Pieridae Shareholders Approve Name Change to Cavvy Energy Ltd.
Voting Results from Pieridae's Annual Meeting
CALGARY, Alberta – Pieridae Energy Limited (TSX: PEA) has just wrapped up its Annual and Special Meeting of Shareholders and the outcome is buzzing with excitement! The meeting highlighted key votes from shareholder resolutions to approve a significant transformation, including a name change to Cavvy Energy Ltd.
Name Change and New Trading Symbol
The company plans to officially adopt the name Cavvy Energy Ltd. shortly while starting to trade under the ticker symbol "CVVY" on the Toronto Stock Exchange. This essential shift is expected to take place promptly within days, once all final regulatory approvals are secured. On the eve of this transformation, Pieridae is also gearing up for the launch of its new website, which will serve as a hub for all communications and investor relations activities.
Meeting Highlights and Board Changes
During the meeting, a variety of resolutions were brought forth and approved by shareholders. The decision to move the company under Alberta's Business Corporations Act has also been approved, which reflects the company's desire for more operational flexibility and efficiencies.
Additionally, long-serving board members Charles Boulanger, Gail Harding, and Richard Couillard chose not to seek reelection. Their contributions to the company will surely be missed as Pieridae welcomes two new directors, Michael Backus and Harvey Doerr, who bring a wealth of experience and fresh insights to the board.
Shareholder Voting Data
From a total of 290,483,281 shares eligible for voting, 205,689,497, or 70.81%, were represented at the meeting. Let’s delve into some of the voting results:
Election of Directors
Seven directors were elected, with overwhelming support for the nominees. Notably, Michael Backus received 92.418% votes in favor, while Harvey Doerr garnered 98.460% approval.
Appointment of Auditor
The firm of Ernst & Young LLP has been appointed as the company's auditor, receiving a staggering 99.938% approval from shareholders.
Executive Compensation and Options Approval
Investors supported an advisory resolution regarding executive compensation with 87.373% in favor. Furthermore, the ratification of stock options granted post-May 2024 was also approved with solid support.
Future Aspirations of Cavvy Energy Ltd.
Cavvy Energy Ltd. is set to build on the strong legacy of Pieridae Energy by focusing on responsible and affordable energy solutions. The company aims to meet the increasing energy needs of society while reinforcing its commitment to creating environmentally sustainable energy solutions.
FAQs
What was decided at the recent Pieridae meeting?
The meeting focused on various resolutions, most notably the name change to Cavvy Energy Ltd. and the election of new board members.
When will the name change take effect?
The company expects the name change to become effective shortly, bringing with it a new trading symbol on the TSX.
Who are the new members of the board?
Michael Backus and Harvey Doerr were welcomed to the board after previous members decided not to seek reelection.
What percentage of shares were voted during the meeting?
A total of 70.81% of eligible shares were voted at the meeting, showing strong shareholder engagement.
What is Cavvy Energy's focus for the future?
Cavvy Energy aims to responsibly supply affordable energy solutions to meet the growing needs of society while focusing on sustainability.
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