Greenfire Resources Announces Reconstitution of the Company's Board of Directors, Acquisition of Additional Greenfire Securities by WEF and Continuation of the Strategic Review
Greenfire Resources (NYSE: GFR) announced significant changes to its Board of Directors and ownership structure. The company revealed that WEF (Waterous Energy Fund) has increased its ownership to 56.5% of outstanding common shares by acquiring Brigade's shares at US$7.83 per share. Three board members resigned, replaced by six WEF nominees, with Adam Waterous appointed as Board Chairman. The company terminated its Second Rights Plan and will continue its Strategic Review process until May 6, 2025, under a special committee led by newly appointed Lead Director Tom Ebbern. The review aims to enhance value for all shareholders and will involve appointing a new financial advisor to replace TD Securities.
Greenfire Resources (NYSE: GFR) ha annunciato significativi cambiamenti nel suo Consiglio di Amministrazione e nella struttura di proprietà. L'azienda ha rivelato che WEF (Waterous Energy Fund) ha aumentato la sua partecipazione al 56,5% delle azioni ordinarie in circolazione acquisendo le azioni di Brigade a 7,83 US$ per azione. Tre membri del consiglio si sono dimessi, sostituiti da sei nomine del WEF, con Adam Waterous nominato presidente del Consiglio. L'azienda ha terminato il suo Second Rights Plan e continuerà il suo processo di Revisione Strategica fino al 6 maggio 2025, sotto un comitato speciale guidato dal nuovo Direttore Nazionale Tom Ebbern. La revisione mira a migliorare il valore per tutti gli azionisti e prevederà la nomina di un nuovo consulente finanziario per sostituire TD Securities.
Greenfire Resources (NYSE: GFR) anunció cambios significativos en su Junta Directiva y en la estructura de propiedad. La compañía reveló que WEF (Waterous Energy Fund) ha aumentado su participación al 56.5% de las acciones ordinarias en circulación al adquirir las acciones de Brigade a 7.83 US$ por acción. Tres miembros de la junta renunciaron, reemplazados por seis nominados por WEF, con Adam Waterous designado como Presidente de la Junta. La compañía finalizó su Segundo Plan de Derechos y continuará su proceso de Revisión Estratégica hasta el 6 de mayo de 2025, bajo un comité especial dirigido por el nuevo Director Principal Tom Ebbern. La revisión tiene como objetivo mejorar el valor para todos los accionistas y se involucrará en la designación de un nuevo asesor financiero para reemplazar a TD Securities.
그린파이어 리소스(Greenfire Resources, NYSE: GFR)는 이사회 및 소유 구조에 대한 중요한 변화를 발표했습니다. 회사는 WEF(워터러스 에너지 펀드)가 브리게이드 주식을 주당 7.83 달러에 인수하여 발행된 보통주 56.5%의 소유권을 증가시켰다고 밝혔습니다. 이사회 구성원 세 명이 사임하고, 여섯 명의 WEF 지명자로 대체되었으며, 아담 워터러스가 이사회 의장으로 임명되었습니다. 회사는 Second Rights Plan을 종료하고, 새로 임명된 수석 이사 톰 에버른(Tom Ebbern)이 이끄는 특별위원회 아래에서 2025년 5월 6일까지 전략 검토 과정을 계속할 것입니다. 이번 검토는 모든 주주 가치를 향상시키는 것을 목표로 하며, TD 증권을 대체할 새로운 재무 자문을 임명하는 과정을 포함할 것입니다.
Greenfire Resources (NYSE: GFR) a annoncé des changements significatifs au sein de son Conseil d'Administration et de sa structure de propriété. L'entreprise a révélé que WEF (Waterous Energy Fund) a porté sa participation à 56,5 % des actions ordinaires en circulation en acquérant des actions de Brigade à 7,83 USD par action. Trois membres du conseil ont démissionné, remplacés par six candidats proposés par WEF, avec Adam Waterous nommé Président du Conseil. L'entreprise a mis fin à son Second Rights Plan et poursuivra son processus de Révision Stratégique jusqu'au 6 mai 2025, sous un comité spécial dirigé par le nouveau Directeur Principal Tom Ebbern. La révision vise à accroître la valeur pour tous les actionnaires et impliquera la nomination d'un nouveau conseiller financier pour remplacer TD Securities.
Greenfire Resources (NYSE: GFR) hat wesentliche Änderungen in seinem Vorstand und der Eigentümerstruktur bekannt gegeben. Das Unternehmen gab bekannt, dass WEF (Waterous Energy Fund) seine Beteiligung auf 56,5% der ausstehenden Stammaktien erhöht hat, indem es die Aktien von Brigade zu je 7,83 US$ erworben hat. Drei Vorstandsmitglieder haben ihren Rücktritt erklärt und wurden durch sechs WEF-Nominierte ersetzt, wobei Adam Waterous zum Vorsitzenden des Vorstands ernannt wurde. Das Unternehmen hat seinen Second Rights Plan beendet und wird den Strategischen Überprüfungsprozess bis zum 6. Mai 2025 unter der Leitung eines neu eingesetzten Hauptdirektors Tom Ebbern fortsetzen. Die Überprüfung zielt darauf ab, den Wert für alle Aktionäre zu steigern und wird die Ernennung eines neuen Finanzberaters zur Ablösung von TD Securities umfassen.
