Appoints Interim Chief Financial Officer
CALGARY, Alberta – Pieridae Energy Limited (“Pieridae” or the “Company”) (PEA.TO) today announced the Company has initiated a formal process to identify, examine and consider a range of strategic alternatives with a view to enhancing shareholder value. Such strategic alternatives may include, but are not limited to, a corporate sale, merger, a sale of a material portion of Pieridae’s assets or other transactions.
Pieridae is also pleased to announce the appointment of Adam Gray as Interim Chief Financial Officer.
Initiation of Strategic Review Process
Pieridae’s Board of Directors has authorized the creation of a special committee, chaired by Board member Andrew Judson, that will review and evaluate potential strategic alternatives and transactions.
“We are taking this step with the focus of ensuring shareholder value is maximized,” said Pieridae Chief Executive Officer Alfred Sorensen. “Shareholders and the Company have invested heavily in the Goldboro LNG Project for a number of years and we have acquired and consolidated a large base of Foothills upstream assets, so it is prudent for us to look for ways to ensure an appropriate return is found for the investments made to date.”
Peters & Co. Limited has been engaged as financial advisor to advise the special committee in connection with this comprehensive review and analysis of strategic alternatives. McCarthy Tétrault LLP will also provide advice to the committee.
Pieridae has not set a definitive schedule to complete its identification, examination and consideration of strategic alternatives. It is the Company’s current intention not to disclose developments with respect to the process unless and until its Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate. We caution that there are no assurances or guarantees that the process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction.
Due to today’s announcement and the Company’s press release on July 2nd relating to reviewing strategic alternatives for the Goldboro LNG Project, Pieridae will defer its August 12th Q2 investor call. We will communicate any further, material updates at the appropriate time.
Appointment of Interim Chief Financial Officer
The Company is also pleased to announce that the Board of Directors has approved the appointment of Adam Gray as Interim Chief Financial Officer. Mr. Gray has been with Pieridae since January 2020, acting as Vice-President and Controller. He brings nearly 15 years of experience to the role, including five years with PwC, then eight managing accounting, commercial finance and operational readiness for the multi-billion-dollar North West Redwater Partnership, and providing financial modelling and analysis to the Government of Alberta’s Department of Energy. Mr. Gray holds a Bachelor of Commerce degree (BCom) from the University of Calgary, a Graduate Diploma in Leadership from Royal Roads University and is a Chartered Professional Accountant (CPA).
Founded in 2011, Pieridae, a majority Canadian-owned corporation based in Calgary, is focused on the development of integrated energy value chain activities, including the exploration, extraction, and processing of natural gas, NGLs, and condensate; development, construction, and operation of LNG facilities. After completion of all the transactions disclosed in this news release, Pieridae has 157,641,871 common shares issued and outstanding, which trade on the TSX (PEA.TO).