{"id":6647,"date":"2021-01-25T09:51:15","date_gmt":"2021-01-25T14:51:15","guid":{"rendered":"https:\/\/aboriginalbusinessmagazine.com\/?p=6647"},"modified":"2021-01-25T09:51:15","modified_gmt":"2021-01-25T14:51:15","slug":"coalition-of-atlantic-first-nations-acquisition-of-clearwater-seafoods-inc-completed","status":"publish","type":"post","link":"https:\/\/aboriginalbusinessmagazine.com\/?p=6647","title":{"rendered":"Coalition of Atlantic First Nations acquisition of Clearwater Seafoods Inc completed"},"content":{"rendered":"<p><img decoding=\"async\" class=\"img-responsive logo logo-wrapper alignleft\" title=\"Clearwater and coalition of Mi'kmaq First Nations (CNW Group\/Clearwater Seafoods Incorporated)\" src=\"https:\/\/mma.prnewswire.com\/media\/1425431\/Clearwater_Seafoods_Incorporated_Clearwater_Seafoods_Incorporate.jpg?p=publish&amp;w=200\" alt=\"Clearwater and coalition of Mi'kmaq First Nations (CNW Group\/Clearwater Seafoods Incorporated)\" data-src=\"https:\/\/mma.prnewswire.com\/media\/1425431\/Clearwater_Seafoods_Incorporated_Clearwater_Seafoods_Incorporate.jpg?p=publish\" data-asset-type=\"photo\" data-asset-label=\"Logo\" data-download-url=\"https:\/\/mma.prnewswire.com\/media\/1425431\/Clearwater_Seafoods_Incorporated_Clearwater_Seafoods_Incorporate.jpg?p=publish\" data-tweet-text=\"Clearwater and coalition of Mi'kmaq First Nations (CNW Group\/Clearwater Seafoods Incorporated)\" data-pinterest-text=\"Clearwater and coalition of Mi'kmaq First Nations (CNW Group\/Clearwater Seafoods Incorporated)\" data-linkedin-text=\"Clearwater and coalition of Mi'kmaq First Nations (CNW Group\/Clearwater Seafoods Incorporated)\" data-facebook-share-text=\"Clearwater and coalition of Mi'kmaq First Nations (CNW Group\/Clearwater Seafoods Incorporated)\" data-twitter-share-url=\"https:\/\/mma.prnewswire.com\/media\/1425431\/Clearwater_Seafoods_Incorporated_Clearwater_Seafoods_Incorporate.jpg?p=twitter\" data-facebook-share-url=\"https:\/\/mma.prnewswire.com\/media\/1425431\/Clearwater_Seafoods_Incorporated_Clearwater_Seafoods_Incorporate.jpg?p=facebook\" data-pinterest-share-url=\"https:\/\/mma.prnewswire.com\/media\/1425431\/Clearwater_Seafoods_Incorporated_Clearwater_Seafoods_Incorporate.jpg?p=publish\" data-linkedin-share-url=\"https:\/\/mma.prnewswire.com\/media\/1425431\/Clearwater_Seafoods_Incorporated_Clearwater_Seafoods_Incorporate.jpg?p=linkedin\" \/>HALIFAX NS- The Mi&#8217;kmaq First Nations partnership and Premium Brands have each acquired half ownership of Clearwater through a new partnership, FNC Holdings Ltd., at a price of $8.25 a share.<\/p>\n<p>The $1-billion transaction, including debt, is also expected to see the Indigenous coalition hold Clearwater&#8217;s Canadian fishing licences within a fully Mi&#8217;kmaq owned partnership.<\/p>\n<p>Membertou First Nation Chief Terry Paul says the deal is a significant achievement for the Mi&#8217;kmaq, noting that it will transform their participation in the commercial fishing sector.<\/p>\n<p>Ian Smith, president and CEO of Clearwater, says the acquisition will allow the Halifax-based seafood company to continue to grow while preserving its culture and community presence.<\/p>\n<p>Clearwater Seafoods Incorporated (&#8220;<b><span class=\"xn-location\">Clearwater<\/span><\/b>&#8221; or the &#8220;<b>Company<\/b>&#8220;) (TSX:\u00a0<a class=\"ticket-symbol\" href=\"https:\/\/www.newswire.ca\/news-releases\/clearwater-seafoods-incorporated-premium-brands-holdings-corporation-and-mi-kmaq-first-nations-coalition-celebrate-completion-of-historic-transaction-852863728.html#financial-modal\" data-toggle=\"modal\">CLR<\/a>) announceD today (Jan, 25, 2021) that, pursuant to the previously announced plan of arrangement pursuant to the <i>Canada Business Corporations Act\u00a0<\/i>(the &#8220;<b>Arrangement<\/b>&#8220;), Premium Brands Holdings Corporation (TSX:\u00a0<a class=\"ticket-symbol\" href=\"https:\/\/www.newswire.ca\/news-releases\/clearwater-seafoods-incorporated-premium-brands-holdings-corporation-and-mi-kmaq-first-nations-coalition-celebrate-completion-of-historic-transaction-852863728.html#financial-modal\" data-toggle=\"modal\">PBH<\/a>) and FNC Holdings Limited Partnership, representing a coalition of Mi&#8217;kmaq First Nations, acting through a wholly-owned subsidiary, 12385104 Canada Inc., have indirectly acquired all of the issued and outstanding common shares of Clearwater (&#8220;<b>Shares<\/b>&#8220;) effective today at a price of\u00a0<span class=\"xn-money\">C$8.25<\/span>\u00a0per Share.