His opinion of Trudeau has since changed significantly.
Risley, Colin and Mickey MacDonald, and the rest of the board believed a quarter of the company’s quota was being “expropriated,” and they were livid — for two main reasons. By 1999, Clearwater held all three federal surf clam licences, with the other clam companies having folded or sold out to Clearwater. “All of those transactions were vetted by the government and conditions were imposed on us around investment and jobs, which we lived up to 100 per cent,” Risley explained.
Federal ethics commissioner Mario Dion investigated the decision, ruling LeBlanc broke conflict-of-interest rules because Five Nations was linked to his wife’s cousin. Clearwater gave one of its clam licences to a coalition of the 13 Mi’kmaq communities in Nova Scotia and one in Newfoundland and Labrador, which, as Risley put it, “proactively removed all the government’s arguments” regarding reconciliation and monopoly control of the fishery.
In the early 1990s, the community embarked on significant changes, notably partnering with private companies such as Clearwater and working in industries as varied as snow crab processing and construction. “We find partners … to help us learn those businesses,” Paul explained.Article content Paul was interested, though he wanted to be more than simply “involved” — he wanted to buy the company, a point he made clear the day after the dinner. According to Risley, Clearwater informed all prospective buyers of Membertou’s interest. “We just encouraged a deal to happen,” he recalled. “We broadcast our view … that the buyer would be smart to partner with local Indigenous folks.
The board asked the founding partners two questions: At a certain price, would you buy the company? At a certain price, would you sell it?“It actually surprised us,” Paddick said. So the board launched a “strategic review” in February 2020, essentially to solicit offers for all or part of the company. And because they were potential buyers, Risley and MacDonald were cut out of the negotiations, which were undertaken by a Paddick-led committee.
Clearwater shareholders received $8.25 per share, a 15 per cent premium on the stock’s value as of Nov. 6, 2020. Though the deal was worth $1 billion, Clearwater had a net debt of $450 million, leaving the equity value at around $550 million. Most of that flowed to the company’s three largest shareholders: Risley and Colin and Mickey MacDonald. Risley’s estimated take was $116 million, while Colin MacDonald’s was $126 million. Mickey MacDonald was to receive just under $97 million.
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