Two board members resigned from the Board of Directors of Weyburn Inland Terminal (WIT) December 10.
Allan Richards and Dale Mainil resigned citing a fundamental disagreement with the strategic direction adopted for the Corporation by the Board of Directors.
Over the past several months, the Board of Weyburn Inland Terminal had been reviewing strategic options for WIT and hired Johnson Advisory Services Inc. as its financial advisor to assist in exploring and evaluating strategic options.
The decision was made by the board to pursue expressions of interest regarding the potential sale of some or all of the Company.
After receiving several non-binding expressions of interest, the board elected to further develop and negotiate a definitive transaction agreement with two critical objectives in mind; maximizing value and liquidity for shareholders, and providing a strong competitive environment for our customers as our business environment continues to evolve.
There is no firm timetable for reaching an agreement, and WIT cautions that there can be no assurances or guarantees that these negotiations will result in a definitive agreement. The WIT Board will only approve a specific transaction if it determines that a transaction meets the two critical objectives mentioned above and is in the best interests of WIT. If any transaction is approved by the board, the transaction will be presented to shareholders for their ultimate approval.
As part of the review of strategic options, WIT has amended the CEO's employment agreement to ensure continuity and support during the strategic review process. The agreement permits Rob Davies to terminate his employment at any time after January 15, 2014 and receive a retention payment in an amount equal to 15 months' salary and a pro-rated bonus.