<\/p>\n<article class=\"news-release carousel-template\">\n<section class=\"release-body container \">\n<div class=\"row\">\n<div class=\"col-sm-10 col-sm-offset-1\">\n<p><span class=\"xn-location\">Clearwater<\/span>\u00a0shareholders provided overwhelming support for the transaction.\u00a0\u00a0<span class=\"xn-person\">Colin MacDonald<\/span>, Chair of the board of directors of\u00a0<span class=\"xn-location\">Clearwater<\/span>\u00a0said &#8220;I&#8217;m proud of this deal and confident it will enhance the culture of diversity and sustainable seafood excellence that\u00a0<span class=\"xn-location\">Clearwater<\/span>\u00a0is known for.\u00a0 I&#8217;m proud to turn over the legacy of the company in\u00a0<span class=\"xn-location\">Atlantic Canada<\/span>\u00a0to new ownership and the existing management team.&#8221;<\/p>\n<p>&#8220;We are very excited to have a world class seafood company like\u00a0<span class=\"xn-location\">Clearwater<\/span>\u00a0join our ecosystem.\u00a0 The combination of its best-in-class management team, differentiated products and world renowned reputation for quality with our value-add expertise, brand development capabilities and extensive customer relationships in\u00a0<span class=\"xn-location\">North America<\/span>\u00a0will strengthen\u00a0<span class=\"xn-location\">Clearwater&#8217;s<\/span>\u00a0business and position it to accelerate its growth,&#8221; said\u00a0<span class=\"xn-person\">George Paleologou<\/span>, President and CEO of Premium Brands. &#8220;We are also very pleased to be partnering with the\u00a0<span class=\"xn-location\">Membertou<\/span>, Miawpukek, Sipekne&#8217;katik, We&#8217;koqma&#8217;q, Potlotek,\u00a0<span class=\"xn-location\">Pictou Landing<\/span>\u00a0and Paqtnkek communities. We all share a common long-term vision for\u00a0<span class=\"xn-location\">Clearwater<\/span>\u00a0and its continuing development as a global leader in premium seafood,&#8221; added Mr. Paleologou.<\/p>\n<p>&#8220;This is a significant achievement for the Mi&#8217;kmaq,&#8221; said Chief\u00a0<span class=\"xn-person\">Terry Paul<\/span>, Membertou First Nation. &#8220;Mi&#8217;kmaq not only become 50% owners of the company but expect to hold\u00a0<span class=\"xn-location\">Clearwater&#8217;s<\/span>\u00a0Canadian fishing licences within a fully Mi&#8217;kmaq owned partnership. This collective investment by First Nations in\u00a0<span class=\"xn-location\">Clearwater<\/span>\u00a0represents the single largest investment in the seafood industry by any Indigenous group in\u00a0<span class=\"xn-location\">Canada<\/span>\u00a0and transforms our participation in the commercial fishing sector providing more opportunities and prosperity for our communities,&#8221; added Chief\u00a0<span class=\"xn-person\">Terry Paul<\/span>.<\/p>\n<p>&#8220;We are delighted to be working with Premium Brands and the Mi&#8217;kmaq to continue to grow and strengthen our business while preserving our culture and community presence.&#8221; said\u00a0<span class=\"xn-person\">Ian Smith<\/span>, President and CEO of Clearwater.\u00a0 &#8220;This partnership positions us to continue building on the legacy of our founders,\u00a0<span class=\"xn-person\">Colin MacDonald<\/span>\u00a0and\u00a0<span class=\"xn-person\">John Risley<\/span>, while we embark on the next chapter of a remarkable Atlantic Canadian success story&#8221; added Mr. Smith.<\/p>\n<p>Pursuant to the Arrangement, a holder of Shares, deferred stock units (&#8220;<b>DSUs<\/b>&#8220;), directors performance share units (&#8220;<b>DPSUs<\/b>&#8220;) or performance share units (&#8220;<b>PSUs<\/b>&#8220;) is entitled to receive\u00a0<span class=\"xn-money\">C$8.25<\/span>\u00a0for each Share, DSU, DPSU and PSU owned immediately prior to the closing of the Arrangement.