Roots Announces Results of Voting at Fiscal 2024 Annual and Special Meeting of Shareholders and Changes to Board of Directors
The total number of shares represented at the Meeting was 32,924,989, representing approximately 82% of Roots' outstanding shares entitled to be voted.
Election of Directors
All of the nominees listed in the Management Information Circular prepared in connection with the Meeting were elected as directors by a resolution passed by a majority of the shareholders represented in person or by proxy at the Meeting, to hold office until the next annual meeting following their election or until their successors are elected or appointed. The following represents the votes received with regard to such matter:
Nominee
Votes For
% Votes For
Votes Against
% Votes Against
Phil Bacal
32,880,672
99.87%
43,987
0.13%
Scott Cameron
32,882,972
99.87%
41,687
0.13%
Mary Ann Curran
32,887,789
99.89%
36,870
0.11%
Gregory David
32,887,732
99.89%
36,927
0.11%
Edward H. Kernaghan
32,893,372
99.90%
31,287
0.10%
Dale H. Lastman, C.M., O. Ont.
32,883,982
99.88%
40,677
0.12%
Dexter Peart
32,886,772
99.88%
37,887
0.12%
Meghan Roach
32,883,989
99.88%
40,670
0.12%
Erol Uzumeri
32,867,677
99.83%
56,982
0.17%
Expand
As previously disclosed, Richard Mavrinac and Joel Teitelbaum did not seek re-election at the Meeting.
Meghan Roach, President and Chief Executive Officer of Roots, stated: 'We look forward to welcoming Scott Cameron and Ed Kernaghan to the Roots Board of Directors. Scott's deep experience in Asia will be additive as we continue to explore global expansion, while Ed brings a strong background in capital markets and public company boards. I would also like to sincerely thank Joel Teitelbaum and Richard Mavrinac for their commitment and meaningful contributions to Roots over the years.'
Erol Uzumeri, Chairman of the Board, added: 'We are excited to strengthen our Board with the appointments of Scott and Ed, whose complementary skills fit perfectly with our goals. Scott's international experience and Ed's governance expertise will bring valuable insights to our discussions as we work toward a promising future. On behalf of the Board, I am grateful to Joel and Richard for their thoughtful leadership and commitment throughout their tenure.'
Scott Cameron is a self-employed consultant advising and financing ventures in the consumer, apparel, and sports/athletics sectors. Between 2021-2022, he served as CEO of Hourglass Cosmetics, a cruelty-free luxury beauty brand. Prior to that, Mr. Cameron held several senior executive roles at Canada Goose from 2016-2021, including President of Asia-Pacific, President of Greater China, EVP of Stores and Ecommerce, and Chief Strategy and Business Development Officer. Before Canada Goose, Mr. Cameron was a Partner in the Consumer and Retail practice at McKinsey & Company, advising global brands on growth strategy, merchandising, international expansion, organization, and digital transformation. He holds an MBA from Harvard Business School, where he was a George Baker Scholar, and a Bachelor of Commerce (Honours) from Queen's University.
Edward Kernaghan is currently President of Kernwood Limited and a partner at Kernaghan & Partners, positions he has held since October 2000 and January 2015, respectively. Mr. Kernaghan has over 15 years of experience in the financial services business. He held the position of Executive Vice-President at Kernaghan Securities, a firm he started along with his father, Ted Kernaghan, in 2001. Mr. Kernaghan also currently serves on a number of other public company boards, including Velan Inc., Exco Technologies Limited, Obsidian Energy Ltd. and Black Diamond Group Limited. Mr. Kernaghan is a graduate of the University of Toronto with a Master of Science in Theoretical Physics, and he has a Bachelor of Science, Honors degree from Queen's University.
Appointment of Auditors
KPMG LLP was reappointed as auditor of Roots and the directors were authorized to fix the auditor's remuneration by a resolution passed by a majority of the shareholders represented in person or by proxy at the Meeting. The following represents the votes received with regard to such matter:
Votes For
% Votes For
Votes Withheld
% Votes Withheld
32,905,219
99.94%
19,770
0.06%
Expand
Approval of Amendment to Omnibus Equity Incentive Plan
The adoption of the amendment to Roots' omnibus equity incentive plan was approved by a resolution passed by a majority of the shareholders present or represented by proxy at the Meeting. As a result, the total number of common shares of Roots available for issuance under the omnibus equity incentive plan has increased from 3,679,220 common shares to 4,084,703 common shares. The following represents the votes received with regard to such matter:
Votes For
% Votes For
Votes Against
% Votes Against
32,761,398
99.50%
163,261
0.50%
Expand
About Roots
Established in 1973, Roots is a global lifestyle brand. Starting from a small cabin in northern Canada, Roots has become a global brand with over 100 corporate retail stores in Canada, two stores in the United States, and an eCommerce platform, roots.com. We have more than 100 partner-operated stores in Asia, and we also operate a dedicated Roots-branded storefront on Tmall.com in China. We design, market, and sell a broad selection of products in different departments, including women's, men's, children's, and gender-free apparel, leather goods, footwear, and accessories. Our products are built with uncompromising comfort, quality, and style that allows you to feel At Home With NatureTM. We offer products designed to meet life's everyday adventures and provide you with the versatility to live your life to the fullest. We also wholesale through business-to-business channels and license the brand to a select group of licensees selling products to major retailers. Roots Corporation is a Canadian corporation doing business as 'Roots' and 'Roots Canada'.
