Financial Reports & Markets
GreenFirst amends and restates shareholder rights plan
April 10, 2023 By P&PC Staff/GreenFirst
GreenFirst Forest Products has approved an amended and restated shareholder rights plan. This is pursuant to an amended and restated shareholder rights plan agreement dated April 5, 2023, with Computershare Investor Services as its Rights Agent.
The only substantive change to the rights plan from the prior version is an increase to the threshold at which a shareholder would be considered an “Acquiring Person” under the rights plan. This increase is from 20 percent to 24 percent. The company determined to make this amendment to ensure that all its shareholders will be treated in the same manner under the rights plan and are eligible to vote on the rights plan at the upcoming meeting of shareholders to be held on Tuesday, May 16, 2023.
An updated version of the plan was filed on SEDAR concurrently with the issuance of the release of this statement.
The shareholders’ meeting will be a virtual one held at 11:00 a.m. on May 16. In addition to ratification of the rights plan, GreenFirst will be proposing a reduced slate of nine directors for election, namely, Paul Rivett, Marty Proctor, Candice Bergen, Sean Willy, William Harvey, Michael Mitchell, Rick Doman, Larry Swets and Barbara Anie. The company will also be seeking ratification of the appointment of KPMG as auditors as well as shareholder approval for a reduction in its stated capital to allow for potential future dividends.
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