CALGARY, June 15, 2012 /PRNewswire/ - CE Franklin Ltd. (NASDAQ: CFK; TSX: CFT) (" CE Franklin") announced today that, further to the previously announced statutory plan of arrangement (the " Arrangement") with NOCL Holding B.V. (" NOCL") and NOV Distributions Services ULC (" NDS"), both of which are indirect subsidiaries of National Oilwell Varco, Inc., the interim order has been granted by the Court of Queen's Bench of Alberta (the " Interim Order"). The granting of the Interim Order was a condition to the completion of the Arrangement. Further, the management information circular and proxy statement (the " Circular") will be filed with securities regulators in Canada and the United States and will be accessible on the SEDAR website ( www.sedar.com) and the Securities Exchange and Commission's website ( www.sec.gov) on June 18, 2012. Holders of Common Shares of record as of June 13, 2012 will receive a paper copy of the Circular by mail. The special meeting of the shareholders of CE Franklin will be held on July 16, 2012 at 9:00 a.m. at the offices of CE Franklin, 1800, 635 - 8 th Avenue S.W., Calgary, Alberta. All shareholders are encouraged to vote in person or by proxy. Details on how to vote are contained in the Circular. As previously announced on May 30, 2012, pursuant to the Arrangement, NOCL and NDS have agreed to acquire all of the issued and outstanding common shares in the capital of CE Franklin for consideration of CAD$12.75 per Common Share. About CE Franklin For more than 75 years, CE Franklin has been a leading supplier of products and services to the energy industry. CE Franklin distributes pipe, valves, flanges, fittings, production equipment, tubular products and other general oilfield supplies to oil and gas producers in Canada as well as to the oil sands, refining, heavy oil, petrochemical, forestry and mining industries. These products are distributed through its 39 branches, which are situated in towns and cities serving particular oil and gas fields of the western Canadian sedimentary basin. About NOV National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.
Shares of CE Franklin (Nasdaq:CFK) have taken a tremendous swing upward. The stock is trading at $12.23 as of 9:40 a.m. ET, 34.8% above Wednesday's closing price of $9.07. Volume is at 108,351, 11.4 times the daily average of 9,500.