Tidewater Midstream and Infrastructure Ltd T.TWM

Sale of the Alta block without BOD approval

[pennydredful]

could   be   the cause  for  executive  dismissal  .  Could  be a  misunderstanding  in  that  executives  thought  they had  tentative  approval  but  was  only  up  for  discussion  at  the  BOD  level with  no decision yet  taken .    So   excutives   usurfed the  authority  of  the Board   which they took  umbridge  with.

[TVR]

Unlikely to be the reason behind Colcleugh departing.  BOD would likely have approved the block sale process in advance and probably put in place price parameters such as "not less than 3% below market price".  Large block sales like this are routine and the institutional buyer gets a modest discount so the block can be moved without pushing down the trading price materially

[Ogopogo26]

Exactly, all major decisions last year should have been approved by the board. Yet, Rob Colcleugh got confirmed as CEO on November 8, 2023 and just 2+ months after gets fired? WTF!

[Mephistopheles3]

Right, also the closing of the deal requires a lot of paperwork, in which BoD approval would be one of the requirements.  I've closed small time deals, nothing on this scale, and BoD approval is always there.  So the transaction was clearly approved by the BoD.  Most likely culprit for the dismissal IMO is poor performance / misleading statements made around results

[pennydredful]

could be  the departing  guys  did  nothing  wrong  but  had  to be let  go  to  make  room  for  the new blood . If that  is   the case   they  will  have to be  paid severance  accordingly.