Trican Well Service Ltd (TSE:TCW) shares were down 6.1% during trading on friday. Approximately 290,322 shares were traded during trading, a decline of 90% from the average daily volume of 2,890,983 shares. The stock had previously closed at C$0.91.
The Company also had a minority ownership interest in Keane Investor Holdings, LLC (“Keane Holdings”), a Delaware limited liability company whose only asset is common shares in Keane Group, Inc. (“Keane”), a New York Stock Exchange-listed hydraulic fracturing company that operates in the United States.
Trican Well Service Ltd. (“Trican” or the “Company”) announced recently the pricing of an underwritten secondary offering of common shares (“Keane Shares”) of Keane Group Inc. (“Keane Group”) by one of its stockholders, Keane Investor Holdings, LLC (the “Selling Stockholder”), of 5,251,249 Keane Shares.
Net proceeds received by the Selling Stockholder in this offering will be distributed to Trican through its wholly owned subsidiary Trican Well Service, L.P. Following such distribution, Trican will cease to hold an equity interest in the Selling Stockholder.
Trican Well Service Ltd. is an oilfield frac services corporation headquartered in Calgary, Alberta, Canada with operations in Alberta, British Columbia, Manitoba and Saskatchewan, Canada as well as the United States. Wikipedia