<\/p>\n<p>A detailed description of the Arrangement is set forth in\u00a0<span class=\"xn-location\">Clearwater&#8217;s<\/span>\u00a0management information circular dated\u00a0<span class=\"xn-chron\">December 3, 2020<\/span>\u00a0(the &#8220;<b>Circular<\/b>&#8220;). Shareholders can obtain a copy of the Circular as filed with applicable Canadian securities regulatory authorities on SEDAR at\u00a0<a href=\"http:\/\/www.sedar.com\/\" target=\"_blank\" rel=\"nofollow noopener\">www.sedar.com<\/a>. \u00a0A Letter of Transmittal was mailed to registered shareholders of\u00a0<span class=\"xn-location\">Clearwater<\/span>\u00a0(&#8220;<b>Shareholders<\/b>&#8220;) along with the Circular and is also available on SEDAR at\u00a0<a href=\"http:\/\/www.sedar.com\/\" target=\"_blank\" rel=\"nofollow noopener\">www.sedar.com<\/a>. The Letter of Transmittal explains how Shareholders can deposit and obtain payment for their Shares. Shareholders must return their duly completed Letter of Transmittal to the depositary, Computershare Trust Company of\u00a0<span class=\"xn-location\">Canada<\/span>, in order to receive the consideration to which they are entitled for their Shares. Non-registered shareholders who hold Shares in brokerage accounts or with other financial intermediaries should carefully follow the instructions from any brokers or other financial intermediaries that hold Shares on their behalf.<\/p>\n<p><span class=\"xn-location\">Clearwater<\/span>\u00a0intends to apply to cease to be a reporting issuer under applicable securities laws. Shares are expected to be delisted from trading on the Toronto Stock Exchange (the &#8220;<b>TSX<\/b>&#8220;) on or about the close of business on\u00a0<span class=\"xn-chron\">January 26, 2021<\/span>.<\/p>\n<p>The completion of the Arrangement satisfies the condition precedent to the conditional full redemption (the &#8220;<b>Redemption<\/b>&#8220;) of the Company&#8217;s outstanding 6.875% Senior Notes due 2025 (the &#8220;<b>Notes<\/b>&#8220;).\u00a0 The redemption of the Notes will occur on\u00a0<span class=\"xn-chron\">February 12, 2021<\/span>\u00a0(the &#8220;<b>Redemption Date<\/b>&#8220;). As previously announced, the redemption price per\u00a0<span class=\"xn-money\">USD$1,000<\/span>\u00a0principal amount of Notes is\u00a0<span class=\"xn-money\">USD$1,051.56<\/span>\u00a0<i>plus<\/i>\u00a0accrued and unpaid interest from\u00a0<span class=\"xn-chron\">November 1, 2020<\/span>\u00a0to, but not including, the Redemption Date, or a total of approximately\u00a0<span class=\"xn-money\">USD$1,070.85<\/span>\u00a0per\u00a0<span class=\"xn-money\">USD$1,000<\/span>\u00a0principal amount of Notes.<\/p>\n<p>Payment on the Notes will be made by the Company on the business day preceding the Redemption Date by credit to the account of Wilmington Trust, National Association, as paying agent (the &#8220;<b>Paying Agent<\/b>&#8220;) for the Notes. To collect the redemption price, the Notes must be surrendered to the Paying Agent; provided that Notes held through The Depositary Trust Company (&#8220;<b>DTC<\/b>&#8220;) must be surrendered in accordance with DTC&#8217;s procedures.\u00a0 For more information on the Redemption, please contact the Company c\/o\u00a0<span class=\"xn-person\">John Lane<\/span>\u00a0at\u00a0<a href=\"mailto:JLane@clearwater.ca\" target=\"_blank\" rel=\"nofollow noopener\">JLane@clearwater.ca<\/a>\u00a0or via mail c\/o Clearwater Seafoods Incorporated attn:\u00a0<span class=\"xn-person\">John Lane<\/span>, 757 Bedford Highway,\u00a0<span class=\"xn-location\">Bedford, Nova Scotia<\/span>, B4A 3Z7.<\/p>\n<p><b>About\u00a0<span class=\"xn-location\">Clearwater<\/span><\/b><\/p>\n<p><span class=\"xn-location\">Clearwater<\/span>\u00a0is one of\u00a0<span class=\"xn-location\">North America&#8217;s<\/span>\u00a0largest vertically-integrated seafood companies and the largest holder of shellfish licenses and quotas in\u00a0<span class=\"xn-location\">Canada<\/span>. It is recognized globally for its superior quality, food safety, diversity of species and reliable worldwide delivery of premium wild, eco-certified seafood, including scallops, lobster, clams, coldwater shrimp, langoustine, whelk and crab.