Latest Wenzel Downhole Tool (WENDF) Headlines
Wenzel Downhole Tools Ltd. Announces Completion Of Going-Private Transaction
Marketwire - Wed Jul 31, 5:05PM CDT
Wenzel Downhole Tools Ltd. ("Wenzel" or the "Company") (TSX: WZL) is pleased to announce that 1748017 Alberta Ltd. (the "Purchaser"), a subsidiary of Basin Tools, L.P. ("Basin"), has completed its acquisition of the Company.
Wenzel Downhole Tools Ltd. Announces Securityholder and Court Approval of Going-Private Transaction
Marketwire - Tue Jul 30, 5:33PM CDT
Wenzel Downhole Tools Ltd. (TSX: WZL) ("Wenzel" or the "Company") is pleased to announce that the previously announced plan of arrangement (the "Arrangement") under the Business Corporations Act (Alberta) involving Wenzel, Basin Tools, L.P. ("Basin"), 1748017 Alberta Ltd. (the "Purchaser"), the holders of common shares, options to acquire common shares and the holder of series 1 preferred shares of Wenzel has been approved at the special meeting of the securityholders and by the Court of Queen's Bench of Alberta on July 30, 2013.
Wenzel Downhole Tools Ltd. Sets the Record Straight And Encourages Shareholders to Vote for Plan of Arrangement
Marketwire - Thu Jul 25, 6:01AM CDT
Wenzel Downhole Tools Ltd. (TSX: WZL) ("Wenzel" or the "Company") wishes to refute inaccurate and misleading statements regarding the proposed plan of arrangement (the "Arrangement") involving Wenzel, Basin Tools L.P. ("Basin") and 1748017 Alberta Ltd. (the "Purchaser") contained in recent news releases published by Perlus Investment Management LLC ("Perlus"), a minority shareholder of Wenzel.
Major Shareholder Urges Wenzel Shareholders to Vote Against the Proposed Arrangement With Basin Tools, L.P.
Marketwire - Wed Jul 24, 6:41PM CDT
Perlus Investment Management LLP announced by way of news releases issued on July 10, 2013 and July 22, 2013 its reasons for opposing the proposed business combination (the "Arrangement") involving Wenzel Downhole Tools Ltd. ("Wenzel") and Basin Tools, L.P. ("Basin"). We strongly encourage Wenzel's shareholders to read those news releases. In both releases, it was noted that the consideration of $2.25 per share for Wenzel shares was grossly inadequate and in no way reflects a fair value for Wenzel. Basin, the single largest shareholder of Wenzel, unilaterally initiated the process whereby Basin would acquire the balance of Wenzel at a significant discount to fundamental fair value. Two members of Wenzel's board, including its Chairman, are founding members of an affiliate of Basin and the non-executive chairman of Basin. It was Basin who initiated and orchestrated the strategic review process and it is Basin who is responsible for paying for the valuation and fairness opinion (the "Valuation") upon which the board of Wenzel is relying in order to fulfill their fiduciary obligation to act in the best interests of Wenzel shareholders and have arrogated that the consideration is fair. The Valuation has already been found to be incorrect post issuance, which subsequently forced an amendment to the information circular and postponement of the meeting. Perlus firmly believes that the Valuation remains critically flawed and has requested that Wenzel seek another valuation that would be transparently independent. Wenzel has ignored our requests. Basin also forced Wenzel to agree to a non-solicitation clause; this meant that Wenzel was effectively denied the latitude to explore or to even entertain alternative offers. As a consequence, Wenzel was limited to simply determining whether the consideration was fair by receipt of a Valuation commissioned as a result of a process initiated by Basin and paid for by Basin (the very definition of a compromised transaction); Basin clearly wants Wenzel and has gone to extraordinary measures to get it.
Letter from Dissident Shareholders of Wenzel Downhole Tools Ltd.
Marketwire - Mon Jul 22, 1:00PM CDT
July 22, 2013
Wenzel Downhole Tools Ltd. Announces Independent Proxy Advisory Firm Reconfirms Support for the Arrangement
Marketwire - Thu Jul 18, 7:48PM CDT
Wenzel Downhole Tools Ltd. ("Wenzel" or "the Company") (TSX: WZL) is pleased to inform its securityholders that the independent proxy advisory research firm, Institutional Shareholder Services ("ISS"), has considered the revised valuation range prepared by Raymond James Ltd. ("Raymond James") for the common shares of Wenzel (the "Common Shares") announced by the Company on July 10, 2013, and reconfirmed its recommendation that its clients vote "FOR" the proposed plan of arrangement, whereby 1748017 Alberta Ltd., a subsidiary of Basin Tools, L.P. ("Basin"), will acquire all of the issued and outstanding Common Shares that Basin does not already own (the "Arrangement"). Under the Arrangement, holders of Common Shares (the "Shareholders") will receive, for each Common Share held, $2.25 in cash.
Wenzel Downhole Tools Ltd. Announces Postponement of Special Meeting and Mailing of Addendum to the Information Circular in Connection with the Special Meeting
Marketwire - Tue Jul 16, 7:02PM CDT
Wenzel Downhole Tools Ltd. (TSX: WZL) ("Wenzel" or the "Company") announces that the Court of Queen's Bench of Alberta (the "Court") granted a further interim order to Wenzel on July 16, 2013 (the "Second Interim Order") to adjourn its forthcoming special meeting of the securityholders of Wenzel until 10:00 a.m. (Calgary time) on July 30, 2013 (the "Reconvened Meeting").
Wenzel Downhole Tools Ltd. Responds to Inaccuracies in Letter From Perlus
Marketwire - Thu Jul 11, 8:59AM CDT
A letter received by Wenzel Downhole Tools Ltd. ("Wenzel" or "the Company") (TSX: WZL) from Perlus Investment Management LLP ("Perlus") on July 8, 2013 (the "Letter"), in connection with the proposed plan of arrangement (the "Arrangement") involving Wenzel, Basin Tools L.P. ("Basin") and 1748017 Alberta Ltd., has been made publicly available.
Wenzel Downhole Tools Ltd. Announces Technical Correction to Independent Valuation
Marketwire - Wed Jul 10, 8:11PM CDT
Wenzel Downhole Tools Ltd. ("Wenzel" or "the Company") (TSX: WZL) announces that Raymond James Ltd. ("Raymond James"), the independent financial advisor and valuator to the special committee of the Board of Directors of Wenzel (the "Special Committee"), has become aware of a technical error in its valuation of the Company (the "Valuation"), and, as a result, has determined that a correction to the Valuation is necessary.
Wenzel Downhole Tools Ltd. Announces Completion Of Going-Private Transaction
Marketwire - Wed Jul 31, 5:05PM CDT
Wenzel Downhole Tools Ltd. ("Wenzel" or the "Company") (TSX: WZL) is pleased to announce that 1748017 Alberta Ltd. (the "Purchaser"), a subsidiary of Basin Tools, L.P. ("Basin"), has completed its acquisition of the Company.
Wenzel Downhole Tools Ltd. Announces Securityholder and Court Approval of Going-Private Transaction
Marketwire - Tue Jul 30, 5:33PM CDT
Wenzel Downhole Tools Ltd. (TSX: WZL) ("Wenzel" or the "Company") is pleased to announce that the previously announced plan of arrangement (the "Arrangement") under the Business Corporations Act (Alberta) involving Wenzel, Basin Tools, L.P. ("Basin"), 1748017 Alberta Ltd. (the "Purchaser"), the holders of common shares, options to acquire common shares and the holder of series 1 preferred shares of Wenzel has been approved at the special meeting of the securityholders and by the Court of Queen's Bench of Alberta on July 30, 2013.
Wenzel Downhole Tools Ltd. Sets the Record Straight And Encourages Shareholders to Vote for Plan of Arrangement
Marketwire - Thu Jul 25, 6:01AM CDT
Wenzel Downhole Tools Ltd. (TSX: WZL) ("Wenzel" or the "Company") wishes to refute inaccurate and misleading statements regarding the proposed plan of arrangement (the "Arrangement") involving Wenzel, Basin Tools L.P. ("Basin") and 1748017 Alberta Ltd. (the "Purchaser") contained in recent news releases published by Perlus Investment Management LLC ("Perlus"), a minority shareholder of Wenzel.
Major Shareholder Urges Wenzel Shareholders to Vote Against the Proposed Arrangement With Basin Tools, L.P.
Marketwire - Wed Jul 24, 6:41PM CDT
Perlus Investment Management LLP announced by way of news releases issued on July 10, 2013 and July 22, 2013 its reasons for opposing the proposed business combination (the "Arrangement") involving Wenzel Downhole Tools Ltd. ("Wenzel") and Basin Tools, L.P. ("Basin"). We strongly encourage Wenzel's shareholders to read those news releases. In both releases, it was noted that the consideration of $2.25 per share for Wenzel shares was grossly inadequate and in no way reflects a fair value for Wenzel. Basin, the single largest shareholder of Wenzel, unilaterally initiated the process whereby Basin would acquire the balance of Wenzel at a significant discount to fundamental fair value. Two members of Wenzel's board, including its Chairman, are founding members of an affiliate of Basin and the non-executive chairman of Basin. It was Basin who initiated and orchestrated the strategic review process and it is Basin who is responsible for paying for the valuation and fairness opinion (the "Valuation") upon which the board of Wenzel is relying in order to fulfill their fiduciary obligation to act in the best interests of Wenzel shareholders and have arrogated that the consideration is fair. The Valuation has already been found to be incorrect post issuance, which subsequently forced an amendment to the information circular and postponement of the meeting. Perlus firmly believes that the Valuation remains critically flawed and has requested that Wenzel seek another valuation that would be transparently independent. Wenzel has ignored our requests. Basin also forced Wenzel to agree to a non-solicitation clause; this meant that Wenzel was effectively denied the latitude to explore or to even entertain alternative offers. As a consequence, Wenzel was limited to simply determining whether the consideration was fair by receipt of a Valuation commissioned as a result of a process initiated by Basin and paid for by Basin (the very definition of a compromised transaction); Basin clearly wants Wenzel and has gone to extraordinary measures to get it.
Letter from Dissident Shareholders of Wenzel Downhole Tools Ltd.
Marketwire - Mon Jul 22, 1:00PM CDT
July 22, 2013
Wenzel Downhole Tools Ltd. Announces Independent Proxy Advisory Firm Reconfirms Support for the Arrangement
Marketwire - Thu Jul 18, 7:48PM CDT
Wenzel Downhole Tools Ltd. ("Wenzel" or "the Company") (TSX: WZL) is pleased to inform its securityholders that the independent proxy advisory research firm, Institutional Shareholder Services ("ISS"), has considered the revised valuation range prepared by Raymond James Ltd. ("Raymond James") for the common shares of Wenzel (the "Common Shares") announced by the Company on July 10, 2013, and reconfirmed its recommendation that its clients vote "FOR" the proposed plan of arrangement, whereby 1748017 Alberta Ltd., a subsidiary of Basin Tools, L.P. ("Basin"), will acquire all of the issued and outstanding Common Shares that Basin does not already own (the "Arrangement"). Under the Arrangement, holders of Common Shares (the "Shareholders") will receive, for each Common Share held, $2.25 in cash.
Wenzel Downhole Tools Ltd. Announces Postponement of Special Meeting and Mailing of Addendum to the Information Circular in Connection with the Special Meeting
Marketwire - Tue Jul 16, 7:02PM CDT
Wenzel Downhole Tools Ltd. (TSX: WZL) ("Wenzel" or the "Company") announces that the Court of Queen's Bench of Alberta (the "Court") granted a further interim order to Wenzel on July 16, 2013 (the "Second Interim Order") to adjourn its forthcoming special meeting of the securityholders of Wenzel until 10:00 a.m. (Calgary time) on July 30, 2013 (the "Reconvened Meeting").
Wenzel Downhole Tools Ltd. Responds to Inaccuracies in Letter From Perlus
Marketwire - Thu Jul 11, 8:59AM CDT
A letter received by Wenzel Downhole Tools Ltd. ("Wenzel" or "the Company") (TSX: WZL) from Perlus Investment Management LLP ("Perlus") on July 8, 2013 (the "Letter"), in connection with the proposed plan of arrangement (the "Arrangement") involving Wenzel, Basin Tools L.P. ("Basin") and 1748017 Alberta Ltd., has been made publicly available.
Wenzel Downhole Tools Ltd. Announces Technical Correction to Independent Valuation
Marketwire - Wed Jul 10, 8:11PM CDT
Wenzel Downhole Tools Ltd. ("Wenzel" or "the Company") (TSX: WZL) announces that Raymond James Ltd. ("Raymond James"), the independent financial advisor and valuator to the special committee of the Board of Directors of Wenzel (the "Special Committee"), has become aware of a technical error in its valuation of the Company (the "Valuation"), and, as a result, has determined that a correction to the Valuation is necessary.
