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.