<\/p>\n<p>Since its founding in 1976,\u00a0<span class=\"xn-location\">Clearwater<\/span>\u00a0has invested in science, communities, people and technological innovation, as well as resource management to sustain and grow its seafood resource.<\/p>\n<p>This commitment has allowed it to remain a leader in the global seafood market and in sustainable seafood excellence.<\/p>\n<p><b>About Premium Brands<\/b><\/p>\n<p>Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across\u00a0<span class=\"xn-location\">Canada<\/span>,\u00a0<span class=\"xn-location\">the United States<\/span>\u00a0and\u00a0<span class=\"xn-location\">Italy<\/span>.<\/p>\n<p><b>About the Participating Communities<\/b><\/p>\n<p>The Participating Communities, led by\u00a0<span class=\"xn-location\">Membertou<\/span>\u00a0and Miawpukek, also include Sipekne&#8217;katik, We&#8217;koqma&#8217;q, Potlotek,\u00a0<span class=\"xn-location\">Pictou Landing<\/span>\u00a0and Paqtnkek. The collective investment of the Participating Communities in\u00a0<span class=\"xn-location\">Clearwater<\/span>\u00a0represents the single largest investment in the seafood industry by any Indigenous group in\u00a0<span class=\"xn-location\">Canada<\/span>. Given the importance of this investment opportunity to the future prosperity of Mi&#8217;kmaq communities, all First Nations in\u00a0<span class=\"xn-location\">Nova Scotia<\/span>\u00a0along with Miawpukek from\u00a0<span class=\"xn-location\">Newfoundland<\/span>\u00a0and\u00a0<span class=\"xn-location\">Labrador<\/span>\u00a0were provided the opportunity to participate in the collective investment.\u00a0While the Participating Communities will continue to advance implementation of Treaty Rights with the government of\u00a0<span class=\"xn-location\">Canada<\/span>, commercial investments in the seafood sector are a strategic investment to advance the prosperity of the Participating Communities, and position them as equal participants in the commercial economy.\u00a0The impact of this transformational investment will be felt across Mi&#8217;kmaq communities in\u00a0<span class=\"xn-location\">Nova Scotia<\/span>\u00a0and\u00a0<span class=\"xn-location\">Newfoundland<\/span>\u00a0and\u00a0<span class=\"xn-location\">Labrador<\/span>\u00a0for generations to come.<\/p>\n<p><b>Forward-looking statements<\/b><\/p>\n<p>This news release may contain &#8220;forward-looking information&#8221; as defined in applicable Canadian securities legislation. Such forward-looking statements typically contain statements with words such as &#8220;anticipate&#8221;, &#8220;expect&#8221;, &#8220;intend&#8221;, &#8220;estimate&#8221;, &#8220;propose&#8221;, or similar words suggesting future outcomes or statements regarding an outlook. More particularly and without limitation, this news release contains forward-looking information and statements concerning the timing and anticipated receipt of required regulatory approvals, anticipated timing for delisting of the Shares from the TSX and\u00a0<span class=\"xn-location\">Clearwater&#8217;s<\/span>\u00a0intention to apply to cease to be a reporting issuer under applicable Canadian securities laws. All statements other than statements of historical fact, included in this release,\u00a0 constitute forward-looking information that involve various known and unknown risks, uncertainties, and other factors outside management&#8217;s control. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect.<\/p>\n<p>Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.<\/p>\n<p>For additional information with respect to risk factors applicable to\u00a0<span class=\"xn-location\">Clearwater<\/span>, reference should be made to\u00a0<span class=\"xn-location\">Clearwater&#8217;s<\/span>\u00a0continuous disclosure materials filed from time to time with securities regulators, including, but not limited to,\u00a0<span class=\"xn-location\">Clearwater&#8217;s<\/span>\u00a0Annual Information Form. The forward-looking information contained in this release is made as of the date of this release and\u00a0<span class=\"xn-location\">Clearwater<\/span>\u00a0does not undertake to update publicly or revise the forward-looking information contained in this release, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.<\/p>\n<p>No regulatory authority has approved or disapproved the adequacy or accuracy of this news release.<\/p>\n<p>SOURCE Clearwater Seafoods Incorporated\u00a0For further information: Further information is available on Clearwater&#8217;s website at www.clearwater.ca and at InvestorInquiries@clearwater.ca.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/article>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HALIFAX NS- The Mi&#8217;kmaq First Nations partnership and Premium Brands have each acquired half ownership of Clearwater through a new partnership, FNC Holdings Ltd., at a price of $8.25 a share. The $1-billion transaction, including debt, is also expected to see the Indigenous coalition hold Clearwater&#8217;s Canadian fishing licences within a fully Mi&#8217;kmaq owned partnership. &#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":""},"categories":[32,33,39],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coalition of Atlantic First Nations acquisition of Clearwater Seafoods Inc completed - Aboriginal Business Magazine<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aboriginalbusinessmagazine.com\/?p=6647\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coalition of Atlantic First Nations acquisition of Clearwater Seafoods Inc completed - Aboriginal Business Magazine\" \/>\n<meta property=\"og:description\" content=\"HALIFAX NS- The Mi&#8217;kmaq First Nations partnership and Premium Brands have each acquired half ownership of Clearwater through a new partnership, FNC Holdings Ltd., at a price of $8.25 a share. The $1-billion transaction, including debt, is also expected to see the Indigenous coalition hold Clearwater&#8217;s Canadian fishing licences within a fully Mi&#8217;kmaq owned partnership. ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aboriginalbusinessmagazine.com\/?p=6647\" \/>\n<meta property=\"og:site_name\" content=\"Aboriginal Business Magazine\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AboriginalBusinessMagazine\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-25T14:51:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1425431\/Clearwater_Seafoods_Incorporated_Clearwater_Seafoods_Incorporate.jpg?p=publish&amp;w=200\" \/>\n<meta name=\"author\" content=\"Lynda Powless\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsattheturtle\" \/>\n<meta name=\"twitter:site\" content=\"@newsattheturtle\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lynda Powless\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/aboriginalbusinessmagazine.com\/?p=6647#article\",\"isPartOf\":{\"@id\":\"https:\/\/aboriginalbusinessmagazine.com\/?p=6647\"},\"author\":{\"name\":\"Lynda Powless\",\"@id\":\"https:\/\/aboriginalbusinessmagazine.com\/#\/schema\/person\/3664e73942dc1372354a65437d34fa77\"},\"headline\":\"Coalition of Atlantic First Nations acquisition of Clearwater Seafoods Inc completed\",\"datePublished\":\"2021-01-25T14:51:15+00:00\",\"dateModified\":\"2021-01-25T14:51:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/aboriginalbusinessmagazine.com\/?p=6647\"},\"wordCount\":1576,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/aboriginalbusinessmagazine.com\/#organization\"},\"articleSection\":[\"Business\",\"Partnerships\",\"ticker\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/aboriginalbusinessmagazine.com\/?p=6647#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/aboriginalbusinessmagazine.com\/?p=6647\",\"url\":\"https:\/\/aboriginalbusinessmagazine.com\/?p=6647\",\"name\":\"Coalition of Atlantic First Nations acquisition of Clearwater Seafoods Inc completed - 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