Greenfire to Oppose Challenge to Shareholder Rights Plan in Order to Protect All Shareholders
Greenfire Resources (NYSE: GFR) (TSX: GFR) is facing a challenge to its shareholder protection rights plan agreement (Rights Plan) from Waterous Energy Fund Management Corp. (WEF) and certain shareholders. The challenge comes after WEF announced plans to acquire 43.3% of Greenfire's common shares on September 16, 2024. Greenfire intends to defend the necessity of its Rights Plan at an Alberta Securities Commission hearing.
The company adopted the Rights Plan to ensure fair treatment of all shareholders in case of unsolicited take-over bids or control acquisitions, and to give the board sufficient time to explore value-enhancing alternatives. Greenfire believes WEF is attempting to opportunistically acquire shares at a substantial discount to its oil sands peers, undermining the ongoing strategic review process to maximize shareholder value.
Greenfire Resources (NYSE: GFR) (TSX: GFR) sta affrontando una sfida al suo accordo di protezione dei diritti degli azionisti (Piano dei Diritti) da parte di Waterous Energy Fund Management Corp. (WEF) e alcuni azionisti. La sfida è avvenuta dopo che WEF ha annunciato piani per acquisire il 43,3% delle azioni ordinarie di Greenfire il 16 settembre 2024. Greenfire intende difendere la necessità del suo Piano dei Diritti durante un'udienza della Alberta Securities Commission.
L'azienda ha adottato il Piano dei Diritti per garantire un trattamento equo per tutti gli azionisti in caso di offerte pubbliche di acquisto non sollecitate o acquisizioni di controllo, e per dare al consiglio sufficiente tempo per esplorare alternative che possano creare valore. Greenfire crede che WEF stia cercando di acquisire opportunisticamente azioni a un prezzo notevolmente scontato rispetto ai suoi pari nel settore delle sabbie bituminose, minando il processo di revisione strategica in corso per massimizzare il valore per gli azionisti.
Greenfire Resources (NYSE: GFR) (TSX: GFR) se enfrenta a un desafío a su acuerdo de protección de derechos de los accionistas (Plan de Derechos) por parte de Waterous Energy Fund Management Corp. (WEF) y ciertos accionistas. El desafío surge después de que WEF anunciara planes para adquirir el 43,3% de las acciones ordinarias de Greenfire el 16 de septiembre de 2024. Greenfire tiene la intención de defender la necesidad de su Plan de Derechos en una audiencia de la Alberta Securities Commission.
La empresa adoptó el Plan de Derechos para garantizar un trato justo para todos los accionistas en caso de ofertas de adquisición no solicitadas o adquisiciones de control, y para dar al consejo suficiente tiempo para explorar alternativas que增值. Greenfire cree que WEF está intentando adquirir acciones de manera oportunista a un descuento sustancial en comparación con sus pares en las arenas petrolíferas, socavando el proceso de revisión estratégica en curso para maximizar el valor para los accionistas.
그린파이어 리소스(뉴욕증권거래소: GFR) (토론토증권거래소: GFR)는 워터우스 에너지 펀드 관리 기업(WEF) 및 일부 주주로부터 주주 보호 권리 계획 계약(권리 계획)에 대한 도전에 직면해 있습니다. 이 도전은 WEF가 2024년 9월 16일에 그린파이어의 보통주 43.3%를 인수할 계획을 발표한 후에 발생했습니다. 그린파이어는 앨버타 증권 위원회 청문회에서 자신의 권리 계획의 필요성을 방어할 계획입니다.
회사는 원하지 않는 인수 제안이나 지배권 인수의 경우 모든 주주에 대한 공정한 대우를 보장하고 이사회가 가치를 높일 수 있는 대안을 탐색할 충분한 시간을 부여하기 위해 권리 계획을 채택했습니다. 그린파이어는 WEF가 상당한 할인으로 주식을 기회주의적으로 인수하려 하고 있다고 믿으며, 이는 주주 가치를 극대화하기 위한 진행 중인 전략적 검토 과정을 훼손하고 있습니다.
Greenfire Resources (NYSE: GFR) (TSX: GFR) fait face à un défi concernant son accord de protection des droits des actionnaires (Plan de Droits) de la part de Waterous Energy Fund Management Corp. (WEF) et de certains actionnaires. Ce défi survient après que WEF a annoncé des plans pour acquérir 43,3 % des actions ordinaires de Greenfire le 16 septembre 2024. Greenfire a l'intention de défendre la nécessité de son Plan de Droits lors d'une audience de la Commission des valeurs mobilières de l'Alberta.
