Perpetual Energy Inc. (PMT) Earnings Call Transcript & Summary

Greetings, and welcome to the Perpetual Energy AGM meeting. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Susan Riddell Rose. You may begin.

Thank you. Welcome to the live Audiocast Special Meeting of Shareholders of Perpetual Energy. My name is Sue Riddell Rose, and I'm the Chairman of the Board as well as President and Chief Executive Officer of Perpetual. We're pleased to host today's meeting through this live Audiocast meeting platform accessible to all of our shareholders, regardless of physical location. We sincerely appreciate your interest and participation today at our special meeting, and we do hope that you are keeping safe and healthy during this time. As you know, we are having this meeting via a live audiocast format as a result of the COVID-19 pandemic and the related public health measures that have been enacted to protect the health and well-being of our communities and our shareholders, employees, service providers and other stakeholders that participate in our meetings. As is customary, we will begin with the business portion of the meeting, and then we will move to a general question period after the conclusion of the formal shareholder meeting. Any shareholder or duly appointed proxy holder with a question on a specific item of business is welcome to ask it when that item of business is being considered during the meeting. However, if you wish to make a general comment or ask a general question, not directly related to any of the matters under discussion, I would kindly ask that you ask your question during the general question period that has been specifically designated for that purpose. And I would ask that all questions be asked succinctly to assist in providing answers in an effective manner. In order to expedite the shareholder meeting, certain shareholders have volunteered to move or second the motions. I would also like to remind you that only shareholders or duly appointed proxy holders that have dialed into the meeting are entitled to vote, ask questions or take any active part in this meeting. Please note that this meeting is being recorded. However, no one attending is permitted to use any audio recording device or otherwise record and distributed recording of this meeting in any fashion whatsoever. The meeting will now come to order. I will act as the Chairman of the meeting. With your approval, I shall ask Kristin Ambrozy, the corporation's legal assistant, to act as Secretary of the meeting; and Gail Hibbs, representative of Odyssey Trust Company to act a scrutineer. I have received confirmation from Odyssey Trust Company as to the mailing of the notice of special meeting of shareholders, management information circular and proxy statement and instrument of proxy to shareholders. In addition, I have been advised by the Scrutineer that there are present by proxy a sufficient number of votes to constitute a quorum. Accordingly, I now declare that the meeting is regularly called and properly constituted for the transaction of business. Voting will be conducted via the audiocast portal and following the instructions there. Security holders who have sent in proxies or voted via telephone or internet and wish to change their vote may do so now. Security holders who have sent in proxies are voted via telephone or internet and do not want to change their vote, do not need to take any further action. The sole item of business is to consider and if deemed advisable to pass with or without variation a resolution, which will be referred to as the arrangement resolution. In the form attached as Appendix A to the management information circular of the company dated December 23, 2020, which will be referred to as the circular, proving any arrangement pursuant to the Business Corporations Act, which involves, among other things, an exchange of all of the outstanding notes for new secured third lien notes of the company due January 23, 2025. These will be referred to as a new note. Such new notes to be issued under a new trust and enter as more particularly set forth in the circular. May I have a motion to approve the arrangement resolution.

I move that the arrangement resolution, the full text of which is set forth in Appendix A of the circular, all as more particularly described in such circular be approved.

I second the motion.

Thank you, [ Lana ] and [ Jordan ]. We will now provide for a short pause for voting or comment through the audiocast portal on this specific matter to be considered at the meeting. [Voting]