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OTTER TAIL CORPORATION CONSOLIDATED BALANCE SHEETS (unaudited) June 30, December 31, (in thousands) 2025 2024 Assets Current Assets Cash and Cash Equivalents $ 307,241 $ 294,651 Receivables, net of allowance for credit losses 180,823 145,964 Inventories 151,558 148,885 Regulatory Assets 8,946 9,962 Other Current Assets 25,842 30,579 Total Current Assets 674,410 630,041 Noncurrent Assets Investments 128,289 121,177 Property, Plant and Equipment, net of accumulated depreciation 2,754,068 2,692,460 Regulatory Assets 99,010 98,673 Intangible Assets, net of accumulated amortization 5,192 5,743 Goodwill 37,572 37,572 Other Noncurrent Assets 66,747 66,416 Total Noncurrent Assets 3,090,878 3,022,041 Total Assets $ 3,765,288 $ 3,652,082 Liabilities and Shareholders' Equity Current Liabilities Short-Term Debt $ — $ 69,615 Accounts Payable 98,234 113,574 Accrued Salaries and Wages 25,039 34,398 Accrued Taxes 16,465 17,314 Regulatory Liabilities 24,580 29,307 Other Current Liabilities 39,162 45,582 Total Current Liabilities 203,480 309,790 Noncurrent Liabilities and Deferred Credits Pension Benefit Liability 32,204 32,614 Other Postretirement Benefits Liability 26,494 27,385 Regulatory Liabilities 289,546 288,928 Deferred Income Taxes 278,091 267,745 Deferred Tax Credits 14,705 14,990 Other Noncurrent Liabilities 102,932 98,397 Total Noncurrent Liabilities and Deferred Credits 743,972 730,059 Commitments and Contingencies Capitalization Long-Term Debt 1,043,374 943,734 Shareholders' Equity Common Shares 209,522 209,140 Additional Paid-In Capital 432,664 429,089 Retained Earnings 1,131,542 1,029,738 Accumulated Other Comprehensive Income 734 532 Total Shareholders' Equity 1,774,462 1,668,499 Total Capitalization 2,817,836 2,612,233 Total Liabilities and Shareholders' Equity $ 3,765,288 $ 3,652,082 Expand OTTER TAIL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, (in thousands) 2025 2024 Operating Activities Net Income $ 145,827 $ 161,333 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation and Amortization 58,822 52,528 Deferred Tax Credits (285 ) (372 ) Deferred Income Taxes 6,149 9,492 Investment Gains (2,741 ) (3,111 ) Stock Compensation Expense 7,396 6,824 Other, net (1,745 ) (1,251 ) Change in Operating Assets and Liabilities: Receivables (34,859 ) (34,803 ) Inventories (131 ) (11,551 ) Regulatory Assets (643 ) 7,361 Other Assets 4,756 (3,951 ) Accounts Payable (6,477 ) 41,239 Accrued and Other Liabilities (13,447 ) (19,312 ) Regulatory Liabilities 198 23,863 Pension and Other Postretirement Benefits (3,441 ) (4,828 ) Net Cash Provided by Operating Activities 159,379 223,461 Investing Activities Capital Expenditures (124,239 ) (175,528 ) Proceeds from Disposal of Noncurrent Assets 2,792 5,124 Purchases of Investments and Other Assets (5,579 ) (57,661 ) Net Cash Used in Investing Activities (127,026 ) (228,065 ) Financing Activities Net Repayments of Short-Term Debt (69,615 ) (68,612 ) Proceeds from Issuance of Long-Term Debt 100,000 120,000 Dividends Paid (44,023 ) (39,122 ) Payments for Shares Withheld for Employee Tax Obligations (3,134 ) (5,753 ) Other, net (2,991 ) (1,610 ) Net Cash (Used in) Provided by Financing Activities (19,763 ) 4,903 Net Change in Cash and Cash Equivalents 12,590 299 Cash and Cash Equivalents at Beginning of Period 294,651 230,373 Cash and Cash Equivalents at End of Period $ 307,241 $ 230,672 Expand OTTER TAIL CORPORATION Three Months Ended June 30, Six Months Ended June 30, Operating Revenues Electric $ 128,731 $ 112,828 $ 278,451 $ 254,317 Manufacturing 78,726 96,684 160,412 196,065 Plastics 125,586 132,824 231,533 239,022 Total Operating Revenues $ 333,043 $ 342,336 $ 670,396 $ 689,404 Operating Income (Loss) Electric $ 23,633 $ 22,597 $ 52,676 $ 51,639 Manufacturing 5,065 9,600 7,492 17,014 Plastics 72,034 82,089 130,909 145,392 Corporate (3,274 ) (3,375 ) (9,620 ) (8,159 ) Total Operating Income $ 97,458 $ 110,911 $ 181,457 $ 205,886 Net Income Electric $ 19,195 $ 18,485 $ 43,903 $ 40,956 Manufacturing 3,481 6,835 5,013 12,096 Plastics 53,104 60,612 96,543 107,350 Corporate 1,948 1,063 368 931 Total Net Income $ 77,728 $ 86,995 $ 145,827 $ 161,333 Expand