L'entreprise a adopté le Plan de Droits pour garantir un traitement équitable de tous les actionnaires en cas d'offres d'acquisition non sollicitées ou d'acquisitions de contrôle, et pour donner au conseil suffisamment de temps pour explorer des alternatives créatrices de valeur. Greenfire estime que WEF tente d'acquérir des actions de manière opportuniste à un prix considérablement réduit par rapport à ses pairs dans l'industrie des sables bitumineux, ce qui compromet le processus d'examen stratégique en cours pour maximiser la valeur pour les actionnaires.
Greenfire Resources (NYSE: GFR) (TSX: GFR) sieht sich einer Herausforderung seines Aktionsschutzplans (Rechteplan) durch die Waterous Energy Fund Management Corp. (WEF) und einige Aktionäre gegenüber. Die Herausforderung erfolgt, nachdem WEF Pläne angekündigt hat, 43,3 % der Stammaktien von Greenfire am 16. September 2024 zu erwerben. Greenfire beabsichtigt, die Notwendigkeit seines Rechteplans bei einer Anhörung der Alberta Securities Commission zu verteidigen.
Das Unternehmen hat den Rechteplan angenommen, um eine faire Behandlung aller Aktionäre im Falle unaufgeforderter Übernahmeangebote oder Kontrollübernahmen zu gewährleisten und dem Vorstand ausreichend Zeit zu geben, wertsteigernde Alternativen zu prüfen. Greenfire ist der Ansicht, dass WEF versucht, Gelegenheitskäufe von Aktien zu einem erheblichen Rabatt im Vergleich zu seinen Öl-Sand-Konkurrenten zu tätigen, was den laufenden strategischen Überprüfungsprozess zur Maximierung des Aktionärswertes untergräbt.
- Greenfire is actively defending shareholders' interests against potential undervalued acquisition
- The company has implemented a Rights Plan to ensure fair treatment of all shareholders
- Greenfire's board is evaluating strategic alternatives to maximize shareholder value
- WEF's proposed acquisition of 43.3% of Greenfire's shares could lead to a change in control
- The challenge to the Rights Plan may create uncertainty for shareholders
- Potential acquisition price may represent a substantial discount to Greenfire's peers
Insights
The application by WEF and the Selling Shareholders to challenge Greenfire's shareholder rights plan is a significant development. This move could potentially impact the company's ability to protect minority shareholders and manage unsolicited takeover attempts. The Rights Plan, adopted in response to WEF's proposed acquisition of a
Greenfire's defense of the Rights Plan at the ASC hearing will be crucial. If the plan is ceased, it could leave the company more vulnerable to the "creeping" takeover attempt by WEF. The board's assertion that WEF's offer represents a substantial discount compared to peers suggests they believe the company is undervalued. This situation highlights the tension between large shareholders seeking control and the board's fiduciary duty to all shareholders.
The ongoing strategic review process adds another layer of complexity. If successful in defending the Rights Plan, Greenfire may gain leverage in negotiations or attract competing offers. However, if the challenge succeeds, it could accelerate WEF's acquisition plans and potentially limit other strategic options.
The potential acquisition of a
Greenfire's market cap of
The outcome of this challenge will have significant financial implications. If WEF succeeds, they could gain substantial control at a perceived discount, potentially leaving other shareholders at a disadvantage. Conversely, if Greenfire successfully defends the Rights Plan, it could lead to a more competitive bidding process or allow time for the company to demonstrate higher value through its strategic review.
Calgary, Alberta--(Newsfile Corp. - September 27, 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 advises that an application has been made by certain limited partnerships managed by Waterous Energy Fund Management Corp. (collectively, "WEF") together with Allard Services Limited ("Allard"), a corporation controlled by Julian McIntyre, a director of Greenfire, and Annapurna Limited ("Annapurna"), a corporation controlled by Venkat Siva, a director of Greenfire and Modro Holdings LLC ("Modro" together with Allard and Annapurna, the "Selling Shareholders") to the Alberta Securities Commission (the "ASC") requesting that the ASC, among other things, cease trade the Company's shareholder protection rights plan agreement (the "Rights Plan").
The Rights Plan was adopted in light of the announcement on September 16, 2024, that WEF had entered into agreements with the Selling Shareholders to acquire
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
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FAQ
What is the purpose of Greenfire's (GFR) shareholder protection rights plan?
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When did WEF announce its intention to acquire Greenfire (GFR) shares?
Why is Greenfire (GFR) opposing the challenge to its Rights Plan?
