Greenfire Announces Deferred Consideration of the Shareholder Rights Plan by the Toronto Stock Exchange
Greenfire Resources (NYSE: GFR) (TSX: GFR), a Calgary-based energy company, has announced that the Toronto Stock Exchange (TSX) has deferred consideration of its shareholder protection rights plan agreement (Rights Plan). This deferral will continue until the TSX is satisfied that the appropriate securities commission will not intervene under National Policy 62-202.
The Rights Plan was adopted in response to the September 16, 2024 announcement that Waterous Energy Fund Management Corp. (WEF) had entered agreements to acquire 43.3% of Greenfire's outstanding common shares. The TSX typically defers acceptance of shareholder rights plans adopted in response to specific take-over bids.
The full text of the Rights Plan will be available on SEDAR+ and SEC websites.
Greenfire Resources (NYSE: GFR) (TSX: GFR), un'azienda energetica con sede a Calgary, ha annunciato che la Borsa di Toronto (TSX) ha rinviato la considerazione del suo accordo sul piano di protezione dei diritti degli azionisti (Piano dei Diritti). Questo rinvio continuerà fino a quando la TSX non sarà soddisfatta che la commissione valori mobiliari competente non interverrà ai sensi della Politica Nazionale 62-202.
Il Piano dei Diritti è stato adottato in risposta all'annuncio del 16 settembre 2024 che la Waterous Energy Fund Management Corp. (WEF) aveva stipulato accordi per acquisire il 43,3% delle azioni ordinarie in circolazione di Greenfire. La TSX di solito rinvia l'accettazione dei piani di diritti degli azionisti adottati in risposta a specifiche offerte di acquisizione.
Il testo completo del Piano dei Diritti sarà disponibile sui siti di SEDAR+ e SEC.
Greenfire Resources (NYSE: GFR) (TSX: GFR), una empresa energética con sede en Calgary, ha anunciado que la Bolsa de Valores de Toronto (TSX) ha aplazado la consideración de su acuerdo de plan de protección de derechos de los accionistas (Plan de Derechos). Este aplazamiento continuará hasta que la TSX esté satisfecha de que la comisión de valores correspondiente no intervendrá bajo la Política Nacional 62-202.
El Plan de Derechos se adoptó en respuesta al anuncio del 16 de septiembre de 2024 que la Waterous Energy Fund Management Corp. (WEF) había entrado en acuerdos para adquirir el 43,3% de las acciones ordinarias en circulación de Greenfire. La TSX normalmente aplaza la aceptación de planes de derechos de los accionistas adoptados en respuesta a ofertas de adquisición específicas.
El texto completo del Plan de Derechos estará disponible en los sitios de SEDAR+ y SEC.
그린파이어 리소시스(Greenfire Resources)(NYSE: GFR)(TSX: GFR), 캘거리 기반의 에너지 회사가 토론토 증권 거래소(TSX)가 주주 보호 권리 계획 계약(권리 계획)에 대한 심사를 연기했다고 발표했습니다. 이 연기는 TSX가 적절한 증권 위원회가 국가 정책 62-202에 따라 개입하지 않을 것이라는 점에 만족할 때까지 계속될 것입니다.
권리 계획은 2024년 9월 16일에 워터우스 에너지 펀드 매니지먼트(Waterous Energy Fund Management Corp.)(WEF)가 그린파이어의 발행 주식 43.3%을 인수하기 위한 계약을 체결했다는 발표에 따라 채택되었습니다. TSX는 일반적으로 특정 인수 제안에 대한 응답으로 채택된 주주 권리 계획의 승인을 연기합니다.
권리 계획의 전문은 SEDAR+ 및 SEC 웹사이트에서 확인할 수 있습니다.
Greenfire Resources (NYSE: GFR) (TSX: GFR), une entreprise énergétique basée à Calgary, a annoncé que la Bourse de Toronto (TSX) a reporté l'examen de son accord sur le plan de protection des droits des actionnaires (Plan de Droits). Ce report se poursuivra jusqu'à ce que la TSX soit satisfaite que la commission des valeurs mobilières compétente n'interviendra pas en vertu de la Politique Nationale 62-202.
Le Plan de Droits a été adopté en réponse à l'annonce du 16 septembre 2024 selon laquelle Waterous Energy Fund Management Corp. (WEF) avait conclu des accords pour acquérir 43,3% des actions ordinaires en circulation de Greenfire. La TSX reporte généralement l'acceptation des plans de droits des actionnaires adoptés en réponse à des offres d'acquisition spécifiques.
Le texte complet du Plan de Droits sera disponible sur les sites de SEDAR+ et de la SEC.
Greenfire Resources (NYSE: GFR) (TSX: GFR), ein in Calgary ansässiges Energieunternehmen, hat bekannt gegeben, dass die Toronto Stock Exchange (TSX) die Prüfung ihrer Vereinbarung zum Schutz der Aktionärsrechte (Rechtsplan) verschoben hat. Diese Verschiebung wird fortgesetzt, bis die TSX überzeugt ist, dass die zuständige Wertpapierkommission nicht gemäß der National Policy 62-202 eingreifen wird.
Der Rechtsplan wurde als Reaktion auf die Ankündigung vom 16. September 2024 angenommen, dass die Waterous Energy Fund Management Corp. (WEF) Vereinbarungen getroffen hat, um 43,3% der ausstehenden Stammaktien von Greenfire zu erwerben. Die TSX verschiebt in der Regel die Akzeptanz von Rechtsplänen, die als Reaktion auf spezifische Übernahmeangebote angenommen wurden.
Der vollständige Text des Rechtsplans wird auf den Websites von SEDAR+ und der SEC verfügbar sein.
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Insights
The TSX's deferral of consideration for Greenfire's shareholder rights plan is a standard procedural move in response to potential takeover situations. This action doesn't necessarily indicate approval or disapproval but rather a cautious approach to ensure regulatory compliance.
The Rights Plan, commonly known as a "poison pill," is a defensive tactic against hostile takeovers. Its effectiveness hinges on regulatory acceptance. The deferral suggests that regulatory scrutiny is likely, particularly regarding the plan's fairness to shareholders and its impact on market dynamics.
Investors should note that this development doesn't immediately alter the takeover landscape. However, it introduces uncertainty regarding Greenfire's ability to resist WEF's acquisition attempts. The outcome of regulatory review will be important in determining the balance of power between Greenfire's management and WEF.
The news of Waterous Energy Fund's agreements to acquire
The Rights Plan's implementation and subsequent regulatory scrutiny create market uncertainty. This situation could lead to increased volatility in Greenfire's stock price as investors speculate on the outcome. The Rights Plan, if approved, could potentially dilute WEF's stake, making the acquisition more costly and complex.
Investors should closely monitor regulatory decisions and any counter-moves by WEF. The resolution of this situation could significantly impact Greenfire's valuation and future prospects. It's important to consider both the potential for a premium in case of a full takeover and the risk of strategic shifts if WEF gains significant influence.
Calgary, Alberta--(Newsfile Corp. - September 20, 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 Greenfire shareholder protection rights plan agreement (the "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 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.
The Rights Plan was adopted in light of the announcement on September 16, 2024 that the Waterous Energy Fund Management Corp. in its capacity as manager of certain limited partnerships (collectively, "WEF") had entered into agreements with certain Greenfire shareholders to acquire
The description of the Rights Plan in this press release is qualified in its entirety by the full text of the Rights Plan, which will be 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/224127
FAQ
Why did Greenfire Resources (GFR) adopt a shareholder protection rights plan?
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