TIDEWATER RENEWABLES LTD. ANNOUNCES MEETING RESULTS
CALGARY, AB, May 31, 2023 /CNW/ - Tidewater Renewables Ltd. ("Tidewater Renewables" or the "Corporation") (TSX: LCFS) is pleased to announce that at the annual general and special meeting held in Calgary, Alberta on May 30, 2023 (the "Meeting") holders of common shares: (i) set the number of Directors at three (3); (ii) re-elected Rob Colcleugh, Margaret (Greta) Raymond and John Adams to the Board of Directors; (iii) appointed Deloitte LLP, as the Corporation's auditors; and (iv) approved the Corporation's approach on say-on-pay.
The following resolutions were considered by shareholders:
Vote to Set the Number of Directors at Three:
The vote to fix the number of directors for the ensuing year at three was approved. The votes by ballot were received as follows:
Votes For | Per cent For | Against | Per cent Against |
32,930,038 | 99.769 % | 76,393 | 0.231 % |
Election of Directors
The three director nominees proposed by management were elected. The votes by ballot were received as follows:
Nominee | Votes For | Per cent For | Withheld | Per cent Withheld |
Robert Colcleugh | 32,402,624 | 98.171 % | 603,807 | 1.829 % |
Margaret A. (Greta) Raymond | 32,307,072 | 97.881 % | 699,359 | 2.119 % |
John Adams | 32,937,678 | 99.792 % | 68,753 | 0.208 % |
As previously disclosed, Brett Gellner decided not to stand for re-election at the Meeting. The Board is currently seeking another director nominee who has the requisite skills, experience, and qualifications to become a Board member. In the interim, the Corporation is relying on the exemptions permitted under National Instrument 52-110 and has accordingly: (i) appointed Rob Colcleugh to the Audit Committee of the Board of Directors; and (ii) appointed John Adams as the Chair of the Audit Committee and Lead Independent Director of the Corporation.
"Brett Gellner joined Tidewater Renewables at its initial public offering in August 2021. His time and commitment helped management and the entire team navigate the Corporation from its infancy to being a company on the verge of becoming a leading renewable fuel producer in North America. The Board and the whole team at Tidewater Renewables thanks him for his services to the Corporation" said Rob Colcleugh, Chairman and Interim Chief Executive Officer.
Appointment of Auditors
The appointment of Deloitte LLP to serve as the auditors for 2023 was approved. The votes by ballot were received as follows:
Votes For | Per cent For | Withheld | Per cent Withheld |
32,872,751 | 99.595 % | 133,680 | 0.405 % |
Advisory Vote on Executive Compensation (also known as "say-on-pay")
The non-binding advisory vote on the Corporation's approach to executive compensation, or say-on-pay, was approved. The votes by ballot were received as follows:
Votes For | Per cent For | Against | Per cent Against |
32,757,998 | 99.247 % | 248,433 | 0.753 % |
About Tidewater Renewables
Tidewater Renewables is traded on the TSX under the symbol "LCFS". Tidewater Renewables is a multi-faceted, energy transition company. The Corporation is focused on the production of low carbon fuels, including renewable diesel, renewable hydrogen, and renewable natural gas, as well as carbon capture through future initiatives. The Corporation was created in response to the growing demand for renewable fuels in North America and to capitalize on its potential to efficiently turn a wide variety of renewable feedstocks (such as tallow, used cooking oil, distillers corn oil, soybean oil, canola oil and other biomasses) into low carbon fuels. Tidewater Renewables' objective is to become one of the leading Canadian renewable fuel producers. The Corporation is pursuing this objective through the ownership, development, and operation of clean fuels projects and related infrastructure, that utilize existing proven technologies. Organically, Tidewater Renewables seeks to leverage the existing infrastructure and engineering expertise of Tidewater Midstream and Infrastructure Ltd., regarding the development of the Corporation's portfolio of greenfield and brownfield capital projects as well as the expansion of the Corporation's product offerings. Additional information relating to Tidewater Renewables is available on SEDAR at www.sedar.com and at www.tidewater-renewables.com.
SOURCE Tidewater Renewables Ltd.
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