High Arctic Energy Services Inc T.HWO

VN Capital Management - HWO Shareholder Letter

[longrun86]

This morning VN Capital Management put out a press release and posted the letter their firm sent to the High Arctic Board of Directors. VN holds over 5% of the common shares.

The letter effectively echoes what we have all been saying on this forum. One key fact that they identify is that at no time have the Independant Directors formed a special committee to evaluate the proposal.

As you look back at the various announcements related to this transaction, it is obvious that they have been tip-toeing around the legalities and regulatory requirements.

As public minority shareholders you often feel like your vote doesn't matter; however, when it comes to regulatory pressure, the securities commissions work on the basis of the number of complaints regardless of the number of shares you hold. For anyone reading this (and wants to avoid getting swindled on this), you must reach out to the securities regulator. I filed a complaint with the Alberta Securities Commission and it took me about 5 minutes.

I have not looked on the HWO if there is an ombudsperson but if someone has this information it is worth posting here so that other cans easily access.

The time to act is now!

LR

[Stonksonlyup90]

Hey longrun, where could someone find this letter?

[JonathanJSmith]

Great news! At least a shareholder with some clout is against this proposed transaction as well.  BTW, I couldn't access the letter either so I emailed Don Noone at [e-mail]. He sent the letter to me via attachment, but I'm not sure whether I can repost it here...so I won't at this time.  Cheers, JJ

[AVALONSHARK]

Its public information so please feel free to share

[JonathanJSmith]

Ok. Got Don's permission: ========= James T. Vanasek & Patrick Donnell Noone VN Capital Management, LLC 1250 Revolution Mill Drive, Suite 181 Greensboro, NC 27405 August 18, 2023   Michael Binnion Chairman High Arctic Energy Services Calgary Place I, Suite 2350, 330 – 5 th Avenue SW Calgary, AB, Canada T2P 0L4   Dear Michael, We write because of our

[colourama]

Thanks for posting - it's great to see a sizable minority shareholder coming out against the flawed proposal. Will management respond to the points raised, or simply ignore?

[Stonksonlyup90]

This letter from VN Capital Management is great news! An investor with a sizeable holding and clout will surely hold Management/Cyrus Capital accountable and prevent them from riding off into the sunset. Would be nice to see VN Capital issue any future correspondence/letters publicly to a broader set of stakeholders as myself (and surely others here) are aligned with VN Capital.

[AVALONSHARK]

There are a lot of sizeable holders of this company who participate in this forum. The right step would be to reach out to management over the next 24-48 hours expressing your agreement/disagreement with the letter. There is a strong possibility of this entire resolution getting rejected if minority shareholders group together.  We all know how much the PNG business is worth with such a

[ecabrera333]

I am a minority investor. I agree with all the points that VN Capital Management brought to the management of High Arctic. This morning, I sent an email to High Artict requestiing an independent valuation of the PNG business and to provide an enhanced structuring plan that provides the best outcome to minorty investors. I also contacted VN Capital to show support on their quest to protect the

[Stonksonlyup90]

I highly recommend that other minority investors that feel aligned with VN Capital also do so.