- WEF increases ownership stake to 56.5%, showing strong investor confidence
- Strategic Review process continues with focus on enhancing shareholder value
- Addition of two independent directors to the Board
- Majority control (56.5%) concentrated in single investor (WEF)
- Three board members resigned, indicating potential governance changes
- Need to replace TD Securities as financial advisor
Insights
The acquisition of Brigade's stake by WEF at
The continuation of the Strategic Review until May 2025, now under WEF's increased influence and with a new financial advisor replacing TD Securities, indicates potential corporate actions ahead. The market should particularly note the termination of the Second Rights Plan, which removes a key takeover defense mechanism. The appointment of independent directors Heald and Knight Legg, alongside Lead Director Ebbern, provides some counterbalance to WEF's expanded control.
This board restructuring and ownership consolidation by WEF bears hallmarks of a prelude to more substantial corporate actions. The
The premium paid for Brigade's stake at
Calgary, Alberta--(Newsfile Corp. - December 23, 2024) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), today announced a reconstitution of Greenfire’s Board of Directors (the “Board”), the termination of the amended and restated Shareholder Rights Plan dated December 7, 2024 (the “Second Rights Plan”) and the acquisition of additional Greenfire Securities by Waterous Energy Fund (“WEF”). Concurrently, Greenfire and WEF have executed an agreement (the “Investor Agreement”) under which WEF has agreed to continue the Company’s Strategic Review process and withdraw its November 18, 2024 shareholder meeting requisition.
Reconstituted Board of Directors
Under the terms of the Investor Agreement, Matthew Perkal, Robert Logan and Jonathan Klesch have agreed to resign from the Board. The resignations of Mr. Perkal, Mr. Logan and Mr. Klesch are effective immediately. All six nominees proposed by WEF as part of its November 18, 2024 shareholder meeting requisition (Adam Waterous, Andrew Kim, David Roosth, Henry Hager, Brian Heald and David Knight Legg) will be appointed to the Board, effective immediately, with Mr. Waterous serving as Chairman of the Board. Mr. Heald and Mr. Knight Legg are considered independent directors.
Tom Ebbern, who joined the Board on December 9, 2024, will remain on the Board and has been appointed Lead Director. Under the terms of the Investor Agreement, WEF has agreed to vote in favor of Mr. Ebbern at the May 6, 2025 shareholder meeting. Derek Aylesworth will remain on the Board but in accordance with the terms of the Investor Agreement will not be nominated for re-election at the May 6, 2025 shareholder meeting.
WEF Acquires Additional Greenfire Securities
Under the terms of the Investor Agreement, Greenfire has terminated the Second Rights Plan and WEF has agreed to withdraw its shareholder meeting requisition. All outstanding rights issued under the Second Rights Plan will be void and of no effect.
Following the termination of the Second Rights Plan, WEF today acquired all the common shares and warrants of Greenfire (the “Greenfire Securities”) held by Brigade Capital Management LP and M3-Brigade Sponsor III LP (collectively, “Brigade”), increasing WEF’s interest to
Strategic Review Process
The Company and WEF have agreed to continue Greenfire’s strategic review process (the “Strategic Review”), with support from WEF through to the May 6, 2025 shareholder meeting. The Strategic Review will continue to evaluate a wide range of alternatives with a focus on enhancing value for all Greenfire shareholders. The Strategic Review will remain under the oversight of the special committee of the Board, which will be led by Mr. Ebbern, alongside Mr. Aylesworth, Mr. Heald and Mr. Knight Legg. Greenfire intends to appoint a new financial advisor to support the Strategic Review Process to replace TD Securities.
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
FORWARD-LOOKING STATEMENTS ADVISORY
This press release contains certain forward-looking statements or forward-looking information within the meaning of the United States federal securities laws and applicable Canadian securities laws (collectively, "forward-looking statements"). Forward-looking statements relate to future events or future performance. All information other than statements of historical fact are forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "forecast," "strategy," "future," "opportunity," "plan," "potential," "may," "should," "will," "can," "could," "would," "will be," "to be," "to include," "to align," "will continue," "will likely result," and similar expressions. In addition to other forward-looking statements herein, there are forward-looking statements in this press release relating to, among other things, expectations and assumptions in respect of the following matters: the intent of the Special Committee to continue to evaluate a wide range of alternatives with a focus on enhancing value for all shareholders as part of the strategic review; the timing of the conclusion of the Strategic Review; the requirement of WEF to vote for Mr. Ebbern at the 2025 annual meeting of shareholders; and the intent of Greenfire to appoint a new financial advisor.
Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties, including that the strategic alternatives process will result in a transaction that enhances value for shareholders; and that the proposed nominees for the 2025 annual meeting of shareholders of Greenfire will be willing or able to be nominated at such meeting. You should carefully consider all of the risks and uncertainties described in the “Risk Factors” section of the Company’s annual report on Form 20-F dated March 26, 2024, which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.shtml and in other documents filed by Greenfire from time to time on SEDAR+ and with the United States Securities and Exchange Commission. Forward-looking statements are statements about the future and are inherently uncertain. The Company does not intend, and does not assume any obligation, to update any forward-looking statements, other than as required by applicable law. For all of these reasons, the Company’s securityholders should not place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235000
FAQ
What is the new ownership percentage of WEF in Greenfire Resources (GFR) after acquiring Brigade's shares?
At what price did WEF acquire Brigade's shares in GFR?
Who is the new Chairman of Greenfire Resources (GFR) Board?
When will Greenfire's (GFR) Strategic Review process conclude?
How many new directors were appointed to GFR's Board following the reconstitution?
