited,” referring to the longtime allegations of conflicts of interest and sweetheart deals for his son in countries where Mr. Biden spearheaded Obama administration policy.

Mr. Trump kept pressing him: “What did he do for it?”

Mr. Biden repeatedly said, “It’s not true.”

The former vice president said that wasn’t what the American people wanted to hear about.

“It doesn’t want this. It wants to talk about you, the American people, that’s what we should talk about,” Mr. Biden said.

Hunter Biden has long been under suspicion for cashing in on his father’s clout as vice president in the Obama White House and pocketing millions of dollars in sweetheart deals in China, Ukraine and Russia.

As a result, the younger Mr. Biden has loomed large in the presidential race, though left-leaning news media mostly avoids the subject.

He was at the center of House Democrats’ impeachment of Mr. Trump this year. The abuse of power charges against Mr. Trump stemmed from his pressuring Ukraine to investigate alleged corruption involving Hunter Biden’s lucrative business deals while his father led Obama administration efforts in that graft-riddled country.

Everywhere the elder Mr. Biden went, Hunter Biden seemed to cash in on mega deals, despite limited business experience and a history of drug addiction.

Joseph Biden and Hunter Biden have denied any wrongdoing.

A Senate Republican report last week