SECURE Waste Infrastructure Corp. (SES) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen, and welcome to the Secure Energy Services Inc. 2020 Annual Meeting of Shareholders Conference Call. [Operator Instructions] This call is being recorded on Tuesday, April 28, 2020. I would now like to turn the call over to Rene Amirault. Please go ahead.

Good morning, ladies and gentlemen. Welcome to the Annual Meeting of the shareholders of Secure Energy. My name is Rene Amirault, and I will act as chair for today's meeting. I'd like to welcome all shareholders and guests joining us via live audio webcast as the COVID-19 pandemic has prevented us from our usual in-person meeting format. We thank our shareholders for submitting their votes via proxy in advance of the meeting. The live audio webcast allows shareholders and guests to submit questions using the Cision platform. We will address questions at the end of the formal portion of the meeting. Before we begin the formal business of the meeting, I would like to take a moment to recognize and thank Murray Cobbe and David Johnson for their longtime service on Secure's Board of Directors. Their contributions to secure have been invaluable to growing and defining Secure into the company it is today. On behalf of management and the Board, we thank them and wish them both all the best in their retirement. In order to efficiently cover the required business of this meeting, we have prearranged with certain shareholders to move and to second some of the motions of business. The meeting will now come to order, and with the consent of the meeting, I will ask Michael Callihoo to act as secretary and Gail Hibbs of Odyssey Trust Company to act as scrutineer. The Scrutineer has advised me that the required quorum is present, and accordingly, I now declare the meeting has been regularly called and is properly constituted for the transaction of business. Our first item of business relates to the audited financial statements for the year ended December 31, 2019. These financial statements have previously been provided to shareholders, and I will dispense with the reading of the statements and the audit report. I would be pleased to receive any questions relating to the financial statements at the conclusion of the meeting. We will now proceed with the election of directors. The directors have determined that the Board shall consist of 8 members to be voted on individually. I now declare the meeting open for nominations.

Mr. Chairman, I nominate Rene Amirault, Marion Burnyeat, Brad Munro, Kevin Nugent, Shaun Paterson, Daniel Steinke, Rick Wise and Deanna Zumwalt for election as directors of Secure to hold office for the ensuing year.

As no additional nominations were received in accordance with the advanced notice provisions of secured bylaws, no additional nominees for election to Secure's Board of Directors will be considered at this meeting. May I have a motion to elect those nominated as directors of Secure?

Mr. Chairman, I move that the 8 individuals nominated be elected as directors of Secure.

Mr. Chairman, I second the motion.

I'm advised by the scrutineer that the result of the vote is that each of Rene Amirault Marion Burnyeat, Brad Munro, Kevin Nugent, Shaun Paterson, Dan Steinke, Rick Wise and Deanna Zumwalt have been duly elected as a director of Secure. Our next item of business is the appointment of auditors, and I would ask for a motion on this matter.

Mr. Chairman, I move that KPMG LLP chartered accountants be appointed auditors of Secure to hold office until the next annual meeting of shareholders at such remuneration as may be fixed by the directors.

Mr. Chairman, I second the motion.

I'm advised by the scrutineer that the result of the vote is that KPMG has been duly appointed as the auditors of secure to hold office until the next annual meeting of shareholders at such remuneration as may be fixed by the directors. If you are interested in the details of the voting for the directors, that information will be contained in a press release, which we will issue following market close today. In addition, all details of matters voted on today will be filed on SEDAR tomorrow. With no further formal business to be brought before the meeting, may I please have a motion to terminate the formal portion of the meeting?

I move that the meeting terminate.

Mr. Chairman, I second the motion.

All in favor, please signify by raising your hand. Opposed, if any? Carried. I declare the meeting terminated. We will now respond to questions received through the online platform with respect to our formal proceedings.

And it looks like we have only one question. And the question is, what will be the price target goal for Q3 and Q4? So I'm not sure if that's alluding to our share price or what exactly is the price target, but we do not give any formal guidance. What I can tell you is that we will continue to control what we can control. Obviously, we put in our press release what we think we can reduce, our operating costs and our G&A costs, and those are things within our control. As to the price of oil, the demand for oil, the supply, how that will all -- inventories, how that will all shake out over the next 12 to 24 months, we have no control of that. So we're focused on a strong balance sheet. We're focused on making sure that we're able to maximize shareholder value over the long-term and make the appropriate steps. So with that, I see that there are no further questions. So I'd like to mention that we have posted our Q1 investor presentation on the Secure website, and I think there's a link as well. Please feel free to take a look at that. I want to thank everybody for their support, all our employees, our stakeholders, our shareholders, their families, stay safe and healthy. Thank you.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating.