Waterous Energy Fund Announces Purchase of Subscription Receipts of Strathcona Resources Ltd.
Article content
CALGARY, Alberta — Waterous Energy Fund Management Corp. (the ' WEF Manager '), in its capacity as manager of Waterous Energy Fund III (Canadian) LP, Waterous Energy Fund III (US) LP, Waterous Energy Fund III (International) LP, Waterous Energy Fund III (Canadian FI) LP and Waterous Energy Fund III (International FI) LP (collectively, the ' WEF Receiptholders ') and as manager of certain other limited partnerships, including but not limited to, Waterous Energy Fund (Canadian) LP, Waterous Energy Fund (US) LP, Waterous Energy Fund (International) LP and Waterous Energy Fund II Aggregator LP (together with the WEF Receiptholders and certain other entities managed by the WEF Manager, the ' WEF Funds '), today announced that on June 27, 2025 the WEF Receiptholders have purchased 21,400,000 subscription receipts (the ' Subscription Receipt ') of Strathcona Resources Ltd. (TSX: SCR) (the ' Issuer '), at a price of $30.92 per Subscription Receipt, for an aggregate purchase price of $661,688,000.00 (the ' Investment '). Immediately prior to the completion of the Investment, the WEF Funds collectively owned an aggregate of 170,536,718 common shares of the Issuer (the ' Common Shares '), representing approximately 79.6% of the issued and outstanding Common Shares. Following the completion of the Investment, the WEF Funds collectively own an aggregate of 170,536,718 Common Shares, representing approximately 79.6% of the issued and outstanding Common Shares, and 21,400,000 Subscription Receipts, representing all of the issued and outstanding Subscription Receipts.
Article content
The Subscription Receipts were purchased and are being held by the WEF Receiptholders for investment purposes and in connection with the Issuer's proposed acquisition of all of the issued and outstanding common shares of MEG Energy Corp. (TSX: MEG) not already owned by the Issuer or its affiliates, by way of a formal take-over bid (the ' Offer '). The proceeds from the Investment will be used to partially fund the cash consideration payable by the Issuer under the Offer. The completion of the Offer remains subject to the satisfaction of customary conditions, including obtaining all required regulatory and stock exchange approvals. The applicable WEF Funds hold the Common Shares for investment purposes.
Article content
The WEF Funds may, depending on market and other conditions and subject to applicable securities laws, change their beneficial ownership of the Subscription Receipts and/or the Common Shares, whether in the open market (solely with respect to the Common Shares), by privately negotiated agreements, or otherwise. Any transaction that any WEF Fund may pursue may be made at any time and from time to time without prior notice and will depend on a variety of factors, including, without limitation, the price and availability of the Issuer's securities, subsequent developments affecting the Issuer, its business and prospects, other investment and business opportunities available to the WEF Funds, general industry and economic conditions, the securities markets in general, tax considerations and other factors deemed relevant by the WEF Funds. Notwithstanding the foregoing, the WEF Funds and/or any of their affiliates may take such actions with respect to their investment in the Issuer as they deem appropriate, including developing plans or intentions or taking actions which relate to or would result in one or more of the transactions or matters referred to in paragraphs (a) through (k) of Item 5 of Form 62-103F1 – Required Disclosure Under the Early Warning Requirements.
Article content
This news release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. The WEF Receiptholders will file an early warning report with the applicable securities commission in each jurisdiction where the Issuer is a reporting issuer and will be available on the SEDAR+ profile of the Issuer at www.sedarplus.ca. A copy of the early warning report may also be obtained by contacting Waterous Energy Fund's Chief Executive Officer at 403-930-6048 or info@waterous.com.
Article content
The head office of the Issuer is located at 1900, 421 – 7th Avenue SW, Calgary, Alberta T2P 4K9. The head office of the WEF Manager and the WEF Funds is located at 600, 301 – 8th Avenue SW, Calgary, Alberta T2P 1C5.
Article content
Article content
Article content
Article content
Article content
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
an hour ago
- Globe and Mail
Acadia Realty Trust to Announce Second Quarter 2025 Earnings on July 29, 2025
Acadia Realty Trust (NYSE: AKR) ('Acadia' or the 'Company') will release its second quarter 2025 earnings after market close on Tuesday, July 29, 2025. Management will conduct a conference call on Wednesday, July 30, 2025, at 12:00 PM ET to review the Company's earnings and operating results. Participant registration and webcast information is listed below. Live Conference Call: About Acadia Realty Trust Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia owns and operates a high-quality core real estate portfolio ('Core' or 'Core Portfolio') of street and open-air retail properties in the nation's most dynamic retail corridors, along with an investment management platform that targets opportunistic and value-add investments through its institutional co-investment vehicles ('Investment Management'). For further information, please visit The Company uses, and intends to use, the Investors page of its website, which can be found at as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations and certain portfolio updates. Additionally, the Company also uses its LinkedIn profile to communicate with its investors and the public. Accordingly, investors are encouraged to monitor the Investors page of the Company's website and its LinkedIn profile, in addition to following the Company's press releases, SEC filings, public conference calls, presentations and webcasts. Safe Harbor Statement Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the 'Securities Act'), and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'). Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations are generally identifiable by the use of words, such as 'may,' 'will,' 'should,' 'expect,' 'anticipate,' 'estimate,' 'believe,' 'intend' or 'project,' or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) macroeconomic conditions, including due to geopolitical instability and global trade disruptions, which may lead to a disruption of or lack of access to the capital markets and other sources of funding, and rising inflation; (ii) the Company's success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (iii) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, including the impact of recently announced tariffs on our tenants and their customers, and their effect on the Company's and our tenants' revenues, earnings and funding sources; (iv) increases in the Company's borrowing costs as a result of rising inflation, changes in interest rates and other factors; (v) the Company's ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (vi) the Company's investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners' financial condition; (vii) the Company's ability to obtain the financial results expected from its development and redevelopment projects; (viii) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company's ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (ix) the Company's potential liability for environmental matters; (x) damage to the Company's properties from catastrophic weather and other natural events, and the physical effects of climate change; (xi) the economic, political and social impact of, and uncertainty surrounding, any public health crisis; (xii) uninsured losses; (xiii) the Company's ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xiv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology; (xv) the loss of key executives; and (xvi) the accuracy of the Company's methodologies and estimates regarding corporate responsibility metrics, goals and targets, tenant willingness and ability to collaborate towards reporting such metrics and meeting such goals and targets, and the impact of governmental regulation on our corporate responsibility efforts. The factors described above are not exhaustive and additional factors could adversely affect the Company's future results and financial performance, including the risk factors discussed under the section captioned 'Risk Factors' in the Company's most recent Annual Report on Form 10-K and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any changes in the Company's expectations with regard thereto or changes in the events, conditions or circumstances on which such forward-looking statements are based.
CTV News
an hour ago
- CTV News
Ontario raises minimum wage for gig workers to $17.20 starting July 1
Ontario raises minimum wage for gig workers to $17.20 starting July 1 A new $17.20 hourly wage for gig workers takes effect July 1 in Ontario, raising the standard for app-based jobs.
National Post
an hour ago
- National Post
Raptors shore up centre position with Jakob Poeltl contract extension, free agency signing
NBA free agency opened Tuesday with plenty of pomp and circumstance, including a rare buyout of a superstar's contract. Article content But as expected, the Raptors shopped in the bargain aisle. Article content Article content Which isn't to say they didn't do a little in-house work. Article content All signs had pointed to Toronto working out a long-term deal with starting centre Jakob Poeltl this month, and that's what happened. Article content Article content Poeltl and the Raptors agreed to a four-year deal worth $104 million U.S., ESPN first reported. It's a raise for Poeltl, who had a year remaining worth $19.5 million on his contract with the option to opt in for another, which was never going to happen because he was worth more on the market. The Raptors and Poeltl's representatives just saw talented Minnesota big man Naz Reid get $125 million over five years and agreed to a similar type of valuation (Reid is four years younger which is partly why he got an extra year most likely). Poeltl was drafted ninth overall by the Raptors in 2016 and initially developed behind Jonas Valanciunas before both centres were dealt in separate 2018-19 deals that resulted in Toronto winning the NBA title. Article content Poeltl was brought back in February of 2023 to finally solve the massive hole in the middle that had held back the Raptors since Marc Gasol and Serge Ibaka left. Article content Toronto now has its core locked in, but further moves will likely have to be made to get the payroll in a more reasonable area considering the group's upside. Article content Article content Earlier in the day, tight to the NBA's punitive luxury tax and first apron, Toronto, in its first move without having Masai Ujiri in charge since 2013, agreed to terms with centre Sandro Mamukelashvili. Article content The 26-year-old is a 6-foot-11, 240 pound big man who is a threat to stretch the floor, something the Raptors, second-worst in the NBA in three-point makes per game last season, badly need behind starting frontcourt players Poeltl and Scottie Barnes. Mamukelashvili hit 37.3% of his three-point attempts last season and has nailed 34.8% over four years and 191 games in the NBA. Article content Article content Born in New York City, Mamukelashvili and his family moved to Tbilisi in their native Georgia when he was a baby. He played in Italy as a teenager before heading to Montverde Academy in Florida, where in a coincidence, he played with now Raptors teammate RJ Barrett. He then played four years at Seton Hall before being drafted 54th overall by Indiana in 2021 and traded that week to Milwaukee.
