Cielo Waste Solutions Receives Shareholder Meeting Requisition
Cielo Waste Solutions (TSXV:CMC; OTC PINK:CWSFF) has received a shareholder meeting requisition from Expander Energy, its largest shareholder holding over 5% of common shares. The requisition follows Cielo's April 1, 2025 announcement of an annual general meeting planned for June 2025.
Expander's requisition calls for:
- Fixing board size at five directors
- Removal of all current directors
- Election of five Expander nominees
- Re-appointment of MNP LLP as auditor
- Re-approval of company's incentive plan
- Authorization for Expander to become a Control Person
CEO Ryan C. Jackson expressed disappointment in Expander's escalation rather than engaging in constructive dialogue. The company attributes share price decline to broader market conditions and industry challenges, while implementing transformation efforts for sustainable growth.
Cielo Waste Solutions (TSXV:CMC; OTC PINK:CWSFF) ha ricevuto una richiesta di convocazione dell'assemblea degli azionisti da parte di Expander Energy, il suo maggiore azionista che detiene oltre il 5% delle azioni ordinarie. La richiesta segue l'annuncio di Cielo del 1 aprile 2025 riguardo a un'assemblea generale annuale pianificata per giugno 2025.
La richiesta di Expander prevede:
- Fissare la dimensione del consiglio a cinque direttori
- Rimozione di tutti i direttori attuali
- Elezione di cinque candidati proposti da Expander
- Riconferma di MNP LLP come revisore
- Riautorizzazione del piano di incentivazione della società
- Autorizzazione per Expander a diventare una Persona di Controllo
Il CEO Ryan C. Jackson ha espresso delusione per l'escalation di Expander piuttosto che per un dialogo costruttivo. L'azienda attribuisce il calo del prezzo delle azioni a condizioni di mercato più ampie e sfide del settore, mentre implementa sforzi di trasformazione per una crescita sostenibile.
Cielo Waste Solutions (TSXV:CMC; OTC PINK:CWSFF) ha recibido una solicitud de reunión de accionistas de Expander Energy, su mayor accionista que posee más del 5% de las acciones comunes. La solicitud sigue al anuncio de Cielo del 1 de abril de 2025 sobre una reunión general anual programada para junio de 2025.
La solicitud de Expander solicita:
- Fijar el tamaño de la junta en cinco directores
- Remoción de todos los directores actuales
- Elección de cinco nominados de Expander
- Reconfirmación de MNP LLP como auditor
- Reaprobación del plan de incentivos de la empresa
- Autorización para que Expander se convierta en Persona de Control
El CEO Ryan C. Jackson expresó su decepción por la escalada de Expander en lugar de participar en un diálogo constructivo. La empresa atribuye la caída del precio de las acciones a condiciones de mercado más amplias y desafíos de la industria, mientras implementa esfuerzos de transformación para un crecimiento sostenible.
시엘로 폐기물 솔루션 (TSXV:CMC; OTC PINK:CWSFF)는 익스팬더 에너지로부터 주주 총회 소집 요청을 받았습니다. 익스팬더는 5% 이상의 보통주를 보유한 최대 주주입니다. 이 요청은 2025년 4월 1일 시엘로가 발표한 2025년 6월에 예정된 연례 총회에 따른 것입니다.
익스팬더의 요청은 다음을 요구합니다:
- 이사 수를 5명으로 고정
- 현재 모든 이사 해임
- 익스팬더의 후보 5명 선출
- MNP LLP를 감사로 재임명
- 회사의 인센티브 계획 재승인
- 익스팬더가 지배주주가 될 수 있도록 승인
CEO 라이언 C. 잭슨은 익스팬더의 갈등 심화에 실망감을 표명하며, 건설적인 대화에 참여하지 않은 점을 아쉬워했습니다. 회사는 주가 하락을 광범위한 시장 상황과 산업의 도전으로 돌리며, 지속 가능한 성장을 위한 변화 노력을 시행하고 있습니다.
Cielo Waste Solutions (TSXV:CMC; OTC PINK:CWSFF) a reçu une demande de convocation d'assemblée d'actionnaires de Expander Energy, son principal actionnaire détenant plus de 5 % des actions ordinaires. Cette demande fait suite à l'annonce de Cielo du 1er avril 2025 concernant une assemblée générale annuelle prévue pour juin 2025.
La demande d'Expander appelle à :
- Fixer la taille du conseil d'administration à cinq directeurs
- Révoquer tous les directeurs actuels
- Élection de cinq candidats proposés par Expander
- Réélection de MNP LLP en tant qu'auditeur
- Réapprobation du plan d'incitation de l'entreprise
- Autorisation pour Expander de devenir une Personne de Contrôle
Le PDG Ryan C. Jackson a exprimé sa déception face à l'escalade d'Expander plutôt qu'à un dialogue constructif. L'entreprise attribue la baisse du prix de l'action à des conditions de marché plus larges et à des défis sectoriels, tout en mettant en œuvre des efforts de transformation pour une croissance durable.
