An Alberta Securities Commission (ASC) panel has issued a written decision setting out its reasons for a November 6, 2024 order concerning certain securities of Greenfire Resources Ltd. The order ceased trading of Greenfire’s Shareholder Rights Plan and rejected Greenfire’s request to halt share transfers under share purchase agreements. The matter arose after entities managed by Waterous Energy Fund Management Corp. entered into agreements on September 16, 2024 to purchase Greenfire shares from three sellers, and Greenfire adopted a Shareholder Rights Plan on September 18, 2024. Waterous and the sellers applied on September 26, 2024 to cease trade the rights plan, while Greenfire applied on October 2, 2024 to cease trade any transfer of Greenfire shares under the share purchase agreements; the ASC granted the Waterous application and dismissed Greenfire’s application.
Alberta Securities Commission 2025-07-24
Alberta Securities Commission panel publishes written reasons for order ceasing Greenfire shareholder rights plan and dismissing bid to block share transfers
The Alberta Securities Commission (ASC) panel issued a decision on its November 2024 order regarding Greenfire Resources Ltd., ceasing trading of its Shareholder Rights Plan and rejecting Greenfire's request to halt share transfers under purchase agreements. This followed Waterous Energy Fund Management Corp.'s agreements to purchase Greenfire shares, leading to conflicting applications to cease trade the rights plan and share transfers. The ASC granted Waterous's application and dismissed Greenfire's.