Government of Alberta

CERF Incorporated completes C$65 million acquisition of Winalta Inc. Date closed: 8/27/2014 Value: C$65 million On Aug 27, 2014, CERF Incorporated (CERF) and Winalta Inc. (Winalta) completed the plan of arrangement (the Arrangement) between CERF, Winalta and the shareholders of Winalta. The Arrangement combines CERFs oilfield rentals business, waste management, and construction rentals businesses with Winaltas oilfield accommodation rentals business. The combined company will continue operations as CERF. Pursuant to the Arrangement, CERF acquired all of the issued and outstanding common shares of Winalta (Winalta Shares), including those shares that were issued upon the exercise of options to acquire Winalta Shares granted under Winaltas option plan. The former holders of Winalta Shares received 0.3352 of a CERF Share for each Winalta Share held. Under the Arrangement, CERF issued approximately 14,456,717 CERF Shares and assumed $19.3 million of Winalta net debt, inclusive of tr...