Cielo Waste Solutions (TSXV:CMC; OTC PINK:CWSFF) hat eine Aktionärsversammlung von Expander Energy, dem größten Aktionär mit über 5% der Stammaktien, angefordert. Die Anfrage folgt auf die Ankündigung von Cielo am 1. April 2025 über eine für Juni 2025 geplante jährliche Hauptversammlung.
Die Anfrage von Expander fordert:
- Festlegung der Größe des Vorstands auf fünf Direktoren
- Abberufung aller aktuellen Direktoren
- Wahl von fünf Nominierten von Expander
- Wiederbestellung von MNP LLP als Wirtschaftsprüfer
- Wiederbestätigung des Anreizplans des Unternehmens
- Genehmigung für Expander, eine Kontrollperson zu werden
CEO Ryan C. Jackson äußerte Enttäuschung über die Eskalation von Expander anstelle eines konstruktiven Dialogs. Das Unternehmen führt den Rückgang des Aktienkurses auf breitere Marktbedingungen und branchenspezifische Herausforderungen zurück und setzt gleichzeitig Transformationsbemühungen für nachhaltiges Wachstum um.
- None.
- Major shareholder dispute with potential change in control
- Acknowledged decline in share price
- Ongoing corporate governance challenges requiring dispute resolution
CALGARY, Alberta, April 02, 2025 (GLOBE NEWSWIRE) -- Cielo Waste Solutions Corp. (TSXV:CMC; OTC PINK:CWSFF) (“Cielo” or the “Company”) today announced that it has received a shareholder meeting requisition notice pursuant to Section 167(1) of the Business Corporations Act (British Columbia) (the “Requisition”) from Expander Energy Inc. (“Expander”), the Company’s largest shareholder, which holds in excess of five percent (
The annual general and special shareholder meeting is being requisitioned by Expander to consider: (a) the fixing of the board of directors of Cielo at five (5); (b) the removal of all of the directors of the Company; (c) the election of five (5) nominees of Expander, namely Larry B. Haggar, Nick Lenstra, P. Eng., John G. F. McLeod P. Eng., James H. Ross, and G. Steven price, P. Eng. (the “Nominees”); (d) the re-appointment of MNP LLP as the auditor of Cielo; (e) the re-approval of the Company’s incentive plan; and (f) to authorize Expander to become a “Control Person” of Cielo within the meaning of the policies of the TSX Venture Exchange. To the Company’s knowledge, the Nominees are all current or former directors, officers and/or significant shareholders of Expander.
The Company is reviewing the Requisition, with the assistance of its professional advisors, and will respond appropriately in due course. The Company intends to comply with its obligations under applicable corporate and securities laws. In the meantime, there is no need for shareholders to take any action.
Cielo’s CEO, Ryan C. Jackson, commented: “The Company appreciates the ongoing support from our shareholders. It is unfortunate that Expander has chosen to escalate its demands in this manner rather than engage in constructive dialogue with the Company, despite our attempts to do so. As we’d disclosed, we have taken steps to initiate the dispute resolution process with Expander and believe that that is the appropriate forum to address the concerns of both Cielo and Expander.”
In Cielo’s view, Expander mistakenly attributes the decline in Cielo’s share price is due solely to the current Board, while ignoring broader market conditions, industry challenges, and the deliberate transformation efforts underway to reposition the Company for sustainable growth. Cielo’s leadership team has been executing a turnaround strategy, and the Board remains confident in the Company’s long-term potential.
As it has in the past, Cielo’s board and management team welcomes the perspectives of its shareholders and endeavours to make itself available for ongoing dialogue about the Company’s governance, performance, and strategic direction. The board and management team will continue to prioritize good governance, perform their duties in the best interest of Cielo, and remain focused on delivering long-term value.
ON BEHALF OF THE BOARD OF DIRECTORS
About Cielo Waste Solutions Corp.
Cielo Waste Solutions Corp. is a publicly traded company focused on transforming waste materials into renewable diesel, kerosene, and naphtha fuels. Through its proprietary technology, Cielo aims to provide environmentally friendly alternatives to traditional fossil fuels, contributing to a circular economy and a sustainable future.
For Investor and Media Inquiries, Please Contact: Investor Relations
Cielo Waste Solutions Corp.
Phone: (403) 348-2972
Email: investors@cielows.com
Website: www.cielows.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project”, “should” or similar words, including negatives thereof, suggesting future outcomes.
Forward-looking statements are subject to both known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Forward-looking statements and information are based on plans, expectations and estimates of management at the date the information is provided and are subject to certain factors and assumptions. Cielo is making forward-looking statements, including but not limited to with respect to: the Company’s shareholder meeting to be held in June 2025; the Company’s response to the Requisition, to follow, and to comply with applicable corporate and securities laws; the continued priorities of Cielo’s board and management.
Investors should continue to review and consider information disseminated through news releases and filed by the Company on SEDAR+. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FAQ
What are the key demands in Expander Energy's requisition for Cielo Waste Solutions (CWSFF)?
When is Cielo Waste Solutions (CWSFF) planning to hold its annual general meeting?
Who are the five nominees proposed by Expander for Cielo's (CWSFF) board?
What percentage of Cielo (CWSFF) shares does Expander Energy own?
