Wonder who is poking their nose around this one?
Wet burn Inland Terminal explores potential sale
Weyburn Inland Terminal’s board has decided to
pursue expressions of interest regarding the
potential sale of some or all of the company.
It is a move that upset some member of the
board, Allan Richards and Dale Mainil, have
resigned.
A news release from the farmer-owned
Saskatchewan company that opened in 1976,
said that it had received several non-binding
expressions of interest.
The board has elected to further develop and
negotiate a definitive transaction agreement with
two objectives in mind: maximizing value and
liquidity for shareholders, and providing a strong
competitive environment for customers.
There is no firm timetable for reaching an
agreement, and WIT cautions that there can be
no assurances or guarantees that these
negotiations will result in a sale or other option,
the company said.
If the board approves any transaction, it will be
presented to shareholders for their ultimate
approval.
As part of the review of strategic options, WIT has
amended the chief executive’s employment
agreement to ensure continuity and support
during the strategic review process. The
agreement permits Rob Davies to terminate his
employment at any time after Jan. 15, 2014 and
receive a retention payment in an amount equal to
15 months’ salary and a pro-rated bonus.
A separate company release said Richards and
Mainil have resigned from the board effective
Dec. 10.
“The reason provided for both resignations was a
fundamental disagreement with the strategic
direction adopted for the corporation by the board
of directors,” the release said.
WIT owns a large concrete terminal at Weyburn
and associated fertilizer and farm input sales
operations, has a controlling interest in NorAmera
BioEnergy Corp., an ethanol production facility
located in Weyburn and also owns Vigro Seed
and Supply, a specialty crop processing and
marketing firm near Sedley.
In the nine months to Sept. 30 it posted after tax
earnings of $1.16 million or 22 cents a share, up
from $1.14 million in the same period the year
before.
Its grain handling and farm input sales have been
profitable, but the ethanol business has been
losing money this year.
Wet burn Inland Terminal explores potential sale
Weyburn Inland Terminal’s board has decided to
pursue expressions of interest regarding the
potential sale of some or all of the company.
It is a move that upset some member of the
board, Allan Richards and Dale Mainil, have
resigned.
A news release from the farmer-owned
Saskatchewan company that opened in 1976,
said that it had received several non-binding
expressions of interest.
The board has elected to further develop and
negotiate a definitive transaction agreement with
two objectives in mind: maximizing value and
liquidity for shareholders, and providing a strong
competitive environment for customers.
There is no firm timetable for reaching an
agreement, and WIT cautions that there can be
no assurances or guarantees that these
negotiations will result in a sale or other option,
the company said.
If the board approves any transaction, it will be
presented to shareholders for their ultimate
approval.
As part of the review of strategic options, WIT has
amended the chief executive’s employment
agreement to ensure continuity and support
during the strategic review process. The
agreement permits Rob Davies to terminate his
employment at any time after Jan. 15, 2014 and
receive a retention payment in an amount equal to
15 months’ salary and a pro-rated bonus.
A separate company release said Richards and
Mainil have resigned from the board effective
Dec. 10.
“The reason provided for both resignations was a
fundamental disagreement with the strategic
direction adopted for the corporation by the board
of directors,” the release said.
WIT owns a large concrete terminal at Weyburn
and associated fertilizer and farm input sales
operations, has a controlling interest in NorAmera
BioEnergy Corp., an ethanol production facility
located in Weyburn and also owns Vigro Seed
and Supply, a specialty crop processing and
marketing firm near Sedley.
In the nine months to Sept. 30 it posted after tax
earnings of $1.16 million or 22 cents a share, up
from $1.14 million in the same period the year
before.
Its grain handling and farm input sales have been
profitable, but the ethanol business has been
losing money this year.