Waterous Energy Fund Closes Acquisition of 43.3% of the Shares of Greenfire Resources Ltd.
Waterous Energy Fund Management Corp. has closed its acquisition of 43.3% of Greenfire Resources 's shares. The transaction involved purchasing 29,988,854 common shares for USD$8.05 per share, totaling approximately USD$241,261,721. The acquisition follows a decision by the Alberta Securities Commission on November 6, 2024, which granted WEF's application to cease trade Greenfire's initial shareholder rights plan and dismissed Greenfire's cross-application to cease trade the transaction.
Waterous Energy Fund Management Corp. ha concluso l'acquisizione del 43,3% delle azioni di Greenfire Resources. La transazione ha comportato l'acquisto di 29.988.854 azioni ordinarie a USD$8,05 per azione, per un totale di circa USD$241.261.721. L'acquisizione segue una decisione della Commissione per i Titoli dell'Alberta del 6 novembre 2024, che ha approvato la richiesta di WEF di cessare il piano di diritti iniziali degli azionisti di Greenfire e ha respinto la contro-richiesta di Greenfire di fermare la transazione.
Waterous Energy Fund Management Corp. ha cerrado su adquisición del 43,3% de las acciones de Greenfire Resources. La transacción involucró la compra de 29,988,854 acciones comunes a USD$8.05 por acción, con un total aproximado de USD$241,261,721. La adquisición sigue una decisión de la Comisión de Valores de Alberta del 6 de noviembre de 2024, que aprobó la solicitud de WEF para cesar el plan de derechos de accionistas inicial de Greenfire y desestimó la contra-solicitud de Greenfire para cesar la transacción.
Waterous Energy Fund Management Corp.는 Greenfire Resources의 주식 43.3%를 인수하였습니다. 이 거래에는 주당 USD$8.05에 29,988,854개의 보통주를 구매하는 것이 포함되어, 총 약 USD$241,261,721에 해당합니다. 이 인수는 2024년 11월 6일 알버타 증권 위원회가 WEF의 Greenfire 초기 주주 권리 계획 중단 신청을 승인하고, Greenfire의 거래 중단 요청을 기각한 후 이루어졌습니다.
Waterous Energy Fund Management Corp. a finalisé l'acquisition de 43,3% des actions de Greenfire Resources. La transaction a impliqué l'achat de 29.988.854 actions ordinaires à USD$8,05 par action, totalisant environ USD$241.261.721. L'acquisition fait suite à une décision de la Commission des valeurs mobilières de l'Alberta du 6 novembre 2024, qui a accordé à WEF la demande de suspendre le plan initial de droits des actionnaires de Greenfire et a rejeté la demande croisée de Greenfire visant à suspendre la transaction.
Waterous Energy Fund Management Corp. hat den Erwerb von 43,3% der Aktien von Greenfire Resources abgeschlossen. Die Transaktion umfasste den Kauf von 29.988.854 Stammaktien zu USD$8,05 pro Aktie, was insgesamt etwa USD$241.261.721 ergibt. Der Erwerb folgt einer Entscheidung der Alberta Securities Commission vom 6. November 2024, die den Antrag von WEF genehmigte, den ursprünglichen Aktionärsrechtsplan von Greenfire zu stoppen, und den Gegenantrag von Greenfire, die Transaktion zu stoppen, abwies.
- Waterous Energy Fund acquired 43.3% of Greenfire Resources , increasing their stake significantly.
- The acquisition was valued at approximately USD$241,261,721, showing substantial investment.
- Greenfire's initial shareholder rights plan was ceased by the Alberta Securities Commission, indicating potential internal conflict.
Insights
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The successful closure after regulatory hurdles, including the Alberta Securities Commission's decision to cease trade Greenfire's shareholder rights plan, indicates WEF's determination to gain significant control. For investors, this development signals potential strategic changes ahead, including possible operational restructuring or corporate governance modifications. The substantial premium paid suggests WEF sees considerable untapped value in Greenfire's assets.
The regulatory outcome favoring WEF over Greenfire's defensive measures is particularly noteworthy. The Alberta Securities Commission's decision to cease trade the shareholder rights plan while dismissing Greenfire's counter-application demonstrates the regulator's stance on takeover defenses in Canada's energy sector. This precedent could influence future hostile takeover attempts and defensive strategies in the industry.
The successful completion despite initial resistance highlights the limitations of poison pill defenses when faced with determined acquirers. Current shareholders should monitor for potential follow-on offers or further stake building by WEF, as this initial position could serve as a stepping stone for a full takeover bid.
The closing of the Transaction follows the decision by the Alberta Securities Commission issued on November 6, 2024 granting WEF's application to cease trade Greenfire's initial shareholder rights plan, and dismissing Greenfire's cross-application to cease trade the Transaction.
For further information, please contact Waterous Energy Fund at info@waterous.com.
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SOURCE Waterous Energy Fund Management Corp.
FAQ
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