December 4, 2018 / 2:26 PM / a year ago

BUZZ-Keane Group: Shares pressured as Canada's Trican cashes out

** Keane Group Inc shares down ~5 pct premarket after pressure pumping co prices secondary offering

** Shareholder Keane Investor Holdings sells 5.25 mln shares in offering priced at $10.77, a 3.5 pct discount to FRAC’s Mon close

** Keane also plans to repurchase 520,000 shares from sole underwriter Morgan Stanley; all proceeds of ~$56 mln being distributed to Trican Well Service

** Trican will no longer hold equity interests in selling stockholder, which includes PE firm Cerberus Capital Management

** In statement here, Calgary, Alberta-based Trican says secondary offering will further strengthen its financial position and provide additional capital for purchases of its own shares

** FRAC shares have fallen 41 pct in 2018. Co went public in Jan 2017 at $19/sh

** Trican’s stock closed at C$1.32 on Mon, down 67 pct YTD

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