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Secure Energy Services Inc T.SES

Alternate Symbol(s):  SECYF

SECURE Energy Services Inc. is a Canada-based company that operates waste management and energy infrastructure business. Its Waste Management segment includes a network of waste processing facilities, produced water pipelines, industrial landfills, waste transfer stations, metal recycling facilities, and specialty chemicals. Through the infrastructure network, it carries out business operations, including the processing, recovery, recycling and disposal of waste streams generated by its energy and industrial customers. Its services include produced and wastewater disposal, hazardous and non-hazardous waste processing and transfer, treatment of crude oil emulsions, metal recycling, drilling waste management and specialty chemicals. Its Energy Infrastructure segment includes a network of crude oil gathering pipelines, terminals and storage facilities. Through this infrastructure network, the Corporation engages in the transportation, optimization, terminalling, and storage of crude oil.


TSX:SES - Post by User

Post by Possibleidiot01on Mar 05, 2023 8:01pm
423 Views
Post# 35320382

COMPETITION TRIBUNAL DECISION - speed bump?

COMPETITION TRIBUNAL DECISION - speed bump?

SECURE ENERGY TO APPEAL COMPETITION TRIBUNAL DECISION ON ITS MERGER WITH TERVITA

Canada NewswireMar 4, 2023 11:26 PM EST
  • The Competition Tribunal has released a summary of its decision ordering the divestiture of 29 of the 103 facilities acquired in connection with SECURE's merger with Tervita
  • SECURE plans to appeal the decision and seek a stay pending that appeal

CALGARY, AB , March 4, 2023 /CNW/ - SECURE ENERGY Services Inc. ("SECURE" or the "Corporation") (TSX: SES) announced today that the Competition Tribunal (the "Tribunal") issued its decision in connection with SECURE's merger with Tervita Corporation ("Tervita"). While the Tribunal agreed with SECURE that not all of the 41 facilities the Commissioner was seeking to have SECURE dispose of should be sold, it issued an order requiring SECURE to divest of 17 treatment, recovery and disposal facilities, 6 landfills, 4 water disposal wells and 2 disposal caverns all formerly owned by Tervita (the "Facilities").  This represented 29 of the 103 facilities acquired in connection with SECURE's merger with Tervita Corporation.

SECURE will file a notice of appeal together with a motion for a stay of the Tribunal's order within 30 days.

The merger with Tervita was completed on July 2, 2021 pursuant to an arrangement agreement announced on March 9, 2021 under which SECURE acquired all of the issued and outstanding common shares of Tervita, following which Tervita amalgamated with SECURE.

The Tribunal's order to divest of the Facilities, if not overturned or modified on appeal, could have a material impact on the business, financial condition or results of operations of the Corporation. SECURE would expect to receive sale proceeds relating to such divestitures which could mitigate, in whole or in part, any such impact.

Rene Amirault Chief Executive Officer of SECURE, stated: "We thank the Tribunal members for their work in rendering a decision, but respectfully disagree with the outcome. The combination of these two great companies has already better positioned us to serve our customers, and pursue our ESG objectives, and has achieved significant efficiencies by optimizing our existing infrastructure assets and operations."

Seems like a partial victory ? - 41 now down to 29


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