Greenfire Announces Deferred Consideration of the New Shareholder Rights Plan by the Toronto Stock Exchange; Plan Remains in Effect
Greenfire Resources (NYSE: GFR) (TSX: GFR) announces that the Toronto Stock Exchange (TSX) has deferred consideration of its new shareholder protection rights plan agreement from November 2024. The deferral will remain until the TSX is satisfied that securities commissions won't intervene under National Policy 62-202. This new plan was adopted following the Alberta Securities Commission's cease trade order on November 6, 2024, affecting all securities under Greenfire's previous rights plan from September 18, 2024. Despite the TSX's deferred consideration, the new rights plan remains in effect.
Greenfire Resources (NYSE: GFR) (TSX: GFR) annuncia che la Borsa di Toronto (TSX) ha deferito la considerazione del suo nuovo piano di diritti di protezione degli azionisti fino a novembre 2024. Il rinvio rimarrà in vigore fino a quando la TSX non sarà soddisfatta che le commissioni sui valori mobiliari non interverranno ai sensi della Politica Nazionale 62-202. Questo nuovo piano è stato adottato a seguito dell'ordine di cessazione del commercio della Alberta Securities Commission del 6 novembre 2024, che colpisce tutti i titoli nel precedente piano di diritti di Greenfire, risalente al 18 settembre 2024. Nonostante il rinvio della considerazione da parte della TSX, il nuovo piano di diritti rimane in vigore.
Greenfire Resources (NYSE: GFR) (TSX: GFR) anuncia que la Bolsa de Valores de Toronto (TSX) ha aplazado la consideración de su nuevo acuerdo del plan de derechos de protección de accionistas hasta noviembre de 2024. El aplazamiento permanecerá hasta que la TSX esté satisfecha de que las comisiones de valores no intervendrán bajo la Política Nacional 62-202. Este nuevo plan fue adoptado tras la orden de cese de operaciones de la Alberta Securities Commission del 6 de noviembre de 2024, que afecta a todos los valores bajo el plan anterior de derechos de Greenfire, que data del 18 de septiembre de 2024. A pesar del aplazamiento de la consideración por parte de la TSX, el nuevo plan de derechos sigue en vigor.
Greenfire Resources (NYSE: GFR) (TSX: GFR)는 토론토 증권거래소(TSX)가 새로운 주주 보호 권리 계획 계약에 대한 검토를 2024년 11월까지 연기했다고 발표했습니다. 이 연기는 TSX가 증권 위원회가 국가 정책 62-202에 따라 개입하지 않을 것이라는 것에 만족할 때까지 유지됩니다. 이 새로운 계획은 2024년 11월 6일 알버타 증권 위원회의 거래 중지 명령 이후에 채택되었으며, 이는 2024년 9월 18일부터 Greenfire의 이전 권리 계획에 따라 모든 증권에 영향을 미칩니다. TSX의 검토 연기에도 불구하고 새로운 권리 계획은 여전히 유효합니다.
Greenfire Resources (NYSE: GFR) (TSX: GFR) annonce que la Bourse de Toronto (TSX) a reporté l'examen de son nouvel accord de plan de droits de protection des actionnaires jusqu'en novembre 2024. Le report restera en vigueur jusqu'à ce que la TSX soit satisfaite que les commissions des valeurs mobilières n'interviendront pas en vertu de la Politique Nationale 62-202. Ce nouveau plan a été adopté suite à l'ordre d'interdiction de la Alberta Securities Commission du 6 novembre 2024, affectant tous les titres sous le plan de droits précédent de Greenfire datant du 18 septembre 2024. Malgré le report de l'examen par la TSX, le nouveau plan de droits reste en vigueur.
Greenfire Resources (NYSE: GFR) (TSX: GFR) gibt bekannt, dass die Toronto Stock Exchange (TSX) die Prüfung ihres neuen Aktionärsschutzrechtsplans bis November 2024 verschoben hat. Die Verschiebung bleibt bestehen, bis die TSX zufrieden ist, dass die Wertpapierkommissionen nicht gemäß der National Policy 62-202 intervenieren werden. Dieser neue Plan wurde nach der Handelsaussetzung der Alberta Securities Commission am 6. November 2024 verabschiedet, die alle Wertpapiere unter dem vorherigen Rechtsplan von Greenfire vom 18. September 2024 betrifft. Trotz der verschobenen Prüfung durch die TSX bleibt der neue Rechtsplan in Kraft.
- None.
- TSX has deferred consideration of the new shareholder rights plan
- Previous rights plan was ceased traded by Alberta Securities Commission
Insights
This development reflects standard regulatory procedures in Canadian markets regarding shareholder rights plans, commonly known as "poison pills." The TSX's deferral of consideration is a routine response when rights plans are implemented during active take-over situations. The key point is that the New Rights Plan remains operational despite the TSX's deferred consideration, maintaining Greenfire's defensive position.
The sequence of events - from the Alberta Securities Commission's cease trade order on the Previous Rights Plan to the implementation of the New Rights Plan - suggests ongoing corporate control tensions. For shareholders, this indicates potential upcoming corporate actions or contested transactions that could affect share value. The regulatory scrutiny and rapid implementation of a replacement rights plan points to heightened takeover activity around Greenfire.
Calgary, Alberta--(Newsfile Corp. - November 11, 2024) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), a Calgary-based energy company focused on the production and development of thermal energy resources from the Athabasca region of Alberta, Canada announces that it has filed the new Greenfire shareholder protection rights plan agreement dated November 2024 (the "New Rights Plan") with the Toronto Stock Exchange (the "TSX") and that it has been notified by the TSX that the TSX will defer consideration of the acceptance of the New Rights Plan until such time as the TSX is satisfied that the appropriate securities commission will not intervene pursuant to National Policy 62-202 - Take-Over Bids - Defensive Tactics. Pursuant to TSX policies, the TSX normally defers acceptance of shareholder rights plans adopted in response to a specific take-over bid. Notwithstanding the TSX's deferred consideration of the New Rights Plan, the plan remains in effect.
As announced by the Company on November 6, 2024, the New Rights Plan was adopted in light of the order by the Alberta Securities Commission on November 6, 2024 to cease trade with immediate effect all securities issued or issuable under the shareholder protection rights plan agreement of Greenfire adopted on September 18, 2024 (the "Previous Rights Plan").
The description of the Rights Plan in this press release is qualified in its entirety by the full text of the Rights Plan, which is available under the Company's profile on SEDAR+ at www.sedarplus.ca or at www.sec.gov.
About Greenfire
Greenfire is an intermediate, lower-cost and growth-oriented Athabasca oil sands producer with concentrated Tier-1 assets that use steam assisted gravity drainage extraction methods. The Company is operationally focused with an emphasis on an entrepreneurial environment and a high level of employee ownership. Greenfire Common Shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol "GFR". For more information, visit greenfireres.com or find Greenfire on LinkedIn and X.
Contact Information
Greenfire Resources Ltd.
205 5th Avenue SW
Suite 1900
Calgary, AB T2P 2V7
investors@greenfireres.com
greenfireres.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229542
FAQ
What happened to Greenfire's (GFR) shareholder rights plan at TSX?
When did the Alberta Securities Commission cease trade Greenfire's (GFR) previous rights plan?
Is Greenfire's (GFR) new shareholder rights plan still in effect despite TSX deferral?
