Greenfire swallows POISON PILL, awaits TSX acceptance Greenfire swallows poison pill, awaits TSX acceptance
2024-09-20 18:09 ET - News Release
An anonymous director reports
GREENFIRE ANNOUNCES DEFERRED CONSIDERATION OF THE SHAREHOLDER RIGHTS PLAN BY THE TORONTO STOCK EXCHANGE
Greenfire Resources Ltd. has filed the Greenfire shareholder protection rights plan agreement with the Toronto Stock Exchange (the TSX) and the company has been notified by the TSX that the TSX will defer consideration of the acceptance of the rights plan until such time as the TSX is satisfied that the appropriate securities commission will not intervene pursuant to National Policy 62-202 -- Take-Over Bids -- Defensive Tactics.
The rights plan was adopted in light of the announcement on Sept. 16, 2024, that the Waterous Energy Fund Management Corp. in its capacity as manager of certain limited partnerships (collectively, WEF) had entered into agreements with certain Greenfire shareholders to acquire 43.3 per cent of the issued and outstanding common shares of the company. Pursuant to TSX policies, the TSX normally defers acceptance of shareholder rights plans adopted in response to a specific takeover bid.
The description of the rights plan in this press release is qualified in its entirety by the full text of the rights plan, which will be available under the company's profile on SEDAR+ or at the Securities and Exchange Commission website.
About Greenfire Resources Ltd.
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.
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- ROOKIE TACTICAL MISTAKE:
* the SHAREHOLDER RIGHTS PLAN ALREADY had to be OPERATIONAL {APPROVED by the shareholders} when the CAME OUT of the SPAC PROCESS and were VERY VULNERABLE to OPPORTUNISTIC PREDATORS
- maybe (?) they WANTED to SAVE MONEY and CUT DOWN on the LEGAL and other ADVISORY and SERVICE FEES
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