Birch Hill Equity Partners has reached an agreement with Tidewater Midstream and Infrastructure Ltd. (TSX: TWM) to nominate two Birch Hill nominees and a new independent individual on the slate of directors put forth by management for approval by Tidewater’s shareholders at the next meeting of shareholders of Tidewater to be held on or before May 31, 2020.
Tidewater currently has five board members, consisting of four independent directors, Doug Fraser, Stephen J. Holyoake, Margaret (Greta) Raymond, Robert Colcleugh, and Joel A. MacLeod, Tidewater’s President & CEO and Chairman.
Birch Hill beneficially owned and controlled an aggregate of 73,532,271 common shares, representing approximately 21.8% of the issued and outstanding common shares of Tidewater.
Birch Hill acquired its initial Tidewater stake as part of the acquisition of AltaGas’s selected gas midstream and power assets in Canada, as well as AltaGas’ commercial and industrial customer portfolio in Canada in 2018.
photo credit: Tidewater
News Release
Birch Hill Equity Partners Updates Early Warning Report
TORONTO, March 12, 2020 – Birch Hill Equity Partners Management Inc., as general partner of each of Birch Hill Equity Partners V, LP, Birch Hill Equity Partners (US) V, LP and Birch Hill Equity Partners (Entrepreneurs) V, LP (collectively, “Birch Hill”), announces that it has updated its early warning report in respect of its investment in Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Company”) to reflect an agreement (the “Agreement”) it entered into with the Company on March 11, 2020. Birch Hill entered into the Agreement primarily to obtain certain director nomination rights described therein as part of its investment in the Company.
Both immediately prior to, and immediately after, the entering into of the Agreement, Birch Hill beneficially owned and controlled an aggregate of 73,532,271 Common Shares, representing approximately 21.8% of the issued and outstanding Common Shares of Tidewater.
An updated early warning report will be electronically filed with the applicable securities commissions in each jurisdiction where Tidewater is reporting and will be available on SEDAR at www.sedar.com.
For further information or to obtain a copy of the early warning report filed by Birch Hill, please contact Pierre Schuurmans at (416) 775-3800.
Birch Hill Equity Partners Management Inc.
100 Wellington Street West
Suite 2300, TD West Tower
P.O. Box 22
Toronto, ON M5K 1A1